William Blair analysts raised their rating for AbbVie (NYSE:ABBV) from Market Perform to Outperform.

The analysts reflect on 2023 as a pivotal year for AbbVie, marked by the introduction of Humira biosimilars and increased competition for other major products like Imbruvica and Botox. While there’s still some uncertainty about the rate of market erosion for both Humira and Imbruvica, the analysts see growing confidence in AbbVie’s growth prospects for 2024 and beyond.

They noted the strong performance of AbbVie’s growth platforms, particularly Skyrizi and Rinvoq, and applauded the company’s effective management of Humira’s market erosion.

Additionally, AbbVie’s recent acquisitions of ImmunoGen and Cerevel are recognized as significant enhancements to its pipeline, especially in the crucial therapeutic areas of solid tumor and neuroscience. These acquisitions are expected to sustain growth into the end of the decade.

Despite management’s indication that 2024 might see the lowest EPS in the Humira loss-of-exclusivity (LOE) cycle, the analysts believe the clearer view of the company’s top line and the robust long-term growth potential make AbbVie an attractive investment at its current price.

However, they cautioned that risks to this optimistic outlook include potential greater than anticipated erosion of Humira, increased competition for Imbruvica and Botox, and pricing negotiations under the Inflation Reduction Act for Imbruvica.

Deja una respuesta

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

× ¿Cómo puedo ayudarte?