Freenome’s Pivotal SimpleScreen results set up ABT/EXAS to be the dominant CRC p

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Freenome’s Pivotal SimpleScreen results set up ABT/EXAS to be the dominant CRC p

Flash Note Health Care | Medical Supplies & Devices

July 09, 2026

Abbott Laboratories Vijay Kumar Kevin Joaquin 212-653-9033 212-446-9493

ABT | $95.18 Vijay.Kumar@EvercoreISI.com kevin.joaquin@evercoreisi.com

Outperform | Target Price/Base Case: $112.00 Nicholas Whalen, CFA Daniel Markowitz

Commentary 646-225-6027 212-812-2936

Nicholas.Whalen@evercoreISI.com Daniel.Markowitz@evercoreISI.com

Freenome’s Pivotal SimpleScreen results set up ABT/EXAS to be the dominant

CRC player

Earlier this morning, Freenome (not covered) announced that its SimpleScreen CRC test met its primary and

secondary endpoints in a pivotal validation study. Updated test vers achieved improved detection of advanced

precancerous lesions (APLs or AA – sensitivity of 18.2% is best in class). Company plans to submit a supplemental

PMA post approval of first gen test.

Background: ABT closed its EXAS transaction in 1Q26. Recall EXAS (market leader in stool based CRC

screening) had signed an agreement with Freenome in Aug’25 for its acquire US rights of Freenome’s CRC test.

• Deal terms included ~100M of upfront, ~100M milestone based on FDA approval of v1 ( likely), ~100M on v2

getting FDA approval w Advanced Adenoma (AA) sensitivity ≥19%, & ~500M based on USPSTF rating of A or

B

Our Take #1: AA performance is the most important metric in CRC screening

• In CRC screening, the highest contribution to benefit (defined as life years gained or LYG) comes from

detection of AA

o We est ~75% of benefit comes from AA detection

• 18% is a meaningful increase vs competition (GH, covered by Daniel Markowitz at 13-14%)

• Interestingly, the second milestone payment of 100M was contingent on FDA approval of v2 (highly likely) and