Post-Humira concerns resurface
ABBV reported another strong quarter, but concerns about the strategy to offset Humira biosimilars as well as the shape of the erosion curve took centre stage. We believe the forward outlook is likely to be framed by regulatory updates (biosimilars/rebates) as well as 2H18/2019 women's health and immunology commercial launches. We make minor tweaks to our model and maintain our $97 price target.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.
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