CERE - AbbVie: Growth Is Still A Better Choice
2024-07-29 12:19:39 ET
Summary
- On July 25, AbbVie released its Q2 2024 financial results, which surprised me with surging sales of its immunology and neuroscience franchises.
- So, Rinvoq's sales amounted to $1.43 billion for the three months ended June 30, 2024, an increase of 55.8% year-on-year.
- On the other hand, sales of Elahere, a targeted anticancer drug, amounted to $128 million in the second quarter of 2024, increasing by 65.4% year-on-year.
- In addition, AbbVie management expects to close the acquisition of Cerevel soon, which will allow it to strengthen its neurological portfolio significantly.
- As a result, I continue to cover AbbVie with a 'Buy' rating.
Since my last article was published on April 29, AbbVie's share price ( ABBV ) has risen more than 16%, hitting new multi-year highs....
AbbVie: Growth Is Still A Better Choice