AbbVie Quick Thoughts On Potential Apogee Acquisition - Strong Strategic Fit, Builds Out Immunology Pipeline

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AbbVie Quick Thoughts On Potential Apogee Acquisition - Strong Strategic Fit, Builds Out Immunology Pipeline

J P M O R G A N North America Equity Research

19 June 2026

AbbVie Overweight

ABBV, ABBV US

Quick Thoughts On Potential Apogee Acquisition - Price (18 Jun 26):$216.49

Strong Strategic Fit, Builds Out Immunology Pipeline

Pharmaceuticals — Major &

This morning, the FT is reporting that ABBV is in advanced talks to acquire Specialty

Apogee Therapeutics for ~$11bn and we believe this transaction would be a solid Chris Schott, CFA AC

fit for AbbVie as it further builds out the company's pipeline in immunology / (1-212) 622-5676

atopic dermatitis. Thus far, zumilokibart (long acting IL-13) Ph2 data in atopic christopher.t.schott@jpmorgan.com

dermatitis offers efficacy that is in-line/ modestly ahead of Dupixent with far less Ethan Brown

frequent maintenance dosing (2-4x yearly vs Q2W). Zumilokibart is entering Ph3 (1-212) 622-4928

ethan.brown@jpmchase.com

trials in 2H26 for atopic dermatitis (setting up readouts in 2028 / approval in 2029)

Hardik Parikh, CFA

and we would expect ABBV to run studies in a wide range of indications for the

(1 212) 622-2875

product if acquired. hardik.k.parikh@jpmorgan.com

Taylor Hanley

While Dupixent is well entrenched in its core indications, we see a potentially (1-212) 622-0790

significant opportunity for zumilokibart across the indications in which Dupixent taylor.hanley@jpmchase.com

plays in, with less frequent maintenance dosing frequently brought up as an Ekaterina V Knyazkova, CFA

opportunity to improve standard of care by the KOLs. And we believe ABBV (1-212) 622-9576

would be able to leverage its historic strength in immunology to optimize ekaterina.v.knyazkova@jpmchase.com

commercialization of the product.