On Thursday, Truist Securities adjusted its outlook on Abbvie (NYSE:ABBV), a biopharmaceutical company, by increasing the price target to $210 from the previous target of $195. The firm maintained its Buy rating on the stock. The adjustment comes after Abbvie reported robust second-quarter results for 2024, surpassing expectations for both revenue and earnings.
Abbvie's performance was particularly strengthened by its drugs Skyrizi and Rinvoq, which contributed to the company's share gains in the immunology and inflammation (I&I) market. The updated full-year 2024 guidance and commentary from Abbvie have led to a revised model by Truist, supporting the raised price target.
Despite the impact of the Inflation Reduction Act (IRA) on sales of Abbvie's Humira and Imbruvica, the company is expected to sustain long-term growth. Truist Securities highlighted the potential for continued expansion into the end of the decade, driven by key products such as Skyrizi and Rinvoq, as well as the overall momentum of Abbvie's current product portfolio and development pipeline.
The firm's analyst noted the diversified portfolio of Abbvie and the potential for ongoing growth, emphasizing the strength of the company's performance and its strategic positioning for future development. The positive outlook reflects confidence in Abbvie's ability to navigate market challenges and capitalize on its growth drivers.
In other recent news, AbbVie (NYSE:ABBV) has been the focus of several significant developments. Following strong drug sales, JPMorgan has raised AbbVie's target to $210, maintaining an Overweight rating. Key factors include the sustained performance of drugs Skyrizi and Rinvoq, and projected earnings per share growth in 2025. BMO Capital Markets has also maintained an Outperform rating on AbbVie and increased the shares target to $214, reflecting confidence in the company's future revenue growth.
AbbVie's revised annual profit outlook has been driven by a surge in sales from its immunology drug lineup. The pharmaceutical giant's revised forecast comes after surpassing Wall Street's second-quarter earnings expectations, with quarterly sales totaling $14.46 billion and adjusted earnings at $2.65 per share.
The company has applied for FDA and EMA approval for its drug upadacitinib to treat adults with giant cell arteritis, backed by promising results from the Phase 3 SELECT-GCA study. In a key leadership change, AbbVie recently appointed Roopal Thakkar, M.D., as the new Executive Vice President of Research & Development and Chief Scientific Officer. These are among the recent developments that highlight AbbVie's ongoing efforts in the pharmaceutical industry.
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