ABBV: $10.9bn Apogee Acquisition: Strategic Fit Justifies Premium Valuation

Research evidence excerpt

ABBV: $10.9bn Apogee Acquisition: Strategic Fit Justifies Premium Valuation

RBC Capital Markets, LLC

Trung Huynh (Analyst)

(415) 212-0012, trung.huynh@rbccm.com

Justin Burns, CFA (Vice President)

(415) 445-8668, justin.burns@rbccm.com

Brian Abrahams, M.D. (Head of Global Healthcare Research)

(212) 858-7066, brian.abrahams@rbc.com

Nevin Varghese, Ph.D. (Analyst)

June 22, 2026 (212) 301-1609, nevin.varghese@rbccm.com

Kevin Meli, Ph.D. (Senior Associate)

(212) 548-3110, kevin.meli@rbccm.com AbbVie Inc.RESEARCH $10.9bn Apogee Acquisition: Strategic Fit Justifies

Premium Valuation Outperform

Our view: ABBV's $10.9bn Apogee (covered by Brian Abrahams) acquisition NYSE: ABBV; USD 216.49

helps partially solve one of the biggest investor concerns of what Price Target USD 260.00

drives growth beyond Skyrizi/Rinvoq. The deal doubles down on core Scenario Analysis*

competencies and, importantly, signals management will deploy capital

offensively (we don't think this will be the last bolt-on). We believe Downside Current Price Upside Scenario Price Target ScenarioEQUITY zumilokibart is worth materially more under ABBV (world-class sales-force,

payer leverage, launch expertise) than standalone Apogee, and ABBV 190.00 216.49 260.00 330.00

9% 23% 56%

has historically outperformed when management acquires assets aligned

with core strengths. At $10.9bn for ph3-ready IL-13 with quarterly-dosing *Implied Total Returns

Key Statistics targeting a $20bn+ atopic dermatitis market, the risk-reward is compelling. Shares O/S (MM): 1,774.0 Market Cap (MM): 384,053

Dividend: 6.92 Yield: 3.2%

Key points: Avg. Daily Volume: 5,544,852

Strategic Rationale: Partially Addressing the Pipeline Gap. Investor

RBC Estimates concerns around ABBV's post-2030 growth durability have intensified given