KYMR - Quick Take - Apogee acquisition generates excitement for I&I space, in our view.

研报英文原文证据摘录

KYMR - Quick Take - Apogee acquisition generates excitement for I&I space, in our view.

Truist Securities

Equity Research Report June 22, 2026

HEALTHCARE: Biotech Kymera Therapeutics Inc. (KYMR)

KYMR - Quick Take - Apogee acquisition generates excitement for Srikripa Devarakonda, Ph.D.

212-303-4173 I&I space, in our view.

Srikripa.Devarakonda@truist.com

Alexander Xenakis This morning, AbbVie (ABBV, NR) announced it would acquire Apogee (APGE, Hold, Brill)

212-590-0954 for $10.9B, a ~50% premium to last Thursday's closing price. APGE's zumilokibart (IL-13)

Alexander.Xenakis@truist.com is being studied as a subcutaneous injection given once every three or six months in AD

(Ph3 planned start 2H26), asthma (Ph2b start 1H27), and eosinophilic esophagitis (Ph2a

Anna Li start 2H26). We see this as a positive read-through to the I&I landscape and highlight KYMR

212-326-6090 from our coverage as a company with a validated target, early promising data, and key Ph2b

Anna.Li@truist.com data in two indications expected mid-2027.

As a reminder, KYMR is currently running Ph2b trials in both atopic derm and asthma with

their lead drug KT-621, which is a targeted degrader of STAT6. This pathway has been

Current Price (Jun. 19, $90.43 validated by Dupi and we see potential for a safe oral drug with a Dupi like profile to expand

2026) the market opportunity. We model KT-621 2036 peak WW sales of $2B in AD and $1.3B in

Stock Rating BUY asthma. We note that every additional $100M in peak sales in AD and asthma each adds $3/sh to our DCF. Every additional $1B in total KT-621 sales adds $24/sh to our DCF. Unchanged

Price Target $116.00 Anticipated milestones/catalysts: • 2H26: KT-579 (IRF5): Ph1 topline data Unchanged

• mid-2027: KT-621 (STAT6): Ph2b BROADEN2 AD topline data