Updated Aug 13 at 11:01am ET.
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Wolfe Research set a new target for the stock at $300. This is higher than the average analyst target of $285 and suggests the firm sees significant room for the stock to rise from its current price of about $252.
While a price target is just one firm's estimate of what the stock is worth, it reflects growing confidence in the company's ability to grow profits as it moves past the loss of patent protection for its older blockbuster drugs.
Source: Wolfe Research
The FDA has accepted a request to review Botox for masseter muscle prominence, a condition where the jaw muscles are enlarged. If approved, this would make Botox the first and only neurotoxin in the U.S. cleared for this specific cosmetic use. The application is backed by two late-stage studies that showed significant improvement in jaw appearance and patient satisfaction.
This move is part of a broader push to keep the Botox brand growing as it faces more competition. By finding new, specialized uses for the drug, the company can protect its market share and give doctors more reasons to choose its product over newer rivals.
Source: PRNewsWire
Guggenheim raised its price target to $288, up from $261. This change reflects a more optimistic view of the company's value after it reported strong sales growth in its newer immunology drugs. The new target is about 17 percent higher than the current stock price.
Source: Guggenheim
Morgan Stanley raised its price target from $278 to $296. The firm is signaling higher confidence that the company can grow its earnings even as its former top-selling drug faces cheaper competition. This target suggests the stock has room to rise about 20 percent from its current level.
Source: Morgan Stanley
The company reported second-quarter adjusted profit of $3.65 per share, beating the $3.61 that analysts expected. Revenue reached about 17 billion dollars, also ahead of estimates. This growth was led by the immunology portfolio, which rose 15 percent. Specifically, Skyrizi sales hit 5.5 billion dollars and Rinvoq reached 2.5 billion dollars, proving these newer drugs are successfully replacing the revenue lost from Humira.
Management slightly lowered its full-year profit forecast, but only to account for the costs of buying Apogee Therapeutics. This is a common accounting move during an acquisition and does not reflect a problem with the underlying business. The core story remains intact: the company has successfully moved past its biggest patent cliff and is now growing again through a more diverse set of high-performing drugs.
See the full quarter, and how our tracked metrics did
Source: 8-K filing
Analysts have been raising their price targets for AbbVie following the company's strong second-quarter earnings report. Most analysts are bullish, with 29 of 41 rating the stock a buy and an average target price suggesting 14% upside.
The company has a very consistent habit of beating expectations, which suggests management is conservative with its forecasts and the business is performing reliably.
| Expectation | |
|---|---|
| EPS | $3.87 |
| Revenue | $17.31B |
