Buoyed by Hepatitis C Drug Gains, AbbVie Posts Strong 2Q; Stock Looks Modestly Undervalued
AbbVie reported second-quarter results slightly ahead of both our and consensus expectations, but we don't expect any changes to our fair value estimate based on the results. Further, we view the stock price pullback following the earnings release as overdone and consider the stock slightly undervalued. While we continue to expect much faster declines for immunology drug Humira versus both consensus and management guidance due to biosimilar pressures by 2021, the stock appears to be implying eve...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.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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