Immunology: Abbvie’s deal: Expect better PoS post forensic look

Research evidence excerpt

Immunology: Abbvie’s deal: Expect better PoS post forensic look

22 June 2026

Equities

Pharmaceuticals Immunology

Abbvie’s deal: Expect better PoS post forensic look Global

◆ Abbvie has announced proposed acquisition of Apogee; Rajesh Kumar*

valuation multiples look sensible to us Senior Global Life Sciences & Healthcare Analyst HSBC Bank plc

rajesh4kumar@hsbcib.com

◆ Zumilokibart, within Abbvie’s immunology franchise, could +44 20 7991 1629

exceed Bloomberg consensus peak sales estimates Shubhangi Gupta*, PhD

Global Life Sciences & Healthcare Analyst

HSBC Securities and Capital Markets (India) Private

◆ Competitive threat for Sanofi/Regeneron Dupixent a key Limited

shubhangi.gupta@hsbc.co.in

debate; Buy on Abbvie, Sanofi & Regeneron; TPs unchanged +91 80 4555 2143

Morten Herholdt*

What has happened: Abbvie announced its agreement to acquire Apogee Therapeutics HSBC Bank plc

for a purchase price of USD135.11 per share (deal value USD10.9bn, 1.8-2.0x EV/ morten.herholdt@hsbc.com

+ 44 20 7992 4082

Bloomberg consensus peak revenues) in an all cash transaction (49% premium to 18 Jun

Sidharth Sahoo*

closing price). Global Life Sciences & Healthcare Analyst

Strategic rationale for Abbvie: We see a strong strategic rationale. Atopic dermatitis Limited

sidharth.sahoo@hsbc.co.in

(AD) is a large growing market (cUSD18bn globally, c15% annual growth) with low +91 77 3813 4135

biologics penetration (c8% for advanced therapies) and persistent unmet need (only

Yessica Sanchez*

c20% of patients achieve both meaningful itch relief and skin clearance). AbbVie’s scale Global Life Sciences & Healthcare Analyst

HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo

in immunology should support rapid development and commercial execution, and the Financiero HSBC