ABBV: ABBV-APGE Combination Makes Sense, in Our View.

Research evidence excerpt

ABBV: ABBV-APGE Combination Makes Sense, in Our View.

Equity Research

Company Update — June 21, 2026

Biotechnology

AbbVie, Inc.

ABBV-APGE Combination Makes Sense, in Our View. Overweight

Price Target: $260.00

Our Call Ticker ABBV

Upside/(Downside) to Target 20.1%

We think ABBV making a bid for APGE as reported by FT makes sense and note that

APGE screened as high fit for ABBV in our M&A screen. We expect ABBV stock to react Price (06/18/2026) $216.49

positively if this happens. Pressure on REGN could be expected due to new competition. 52 Week Range $181.73 - 244.81

Market Cap (MM) $384,053

APGE-ABBV Combination makes sense - On Friday, Financial Times reported that Enterprise Value (MM) $440,236

AbbVie is nearing a ~$10.9B all-cash acquisition of Apogee. The deal centers around Average Daily Value (MM) $1,408

APG777 (zumilokibart), positioning ABBV to secure a differentiated IL-13 asset in Atopic Dividend Yield 3.0%

Dermatitis. This is a ~60% premium over 6/18 closing price but does not look expensive

considering cons 2033 expectations of ~$4B sales (~2.7x 2033 sales). REGN stock could $ (Dec) Q1 Q2 Q3 Q4 FY

be pressured due to the entry of a big player like ABBV in this field. EPS

2026E 2.65 A 3.76 E 3.82 E 4.04 E 14.26 E

APG777 (zumilokibart) is a Phase 2 extended half-life anti-IL-13 mAb with 2027E 3.34 E 4.32 E 4.57 E 4.62 E 16.84 E

competitive placebo-adjusted Week 16 efficacy - Ph 2 data so far suggest placebo Source: Company Data, Wells Fargo Securities estimates, and Factset.

adjusted EASI-75 values of ~42% while IGA 0/1 value of ~35%. Most compelling aspect is NA = Not Available, NC = No Change, NE = No Estimate

durability, as these responses were maintained at every 3-6 month maintenance dosing at

Wk 52.