ABBV · Earnings call · 2026Q3T · Full report

Acquisition / Partnership / Divestiture

AbbVie Inc. · 2026-10-30 · Importance 47 · Surprise 60

AbbVie completed its acquisition of Apogee Therapeutics during the quarter, adding assets in dermatology, respiratory and related inflammatory diseases. Management characterized the acquired assets as having significant sales potential, with lead asset zumilokibart expected to begin Phase III development in atopic dermatitis later in 2026. After the Apogee transaction closed, AbbVie said it remained on track to reach a net leverage ratio of 2x over the next two to three years; no transaction value was stated in this section.

Key facts

• AbbVie completed its acquisition of Apogee Therapeutics, adding assets in dermatology, respiratory and other related inflammatory diseases.
• AbbVie expects future deals to be more bolt-on additions than a large transformational deal like Allergan.
• Following the Apogee acquisition, AbbVie plans Phase III studies of zumilokibart in atopic dermatitis.
• AbbVie’s business development priorities include differentiated assets in immunology, neuroscience and oncology, with expansion in obesity also a focus.
• AbbVie is open to early-stage, late-stage and on-market business development deals across its portfolio.
• AbbVie records a profit share, not full sales, for Epkinly in the U.S., Puerto Rico and Japan under its partnership with Genmab.