These 17 Words From AbbVie's CEO Explain Why the Stock Is Still a Buy
There are thousands of drugs on the market, and there are thousands more that are no longer in use. However, none has been more successful in terms of sales than 's (NYSE: ABBV) Humira. That's why investors were rightly concerned when the immunology medicine ran out of patent exclusivity in the U.S. last year. AbbVie's CEO, Rick Gonzalez, called it the "largest loss of exclusivity event" in the history of the industry.
However, AbbVie saw this headwind coming from a mile away. Though its sales are declining right now, the company's underlying business remains strong. Let's discuss something Gonzalez recently said and why it should assuage investors' fears.
AbbVie famously acquired Allergan in a $63 billion blockbuster move to help plan for Humira's loss of patent. However, none of the products it got its hands on through this transaction are as crucial as Skyrizi and Rinvoq, a pair of immunology medicines considered to be the heirs to Humira. Skyrizi and Rinvoq treat many of the same conditions Humira did and target many of the same indications. Individually, they have sometimes been even more effective than AbbVie's former crown jewel.
Source Fool.com
AbbVie Inc. Stock
With 21 Buy predictions and not a single Sell prediction AbbVie Inc. is an absolute favorite of our community.
With a target price of 174 € there is a slightly positive potential of 14.34% for AbbVie Inc. compared to the current price of 152.18 €.
