Part 2 Maintenance Update Further Contextualizes Obefazimod Risk/Benefit Profile; Maintain OW

Research evidence excerpt

Part 2 Maintenance Update Further Contextualizes Obefazimod Risk/Benefit Profile; Maintain OW

Idea

June 30, 2026 03:15 AM GMT

Morgan Stanley & Co. LLCMAbivax | North America Judah C. Frommer, CFA

Equity Analyst

Part 2 Maintenance Update Judah.Frommer@morganstanley.comNicholas D Japhet +1 212 761-1270

Research Associate

Nick.Japhet@morganstanley.com +1 212 761-2721

Further Contextualizes Parth Patel

Parth.Patel@morganstanley.com +1 212 761-5065

Obefazimod Risk/Benefit

Abivax (ABVX.O, ABVX US)

Biotechnology | United States of AmericaProfile; Maintain OW

Stock Rating Overweight

Industry View Attractive

Price target $132.00

Shr price, close (Jun 29, 2026) $96.15

Mkt cap, curr (mm) $7,551

Key Takeaways 52-Week Range $148.83-6.89

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

ABVX reported data from Part 2 of the Ph3 ABTECT maintenance study following

EPS ($)** (4.83) (3.58) (2.67) (0.38)

the Part 1 update that raised concern around a potential malignancy signal. Prior EPS ($)** - - - -

P/E NM NM NM NM

Exposure-adjusted incidence rate analysis and case detail point to lack of a clear EPS ($)§ (4.52) (3.53) (3.71) (1.85)

Div yld (%) - - - -

malignancy signal for obefazimod.

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

Endoscopic remission data in more severe patient population reinforces potential framework

** = Based on consensus methodology

best-in-disease profile. § = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Company intends to include both the 25mg and 50mg doses in its filing strategy. Quarterly EPS ($)

2026e 2026e 2027e 2027e

Quarter 2025 Prior Current Prior Current

Abivax provided its highly anticipated communication of ABTECT Maintenance Q1 - - - - -

Part 2 study results after the close.