AbbVie Inc.: Sentiment continues to improve post-1Q as TRx hold steady; Aesthetics business to benefit from continued GLP-1 uptake

研报英文原文证据摘录

AbbVie Inc.: Sentiment continues to improve post-1Q as TRx hold steady; Aesthetics business to benefit from continued GLP-1 uptake

Equity Research

U.S. Biopharmaceuticals

29 May 2026

AbbVie Inc.

Sentiment continues to improve

post-1Q as TRx hold steady;

ABBV OVERWEIGHTAesthetics business to benefit

U.S. Biopharmaceuticals NEUTRAL

Price Target USD 275.00from continued GLP-1 uptake

Price (28-May-26) USD 218.63

Sentiment on AbbVie appears to be incrementally more Potential Upside/Downside +25.8%

constructive following a solid 1Q26 and stable early 2Q script Source: Bloomberg, Barclays Research

trends. Our recent KOL calls (IBD & Aesthetics) highlight U.S. Biopharmaceuticals

compelling pipeline data (i.e. α4β7 combo data in CD) and Emily Field, CFA

new structural growth drivers (GLP-1 uptake/aesthetics +1 212 526 4160 emily.field@barclays.com

BCI, USdemand).

Xiao Guo

Recent investor feedback on AbbVie has turned incrementally more constructive following +1 212 526 9609

xiao.guo@barclays.coma combination of strong 1Q26 execution coupled with a positive message on ST and LT

BCI, US

business trends, stable early 2Q26 prescription trends, and increasingly favorable sentiment

around the company’s broader pipeline strategy. Investors generally viewed 1Q26 results as Alexandre Bouilloux

solid, with underlying immunology performance helping alleviate some of the recent concern +1 212 526 9937

alexandre.bouilloux@barclays.comaround emerging IL-23 competition (both oral from JNJ and emerging from ORKA) and potential

share erosion dynamics. The company beating for 1Q26 and raising for the year, coupled with

management indicating its internal projections show upside to sell-side peak consensus for Hang Hu, PhD