Abbvie (ABBV) PTAB Decision Incrementally Positive, But Does Not Change Cautious Thesis - BMO
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BMO Capital analyst Alex Arfaei weighed in on Abbvie (NYSE: ABBV), calling the PTAB denying institution of the Coherus (NASDAQ; CHRS) IPR of Humira formulation patent is incrementally positive for ABBV, but it does not change their cautious thesis
Arfaei commented, "We still see a long litigation path and increased uncertainty ahead. We remain cautious on Humira’s growth prospects because of increased competition from biosimilars and JAK-1s, particularly Lilly’s Baricitinib. Just as AbbVie's $3Bn Hep-C guidance by 2020 now seems unrealistic, we believe that in 2017-2018 so will the >$18Bn Humira guidance. Thus, we remain significantly below ($15Bn)."
The firm maintained a Market Perform rating and price target of $63.00
Shares of Abbvie closed at $56.04 yesterday.
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