Model Updated Post Q1 And Apogee Acquisition; Zumilokibart Raises Outlook

Research evidence excerpt

Model Updated Post Q1 And Apogee Acquisition; Zumilokibart Raises Outlook

Pharmaceuticals/Major

AbbVie

TD SECURITIES (USA) LLC COMPANY UPDATE

June 22, 2026

Price: $230.00 (06/22/2026) Model Updated Post Q1 And Apogee

Price Target: $280.00 Acquisition; Zumilokibart Raises Outlook

BUY (1)

ESG SCORE: 60/100

Steve Scala, R.Ph., CFA THE TD COWEN INSIGHT

617 946 3923

ABBV anticipates APGE deal to be accretive in 2032 but we see accretion in 2030.

stephen.scala@tdsecurities.com

Zumilokibart strong efficacy/potential convenience differentiation in AD may drive broad

Michael Nedelcovych, Ph.D. uptake under ABBV immunology expertise. Further indications and additional assets for

617 946 3744 respiratory diseases offer additional upside. ABBV model updated with 2025-32 sales and EPS

michael.nedelcovych@tdsecurities.com

CAGR both increasing 1pp to 7% and 15% respectively.

Chris LoBianco

617 946 3734 The News - AbbVie announced it will acquire Apogee Therapeutics (APGE, $132.55; Van Buren;

chris.lobianco@tdsecurities.com Buy) for $135.11/share for an enterprise value of ~$10.1B net of cash. The deal is expected

Paul Kuhn, Ph.D. to close in Q3:26 with near-term EPS dilution of $0.14 in 2026 and $0.46 in 2027. AbbVie

646 562 1328 anticipates the deal will become accretive beginning in 2032. AbbVie also intends to exercise

paul.kuhn@tdsecurities.com the buyback option in Apogee's funding agreement with Blackstone to reduce a significant

portion of the expected future royalty obligation on zumilokibart sales (up to 6.25% royalty on

Key Data

sales up to $5B, and 1% on sales $5-8B).

Symbol NASDAQ: ABBV

Beta: 0.31 This deal adds several assets to AbbVie's immunology pipeline led by zumilokibart/APG777,