Key Points

• AbbVie completed its acquisition of Apogee Therapeutics for $135.11 per share in cash, totaling approximately $10.9 billion.
• Apogee's lead drug, zumilokibart, targets IL-13 and showed about two-thirds of atopic dermatitis patients achieved skin clearance in Phase 2 trials.
• The pipeline also includes APG273, a combination therapy targeting both IL-13 and TSLP for asthma treatment.
• AbbVie expects the deal to dilute adjusted EPS by $0.14 in 2026 and $0.46 in 2027, with accretion not starting until 2032.
• AbbVie reaffirmed its full-year 2026 adjusted diluted EPS guidance of $13.87 to $14.07.

AbbVie (ABBV) closed its acquisition of Apogee Therapeutics on September 3, 2026, paying $135.11 per share in cash for a total equity value of approximately $10.9 billion. Apogee's stock ceased trading on that date.

The acquisition adds a pipeline of immunology drugs to AbbVie's existing portfolio, focused on inflammatory and immunological diseases including atopic dermatitis, asthma, and chronic obstructive pulmonary disease. The deal continues a pattern of dealmaking AbbVie has used to rebuild its pipeline, with immunology serving as one of the company's core therapeutic areas alongside products like Skyrizi and Rinvoq.

The headline asset from Apogee is zumilokibart, a monoclonal antibody that targets IL-13, a protein that drives type 2 inflammation. The drug is engineered with a longer half-life, allowing for less frequent dosing than current treatments.

In a Phase 2 trial, roughly two-thirds of atopic dermatitis patients treated with zumilokibart achieved skin clearance at 16 weeks. Patients also experienced improvements in itch reduction and overall disease control. Longer-term data from the same trial support maintenance dosing either quarterly or twice per year—a dosing schedule that could appeal to patients and physicians seeking convenience.

What's in Apogee's Pipeline

Beyond zumilokibart, Apogee brings APG273, a combination drug pairing zumilokibart with APG333. APG333 blocks TSLP, a signaling protein that triggers early inflammation in the lungs.

Phase 1 data showed APG333 suppressed inflammatory markers for up to six months after a single dose. Positive interim data from a Phase 1b asthma study of zumilokibart further supports the combination approach.

Together, APG273 could offer quarterly or twice-yearly injections for asthma patients, positioning it in competition with existing biologics in a large and growing market.

AbbVie CEO Robert Michael said the goal is to combine Apogee's science with AbbVie's commercial capabilities to speed up development and reach patients faster.

What It Means for AbbVie's Earnings

The deal carries a short-term cost. AbbVie expects the acquisition to reduce adjusted diluted EPS by $0.14 in 2026 and by approximately $0.46 in 2027. Accretion is not expected until 2032, a long runway. Nevertheless, AbbVie did not change its guidance as a result of the deal closing.

The company reaffirmed its full-year 2026 adjusted diluted EPS guidance of $13.87 to $14.07, and held Q3 2026 adjusted diluted EPS guidance at $3.84 to $3.88.

The 2026 guidance already accounts for $0.58 per share in unfavorable IPR&D and milestone expenses recorded through Q2. Any further IPR&D or milestone costs beyond Q2 are excluded from guidance, as they cannot be reliably forecast.

AbbVie noted that more than 1 million patients worldwide are currently treated with its immunology medicines, which are approved across 19 immune-mediated diseases in more than 175 countries. For readers tracking the deal's progress, the milestones ahead include later-stage clinical trial results for zumilokibart in atopic dermatitis and continued development of APG273 in asthma, which will determine whether the pipeline delivers on the acquisition's premise.

Source: AbbVie