Global Biopharma: Barclays IBD KOL call: Mixed for ABBV across SOC, but +ive on pipeline; bullish for MRK and TL1A class

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Global Biopharma: Barclays IBD KOL call: Mixed for ABBV across SOC, but +ive on pipeline; bullish for MRK and TL1A class

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ABBV (=). The KOL’s comments reinforce our view that IL-23 inhibitors will continue to dominate

the evolving IBD treatment landscape; however, current physician preference appears

increasingly skewed toward Tremfya rather than Skyrizi in UC. In UC, the KOL estimates that

~60% of advanced therapy-naive moderate patients are now initiated on IL-23 agents,

increasing to ~80% in Crohn’s disease, highlighting continued momentum for the class overall.

That said, the KOL noted that the vast majority of his IL-23 prescribing currently goes to

Tremfya, driven by its fully subcutaneous induction, more convenient workflow, perceived

efficacy in sicker patients, and more frequent maintenance dosing. While the KOL repeatedly

emphasized that Skyrizi efficacy in Crohn’s appears clinically comparable with “very little

differentiation” versus competing IL-23 agents, current real-world prescribing appears more

influenced by administration convenience and physician comfort in difficult-to-treat

populations. We were incrementally encouraged by constructive comments around AbbVie’s

Skyrizi + α4β7 combination strategy in Crohn’s disease, with the KOL noting the early data

looked “better than expected” despite historical skepticism around α4β7 efficacy in Crohn’s.

Overall, we view these insights as supportive of continued IL-23 class durability, though

suggestive of some near-term competitive pressure on Skyrizi share positioning within IBD

absent workflow improvements such as subcutaneous induction.

MRK (+). The KOL’s commentary was broadly constructive on the emerging TL1A class and