Q1 EPS: Zumi Likely To Be The 1L AD Therapy Of Choice; Part B Data Up Next

研报英文原文证据摘录

Q1 EPS: Zumi Likely To Be The 1L AD Therapy Of Choice; Part B Data Up Next

Biotechnology

Apogee Therapeutics

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 11, 2026

Price: $83.03 (05/8/2026) Q1 EPS: Zumi Likely To Be The 1L AD Therapy

Price Target: NA Of Choice; Part B Data Up Next

BUY (1)

ESG SCORE: 58/100

Tyler Van Buren THE TD COWEN INSIGHT

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Zumi achieved JAK-like efficacy at 52 weeks with the potential to decrease the time to this

tyler.vanburen@tdsecurities.com

response in the Part B data in Q2. Physicians – and we – remain incredibly excited for zumi

Nicholas Lorusso given the improved dosing, and KOLs note that improved efficacy is pure upside that would

646 562 1390 further ingrain zumi as the 1L treatment of choice. APG279 Phase II data vs. dupi in H2 could

nick.lorusso@tdsecurities.com

further support APGE's approach.

Sam Rollenhagen

212 468 7785 52-Week Maintenance Of Response Was Comparable To Dupi And Lebri, But Responses

samuel.rollenhagen@tdsecurities.com Deepened, Reaching JAK-Like Efficacy

Greg W. Torres, Ph.D. Recall that Apogee reported the 16-week data from Part A of the Phase II zumi trial in

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moderate-to-severe AD patients in July 2025 (note here). These data exceeded expectations

gregory.wiessner@tdsecurities.com

with a 66.9% EASI-75 improvement from baseline and 42.5% PBO-adjusted rate. This is even

Key Data more impressive when considering the historically high placebo rate (24.6%), which will almost

Symbol NASDAQ: APGE certainly go down in a larger trial.

Beta: 0.69

In March 2026, Apogee reported Phase II Part A 52-week maintenance data that exceeded

52-Week Range: $92.20-$34.65

expectations (note here). The EASI-75 maintenance rate was 75% for Q3M and 85% for Q6M

Market Cap: $5.1B