BMO lifts AbbVie PT, sees continued strength in immunology drugs
ABBV•Skyrizi and aesthetics outlook
BMO expects Skyrizi sales to remain resilient, citing its efficacy, psoriatic arthritis approval and less-frequent dosing schedule.
For the aesthetics business, BMO says macroeconomic pressures and shifting consumer preferences toward a more natural look continue to weigh on dermal filler brand Juvederm.
It is more upbeat on Botox Cosmetic, citing seasonal demand, higher tax refunds and increased use of GLP-1 weight-loss medicines.
BMO raises price target on AbbVie
BMO Capital Markets raises its price target on AbbVie to $300 from $258, and maintains its "outperform" rating.
BMO says continued strength in blockbuster immunology drugs Skyrizi and Rinvoq supports its positive view on the drugmaker despite emerging competition from newly launched therapies.
The new price target represents about 21% upside to the stock's last close.
Q2 expectations and broker ratings
BMO expects AbbVie to report second-quarter revenue of $16.83 billion, slightly above consensus, but earnings per share of , below consensus due to a recently disclosed R&D-related charge.
