Galderma (GALD.S): AbbVie/Apogee – Competition in the hands of a commercial powerhouse, but market size and low penetration leave room for many

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Galderma (GALD.S): AbbVie/Apogee – Competition in the hands of a commercial powerhouse, but market size and low penetration leave room for many

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22 Jun 2026 13:35:08 ET │ 10 pages

Galderma (GALD.S)

AbbVie/Apogee – Competition in the hands of a commercial

powerhouse, but market size and low penetration leave room for many

CITI’S TAKE Buy

The acquisition of Apogee by AbbVie for $10.9bn demonstrates the Price (22 Jun 26 17:30) SFr173.70

attraction of the fast-growing and underpenetrated atopic dermatitis (AD) Target price SFr185.00

market. Apogee’s lead drug zumilokibart (anti-IL13) showed in phIIB data

Expected share price return 6.5% efficacy improvements in cross-trial comparisons vs Galderma’s Nemluvio

and Sanofi/Regeneron’s Dupixent and potential for convenient Q3-6M Expected dividend yield 0.2%

maintenance dosing (vs Nemluvio Q8W/Dupixent Q2W). However, despite Expected total return 6.7%

this, we remain confident in our peak Nemluvio forecasts (c.$5.2bn) given Market Cap SFr41,323M

the sheer underpenetration of biologics (mid-teens US/c.8% globally) and US$51,202M

rapid market growth (c.15% p.a.). We see precedent in psoriasis, where

multiple therapies have successfully coexisted, achieving blockbuster

status c.2–3 years after launch

(Bimzelx/Skyrizi/Tremfya/Stelara/Cosentyx), highlighting both the clinical Emily L TedburyAC

need for multiple mechanisms/options and physicians’ willingness to +44-20-7986-4209

cycle therapies. AbbVie emphasized on its call the opportunity from emily.tedbury@citi.com

increasing biologic penetration in a market it views as c.2–2.5x the size of Cedric Besnard

the psoriasis market. The company aims to replicate phIIB data in phIII +33-1-7075-5276

and launch commercially early 2030. cedric.besnard@citi.com

Graham Parry