ABBV: Zumi'ng Ahead: Apogee Deal a Shrewd Pipeline Addition, Reinforcing Dominance in Immunology

研报英文原文证据摘录

ABBV: Zumi'ng Ahead: Apogee Deal a Shrewd Pipeline Addition, Reinforcing Dominance in Immunology

ing the potential to eliminate the need to check eosinophil levels. Preclinical data

showed broader effects on central and local drivers of obstructive airway disease vs. tezepelumab, dupilumab, or lebrikizumab

alone.

• Other Pipeline Assets: These include half-life extended anti-IL-31 mAb and a half-life extended anti-IL-4Rα antibody, which

create further optionality in dermatology and could serve as future combination partners. These complement AbbVie's own

internal bsAbs (IL-13xIL-31R and IL-13xIL-18). Mgmt noted that the OX40 assets have "run into a lot of trouble", and we anticipate

these will likely be deprioritized in APGE's portfolio (and was not mentioned in ABBV's slides).

Conference Call Takeaways

• Mega Blockbuster Potential for Zumi Expected: $10bn and greater is ABBV's goal for zumi as a mega blockbuster, with a majority

of that coming from AD.

• YTE and Half-Life Technology Validated, Long IP Runway: ABBV's diligence on YTE half-life extension technology revealed a

clinically validated platform with >70-day half-life that maintains full efficacy while enabling unprecedented dosing convenience

(Q3M/Q6M vs. QM competitors). The technology is well-protected through 2044 (zumi) and 2047 (APG273), and physician

feedback strongly supports the convenience advantage.

• Formulary Access not a Concern: Mgmt believes they will not have to wait for the full construction of a Dupixent-like label to

obtain premier formulary positioning, noting that for payers, ABBV has "a large footprint of other immunological agents" that

they believe will help them "carve out the right amount of access" to get off to a fast start. Mgmt also noted that it is important