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AbbVie Inc ABBV

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AbbVie Posts Strong Q4 and Issues Robust 2021 Guidance, Supporting a Fair Value Estimate Increase

Damien Conover, CFA Sector Director

Analyst Note

| Damien Conover, CFA |

AbbVie reported strong fourth-quarter earnings and issued robust 2021 guidance above our expectations. We plan to slightly raise our fair value estimate on the basis of the favorable update. The strong traction of the firm’s next-generation immunology drugs Rinvoq and Skyrizi are helping to propel the outperformance and position the firm to better mitigate pressure from the likely heavy U.S. biosimilar competition to Humira in 2023. While we don’t expect the new immunology drugs to completely offset the loss of U.S. market exclusivity for Humira, the growing entrenchment of new drugs helps support the firm’s narrow moat.

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Company Profile

Business Description

AbbVie is a drug company with a strong exposure to immunology and oncology. The company's top drug, Humira, represents close to half of the company's current profits. The company was spun off from Abbott in early 2013. The recent acquisition of Allergan adds several new drugs in aesthetics and women's health.

1 North Waukegan Road
North Chicago, IL, 60064-6400
T +1 847 932-7900
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 47,000