Kymera Key Atopic Derm Readout on Track by YE; 2Q Key Takes

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Kymera

Key Atopic Derm Readout on Track by YE; 2Q Key

Takes

Overweight

KYMR, KYMR US

Price (04 Aug 26):$104.39

▲Price Target (Dec-27):$121.00

Prior (Dec-26):$120.00

KYMR’s 2Q results were in line with expectations (see note from our fireside

chat). Most of the focus during the analyst call this morning was around the

incoming BROADEN2 atopic derm readout by YE. Recall that the readout was

recently pulled forward (note), and topline is expected to show primary (% change

from BL in EASI score at week 16), secondaries (EASI-50/75, vIGA-AD 0/1,

pruritus NRS), and safety. Mgmt acknowledged higher Pbo rates in recent AD

studies and said they accounted for this in the powering assumptions. The Ph 2b

BREADTH asthma data was reiterated for late-2027.

Investor attention on the IRF5 program (‘579) remains on the quieter side at

our desk heading into the Ph 1 HV readout in 4Q (previously 2H). The Ph 1b

PoC study is now confirmed for lupus and is expected to begin shortly after. The

HV dataset later this year is expected to include safety/PK, IRF5 levels, and ex vivo

assessments of PD (TLR7/8/9-stimulated type I IFNs, pro-inflammatory

cytokines, and inflammatory transcripts). Mgmt expects ~50%-80% reductions

across pathways, which would support target engagement translating into pt

activity. Beyond IRF5, partner SNY initiated Ph 1 in HV and HS pts for IRAK4

degrader (‘485). Partner GILD is advancing the CDK2 molecular glue degrader

(‘200) to support IND filing in 2027.

Model updates: We update our model with 2Q numbers, cash, and share count. We

tweak our op ex projections to be in line with the current run rate and mgmt

guidance. We establish our Dec-2027 PT of $121 (previously Dec-2026 PT of

$120).

SMid Biotechnology

Brian Cheng AC

(1-212) 622-0449

Sarah Medeiros, PhD

(1-212) 622-3957

J.P. Morgan Securities LLC

Key Changes (FYE Dec)

Prev

(3.77)

(4.21)

Adj. EPS - 26E ($)

Adj. EPS - 27E ($)

Cur Δ

(4.16) -10.4%

(6.32) -50.1%

Quarterly Forecasts (FYE Dec)

Adj. EPS ($)

Q1

Q2

Q3

Q4

FY

2025A

(0.82)

(0.95)

(0.94)

(0.97)

(3.69)

2026E

(0.71)A

(0.62)A

(1.37)

(1.43)

(4.16)

2027E

(1.51)

(1.57)

(1.66)

(6.32)

Style Exposure

…