Model update: remain Neutral
Following 1Q18, we revise FY18 adj. EPS to $7.84 from $7.72, predominantly to reflect the announced modified Dutch auction repurchase of $7.5b of shares on May 1. This is somewhat offset by lower interest/other income. While we adjust FY18 revenue for slightly higher than forecast FX tailwind, we make no significant revisions for product level estimates.AbbVie is a research-based biopharmaceutical company. The company's products are focused on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus and human immunodeficiency virus; neurological disorders, such as Parkinson's disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; as well as other serious health conditions. The company also has medicines in clinical development across immunology, oncology and neuroscience, with additional targeted investment in cystic fibrosis and women's health.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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