AbbVie Analysts Boost Their Forecasts Following Strong Earnings
Portfolio Pulse from Avi Kapoor
AbbVie Inc (NYSE:ABBV) reported Q4 earnings surpassing expectations with adjusted EPS of $2.79 and net revenues of $14.301 billion. The company also completed the acquisition of ImmunoGen, enhancing its cancer therapy portfolio. AbbVie raised its long-term revenue outlook for Skyrizi and Rinvoq, expecting over $27 billion by 2027. Analysts from Barclays and Raymond James increased their price targets for AbbVie following these results. AbbVie's stock rose 0.6% to close at $168.67.
February 05, 2024 | 1:50 pm
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POSITIVE IMPACT
AbbVie reported higher-than-expected Q4 earnings and revenue, completed the acquisition of ImmunoGen, and raised its revenue outlook for key drugs. Analysts increased price targets.
The positive earnings report, strategic acquisitions, and raised revenue outlook for Skyrizi and Rinvoq contribute to a bullish short-term outlook. Analysts' increased price targets further support this positive sentiment.
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