ABBV: ABBV-APGE Deal May Start to Solve Patent Cliff Issues Even Before They Arrive

研报英文原文证据摘录

ABBV: ABBV-APGE Deal May Start to Solve Patent Cliff Issues Even Before They Arrive

Equity Research

Flash Comment — June 22, 2026

Biotechnology

AbbVie, Inc.

ABBV-APGE Deal May Start to Solve Patent Cliff Issues Overweight

Even Before They Arrive Price Target: $260.00

Ticker ABBV

Our Call Upside/(Downside) to Target 13.7%

We think ABBV buying APGE is a big win for ABBV because it gives them a differentiated Price (06/22/2026) $228.74

and complementary pipeline that can generate >$10B peak sales. See our note following 52 Week Range $181.73 - 244.81

the FT article (note here) and in our 2026 M&A screen top picks (note here). Market Cap (MM) $405,785

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Wells take: This is a great deal. It is a strategically compelling deal that complements Mohit Bansal

ABBV's portfolio. More importantly, it targets the key bear thesis that ABBV does not Equity Analyst | Wells Fargo Securities, LLC

Mohit1.Bansal@wellsfargo.com | 212-214-8025

have pipeline beyond Skyrizi/Rinvoq. APGE assets give ABBV growth when they need it

(early 2030s). With APGE assets and Skyrizi+ combo strategy, investors can start to see Susan Chor

sustainability into 2040s. ABBV may need to do 1-2 more such deals likely in neuro or Associate Equity Analyst | Wells Fargo Securities, LLC Susan.Chor@wellsfargo.com | 212-214-5010

other I&I areas, but the company does have capacity.

William Zhang

Associate Equity Analyst | Wells Fargo Securities, LLC

Valuation reflect an attractive price. ABBV will acquire Apogee Therapeutics for ~$135/ William.Zhang@wellsfargo.com | 929-697-5075

sh (~$10.9B, ~49% premium), adding a clinical-stage immunology pipeline led by IL-13 Sadia Rahman, PhD