AbbVie Inc. (ABBV): Ph2 IBD Data Update Confirms Impressive Efficacy of Next-Gen Program

At UEGW, AbbVie reported an update from its TARGET-CD Phase 2a study for ABBV-466 (Skyrizi + novel α4β7 inhibitor trosunilimab), showing 40.5% of treated Crohn's disease patients achieved endoscopic remission versus 22.4% and 20.0% on risankizumab and trosunilimab monotherapy, respectively, with a consistent safety profile. We see this 24-week data as impressive at nearly 2x the endoscopic remission, albeit indicating the combo is more additive than synergistic. The data was widely anticipated and in line with the ~42% figure shared during the 1Q26 earnings call, and thus largely reflected in the stock; it reinforces ABBV-466 as a key pipeline asset that could support revenue growth through the Skyrizi LOE in the 2030s. We remain Neutral with a 12-month price target of $258 based on 15.0x our Q5-Q8 EPS estimates.