No Days Off for AbbVie Deal Team - Potential Apogee Deal to Expand I&I

研报英文原文证据摘录

No Days Off for AbbVie Deal Team - Potential Apogee Deal to Expand I&I

$61,160 $67,250 $72,914

(Amgen / Kyowa) showing either lower-than-expected efficacy or new safety signals,

zumilokibart could fill an important niche in the evolving atopic dermatitis landscape. EPS $9.99 $14.28 $16.21

Slightly improved efficacy and an extended dosing profile could support Consensus Estimates

zumilokibart preferential uptake in atopic dermatitis if approved. Recall, twice- 2025E 2026E 2027E

monthly Dupixent demonstrated a placebo-adjusted 16-week EASI-75 of ~36%/~32% EPS $14.25 $16.28

while weekly dosing achieved ~37%/~36% in Ph 3 SOLO 1/SOLO 2 studies (here). This Valuation

compares to recently top-lined Ph 2 data for zumilokibart, where placebo-adjusted 16-

2025E 2026E 2027E

week EASI-75 was ~42% (here). With efficacy seemingly improved, and an extended

P/E 21.7x 15.2x 13.4xdosing profile that could reduce patient injection burden, zumilokibart appears

potentially differentiated within the atopic dermatitis treatment landscape. QTR. EPS Q1 Q2 Q3 Q4

Apogee bolt-on acquisition fits naturally with AbbVie's existing I&I portfolio. 2025E $2.46a $2.97a $1.86a $2.71a

Skyrizi/Rinvoq remain AbbVie's stalwart I&I products now annualizing at ~$26B in FY25, 2026E $2.65 $3.70 $3.89 $4.05

but the company continues to look to further develop its I&I pipeline with diverse

mechanisms of actions that could complement these lead assets. While investors

have debated which long-acting atopic dermatitis competitors could show best

sustained efficacy (many looking to Nektar as well), we see obvious synergies with

AbbVie's portfolio for zumilokibart if the company is able to ultimately acquire and

commercialize the product.

See back pages for more commentary on potential deal structure and near-term