IMGN - AbbVie's Transformational 2023 Analyst Anticipates Growth in 2024 Amid Competitive Pressures | Benzinga
William Blair has upgraded AbbVie Inc (NYSE:ABBV), noting confidence in the company’s growth outlook over the near and long term as it heads into 2024.
The analysts Tim Lugo, Lachlan Hanbury-Brown, and John Boyle write that 2023 was the year of transformation for AbbVie, marked by the introduction of Humira (arthritis) biosimilars and heightened competition for key franchises like Imbruvica (blood cancer drug) and Botox (cosmetic surgery).
Also Read: Aesthetics Market Resilience: AbbVie Asserts Widely Used Botox Dominance Amidst Rising Competition.
Notably, AbbVie’s growth platform, led by Skyrizi and Rinvoq, has demonstrated strong performance, effective management of Humira erosion, and strategic acquisitions of ImmunoGen Inc (NASDAQ:IMGN) and Cerevel Therapeutics Holdings Inc (NASDAQ:CERE).