Additional Pipeline Tidbits, A Model Update, And Latest Skyrizi/Rinvoq Rx Data

研报英文原文证据摘录

Additional Pipeline Tidbits, A Model Update, And Latest Skyrizi/Rinvoq Rx Data

C O M PA N Y N O T E

M a y 1 3 , 2 0 2 6

AbbVie Inc. (ABBV) Overweight

CONCLUSION PRICE: US$207.86

The depth of AbbVie’s inflammatory bowel disease (IBD) pipeline remains the focus of TARGET: US$298.00

significant investor attention, particularly with management moving forward with Skyrizi 18x EV/2027E EBITDA of $35,787M (assuming

in combination with its novel α4β7-directed antibody ABBV-382 and in combination with cash of $5,525M, debt of $67,496M, and

its TL1A-directed antibody ABBV-701 in both Crohn’s disease (CD) and ulcerative colitis ~1,774M shares outstanding), discounted by

(UC). Given the white-hot nature of the IBD drug development landscape, management’s 10% for 1 year

advancement of novel combination approaches in IBD is undoubtedly a welcome

David Amsellemdevelopment. That said, one of the considerations that renders ABBV shares attractive in Sr. Research Analyst, Piper Sandler & Co.

our view is the range of R&D shots-on-goal that continue to fall under the broader investor 212 284-9455, david.amsellem@psc.com

radar. We provide a few notable examples below. We reiterate our Overweight rating and Alex von Riesemann

slightly raise our PT to $298 from $294, mainly owing to slightly higher neuroscience Research Analyst, Piper Sandler & Co.

segment estimates and slightly higher ex-U.S. immunology segment estimates. 212 284-9513, alex.vonriesemann@psc.com

Naoki Martin

• Folate receptor alpha (FRα)-directed ADC platform coming into focus. Regarding Research Analyst, Piper Sandler & Co. 212 284-9402, naoki.martin@psc.com

IMGN-151, recall that this is a next-generation FRα-directed antibody drug conjugate