BMO Capital Positive on Abbvie (ABBV) Humira Win Versus Amgen (AMGN)

BMO Capital analyst Alex Arfaei reiterated an Outperform rating and $77 price target on Abbvie (NYSE: ABBV) after a three-judge panel for the Patent Trial and Appeal Board (PTAB) of the U.S patent and trademark office (USPTO) denied Amgen's (NASDAQ: AMGN) petition requesting an Inter Partes Review (IPR) of 26 claims (out of 30) in AbbVie’s 8,916,157 (‘157) and the related 8,916,158 patents covering Humira’s formulation.

"We believe this decision strengthens AbbVie’s argument that its IP and litigation strategy could protect Humira from biosimilar entry in the U.S. until 2022 (we currently estimate 2019-2020)," Arfaei said.

"The fact that this petition failed to persuade the Patent Office that a review is warranted is indicative of the strength of the ‘157 patent, and/or the weakness of Amgen’s argument," he addded.

For an analyst ratings summary and ratings history on Abbvie click here. For more ratings news on Abbvie click here.

Shares of Abbvie closed at $54.56 yesterday.

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