AbbVie Top Bull v Bear Debates For The Story

研报英文原文证据摘录

AbbVie Top Bull v Bear Debates For The Story

J P M O R G A N North America Equity Research

10 June 2026

AbbVie Overweight

ABBV, ABBV US

Top Bull v Bear Debates For The Story Price (09 Jun 26):$225.42

Pharmaceuticals — Major &

Specialty

Chris Schott, CFA AC

(1-212) 622-5676

christopher.t.schott@jpmorgan.com

Ethan Brown

(1-212) 622-4928

ABBV represents one of our top picks (along with LLY) with shares trading at ethan.brown@jpmchase.com

~13.5x 2027 EPS despite top-tier growth (HSD topline / LDD bottomline) and no Hardik Parikh, CFA

major LOE’s for the foreseeable future. At the same time, the stock has been one (1 212) 622-2875

of the most debated / controversial names among our large caps this year. Here, we hardik.k.parikh@jpmorgan.com

saw a significant downward shift in sentiment heading into 2026, largely Taylor Hanley

attributable to JNJ launches of Tremfya in IBD and Icotyde in PsO and a range of (1-212) 622-0790

immunology pipeline assets across the space moving forward in development. taylor.hanley@jpmchase.com

This has somewhat reversed exiting 1Q results with Skyrizi still performing Ekaterina V Knyazkova, CFA

strongly and the company providing some color on its immunology pipeline. (1-212) 622-9576

ekaterina.v.knyazkova@jpmchase.com

We view concerns on near-term competition to Skyrizi as overdone, with IL23s J.P. Morgan Securities LLC

still under-penetrated in IBD and Icotyde largely gaining share from other oral’s

in PsO, and we continue to see upside to consensus estimates for ABBV. And

longer-term, by the time additional competition enters the immunology market late

this decade, ABBV’s products will be well entrenched and the company’s next-gen

IBD pipeline (Skyrizi combo opportunities) has the potential to reset the SOC in