AbbVie (ABBV.N): Apogee acquisition call takeaways: Good I&I fit and respiratory optionality adds upside, but more BD likely needed

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AbbVie (ABBV.N): Apogee acquisition call takeaways: Good I&I fit and respiratory optionality adds upside, but more BD likely needed

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22 Jun 2026 10:41:26 ET │ 11 pages

AbbVie (ABBV.N)

Apogee acquisition call takeaways: Good I&I fit and respiratory

optionality adds upside, but more BD likely needed

CITI’S TAKE Neutral

AbbVie’s Apogee acquisition call (earlier takeaways here and here) framed Price (18 Jun 26 16:00) US$216.49

the proposed deal as a logical I&I slot-in rather than a narrative-changing Target price US$230.00

pivot, with zumilokibart’s potential early-2030 launch timing offering

Expected share price runway ahead of Skyrizi’s 2033 US LOE and Regeneron / Sanofi’s 6.2%

return Dupixent biosimilars arrival in 2031. We think investors are likely to

welcome the transaction—indeed, ABBV shares are +5% this morning— Expected dividend yield 3.2%

given the clean strategic fit, expansion beyond Rinvoq in atopic dermatitis Expected total return 9.4%

(AD), and potential entry into large underserved respiratory markets like Market Cap US$382,493M

asthma/COPD. Still, more BD is likely needed to fully change Street

perception that AbbVie’s mid/late-stage pipeline lacks optionality on the

scale of Skyrizi/Rinvoq, with additional deals needed, possibly in

cardiometabolic or neuroscience, to provide the lift to fully overcome the Geoff Meacham, Ph.D.AC

current narrative, in our view. Maintain Neutral and $230 TP. +1-404-443-4701

geoffrey.meacham@citi.com

Zumi anchors the deal value — The most immediate value driver is zumilokibart in Jarwei Fang

atopic dermatitis, where phase 3 studies are expected to start in 2H26 and potential +1-212-816-5127

approval could come in early 2030. The profile is differentiated by Q12W-Q24W jarwei.fang@citi.com