AbbVie Gets Favorable Analyst Reviews After Allergan Merger AbbVie gets an overweight rating from Morgan Stanley but SVB Leerink, which has the same rating, raised its price target.
They have slid 10% over the last three months, compared to a 13% drop for the S&P 500.Dan is a freelance writer whose work has appeared in The Wall Street Journal, Barron's, Institutional Investor, The Washington Post and other publications.Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more.Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more.AbbVie gets an overweight rating from Morgan Stanley but SVB Leerink, which has the same rating, raised its price target.© 2020 TheStreet, Inc. All rights reserved. Those figures will likely remain sustainable in the years to come if AbbVie is able to squeeze out $2 billion in operating expenses by 2022 as planned. An abundance of cash flow and a portfolio no longer as reliant on megablockbuster Humira make AbbVie worth more than its share price would suggest, SVB Leerink analyst Geoffrey Porges wrote in a note to investors Monday.
exclude terms.AbbVie closed its $63 billion merger with Allergan on Friday. Use a + to require a term in results and - to
(AbbVie)The virtual Medical Affairs Strategic Summit (MASS) provides a platform for the greater medical affairs community to understand the day-to-day challenges the various functions within medical organizations face, and to come together to collaborate and share best practices.Subscribe to FiercePharma to get industry news and updates delivered to your inbox.Are post-merger AbbVie shares 'unsustainably cheap'? AbbVie could benefit from future pipeline acquisitions, particularly in oncology, where other drugmakers have made major Fortunately for AbbVie, a projected $22 billion in free cash flow in 2020 and an estimated $24 billion in 2021 could open the way for strategic investments in those areas, Porges noted.
However, concerns about Allergan's aesthetics portfolio were significant enough to prompt AbbVie to pull in the business as a separate unit, dubbed But the future of its new aesthetics business isn't AbbVie's only concern—or opportunity, Porges said. But the new AbbVie will be stronger than ever, one analyst argues—and investors haven't picked up on that yet. They have a price target of $95 for AbbVie shares. SVB Leerink figures AbbVie will hit peak revenues of $56 billion in 2023––when U.S. biosimilars to Humira are expected to hit the market––and hover in that range through 2028. Action Alerts PLUS is a registered trademark of TheStreet, Inc. © 2020 Questex LLC. An end-to-end commercialization model for manufacturers seeking to reduce risk, maintain full ownership and capture full revenue potential.Despite a major commitment from AstraZeneca, CDMO Emergent would likely weather the storm if the drugmaker's COVID-19 shot flops, analysts said.Caplyta’s efficacy compares “reasonably well” to other existing meds and its safety profile could be an important differentiator, one analyst says.Enclose phrases in quotes.
More importantly, AbbVie can already look to a bright future as it adds Botox and soon-to-be-blockbuster antipsychotic Vraylar to its portfolio alongside a pair of recent launches with sky-high expectations.AbbVie is predicting a potential combined sales peak of $20 billion for recently launched Immunology meds Skyrizi and Rinvoq, Gonzalez said in January. Sales of those drugs alone would offset Humira's all-time peak of $20 billion in sales. We believe that the current valuation overly discounts pessimism about the company's Humira cliff and lack of new blockbuster pipeline candidates,” the analysts wrote.Humira treats rheumatoid arthritis and related conditions.For the long term, AbbVie should enjoy “above-industry growth post-2024, because it faces fewer generic risks” starting in the middle of the decade than its peers, the Morgan Stanley analysts said. That alone would be a boon for AbbVie, which relied on Humira for 58% of its 2019 revenues, but Porges' estimate assumes "no additional pipeline contributions other than currently marketed products and their incremental indications."