AbbVie Posts Solid 4Q and Guides to Very Low Tax Rate for 2018, Leading to FVE Increase
Along with slightly better-than-expected fourth-quarter earnings, AbbVie guided to a significantly lower tax rate of 9% in 2018 (versus our expectation of 19%), which will lead to almost a 10% increase in our fair value estimate. However, following the fair value increase, we still view the stock as modestly overvalued due to biosimilar concerns surrounding immunology drug Humira. Nevertheless, we still view AbbVie’s moat as narrow, supported by a strong pipeline that will help mitigate the even...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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