2024-04-29 06:08:56 ET
Summary
- On April 26, AbbVie published financial results for the first quarter of 2024, which pleasantly surprised me.
- Rinvoq sales were about $1.1 billion in the first quarter of 2024, up 59.3% from the previous year.
- The company's management raised its 2024 adjusted earnings guidance from $10.97 - $11.17 to $11.13 - $11.33.
- AbbVie has a rich portfolio of experimental drugs, one of the most promising of which is Epkinly, which was developed in partnership with Genmab.
- As a result, I am upgrading AbbVie stock's rating from 'Hold' to 'Buy'.
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For further details see:
Unveiling AbbVie's Winning Strategy In Pharmaceutical Innovation (Rating Upgrade)