AbbVie (ABBV.US): Solid Skyrizi/α4β7 Combo Efficacy Should Raise The Bar in Crohn's Disease

At UEGWeek, AbbVie presented Ph2a data for Skyrizi (IL-23) + ABBV-382 (α4β7) in Crohn's Disease, which was impressive for an asset that should help enhance ABBV's growth profile in the 2030s. The interim look with ~80% of trial participants showed ~40% achieved endoscopic remission at 24 weeks, roughly 2x either monotherapy (20-22% in the overall population and ~13-21% in advanced therapy failures). Endoscopic response was 52% for the combo vs 40% for Skyrizi, and gene expression data point to deeper intestinal healing. Safety/tolerability was largely in line with monotherapy: ~10.5% serious AEs and ~6.5% discontinuations due to AEs, with one death (suicide) deemed not due to study drug. Next catalysts are the ongoing Ph2b interim read (testing higher ABBV-382 doses) and Ph3 initiation in 1H28 or potentially earlier, with launch seen in the early 2030s; Skyrizi subQ for induction is expected to be approved this quarter. Remain Overweight, price target $300.