AbbVie's Pipeline May Be A 2026 Story, But Analyst Likes The Setup Now

Cantor Fitzgerald initiated coverage on AbbVie Inc ABBV, citing the company’s compelling mix of growth and defense with a differentiated topline profile, good visibility on key near-term drivers with low clinical risk, no significant near-to-mid-term patent loss, and a lack of a major binary data catalyst over 2025.

“We acknowledge the pipeline still has a lot to prove, but think it also has limited value ascribed to it, and we see that as more of the ’26 narrative,” analyst Carter Gould writes.

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With AbbVie stock trading around $180 per share—about 14.1 times its expected 2025 earnings, or 16.3 times when including Skyrizi royalties—analyst Gould sees the stock as appealing as it’s been over the past six months, despite the possibility of higher tariff costs in 2026.

Cantor sees AbbVie’s immunology drugs, Skyrizi and Rinvoq, as strong and unique in the market. They already have a solid presence and are growing quickly without relying heavily on new clinical trial results. Plus, there’s no major concern about losing patent protection until after 2033. Recent prescription trends support this view, showing strong overall growth for both drugs. In particular, their use in gastroenterology is a key driver, growing over 40% year-over-year.

Cantor initiated with an Overweight rating and a price target of 210.

AbbVie is scheduled to release its first quarter earnings on Friday. Analysts estimate $2.51 per share earnings and sales of around $12.91 billion as per data from Benzinga Pro.

In March, AbbVie and Gubra A/S announced a license agreement to develop GUB014295, a long-acting amylin analog for obesity. GUB014295 is currently in a Phase 1 clinical trial.

Under the terms of the agreement, AbbVie will lead the development and commercialization activities of GUB014295 globally.

Gubra will receive $350 million in total upfront payment and be eligible to receive up to $1.875 billion in development, commercial and sales milestone payments with tiered royalties on global net sales.

Price Action: ABBV stock was up 2.1% at $173.78 on Tuesday.

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