Abivax: Additional Detail on ABTECT Malignancies + Expectations for Late June Part 2 Update

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Abivax: Additional Detail on ABTECT Malignancies + Expectations for Late June Part 2 Update

Idea

June 15, 2026 06:21 PM GMT

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

Equity Analyst

Additional Detail on ABTECT Judah.Frommer@morganstanley.comNicholas D Japhet +1 212 761-1270

Research Associate

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

Malignancies + Expectations for Parth Patel

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

Late June Part 2 Update

Abivax (ABVX.O, ABVX US)

Abivax management hosted an analyst call to further Biotechnology | United States of America

Stock Rating Overweight

characterize malignancies within Part 1 of the ABTECT trial and Industry View Attractive

to set expectations for upcoming Part 2 data disclosure late PriceShr price,targetclose (Jun 12, 2026) $132.00$96.55

June. Our expectation is that this incremental update will further Mkt cap, curr (mm) $7,583

52-Week Range $148.83-5.69

dispel likelihood of a malignancy signal in ABTECT. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

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

Key Takeaways Prior EPS ($)** - - - -

P/E NM NM NM NM

ABVX reported additional detail on recent ABTECT maintenance malignancy EPS ($)§ (4.52) (3.75) (3.73) (1.50)

Div yld (%) - - - -

events and the format of the upcoming Part 2 update

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

Exposure-adjusted incidence analyses will benchmark observed malignancy rates framework

** = Based on consensus methodology

against published rates in IBD/UC population § = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Part 2 efficacy will also further inform obe's profile while supporting real-world Quarterly EPS ($)

2026e 2026e 2027e 2027e