Credit Suisse Says AbbVie's Humira Patent Cliff Could Provide Momentum to Boost Growth

Credit Suisse has initiated coverage on AbbVie Inc ABBV with an Outperform rating and a price target of $170.
AbbVie stands on the edge of best-selling Humira’s U.S. loss of exclusivity (LOE) in 2023. While this remains the focus of investor discussions, Credit Suisse sees it as a catalyst to push the narrative from a value story to a growth story.
According to Credit Suisse analysts, the management has put the building blocks for growth with Skyrizi, Rinvoq, and aesthetics, which are underappreciated.
Related: AbbVie Reports Mixed Earnings, Tightens Guidance, Lifts Quarterly Dividend.
Unlike most peers, there is likely limited urgency for business development (BD), given that no other meaningful LOEs are until 2029. Given its strong cash generation and high dividend yield, low valuation is an attractive entry point as management executes on returning to growth in 2024.
Price Action: ABBV shares are up 1.80% at $154.895 on the last check Friday.
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Momentum78.10

Growth36.80

Quality46.42

Value14.05

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