First Read: AbbVie

研报英文原文证据摘录

First Read: AbbVie

Forecast returns

Forecast price appreciation 1.0%

Forecast dividend yield 2.7%

Forecast stock return 3.7%

Market return assumption 9.2%

Forecast excess return -5.5%

Company Description

AbbVie is a global biopharmaceutical company that discovers, develops, and commercializes

medicines for serious health conditions. It operates across key therapeutic areas including

immunology, oncology, neuroscience, eye care, and aesthetics, combining deep scientific

expertise with strong commercial execution. AbbVie invests in a robust research pipeline and

strategic partnerships to sustain innovation and deliver new treatment options. Its portfolio

balances established brands with new launches to diversify revenue and manage product life

cycles, while maintaining a focus on patient outcomes.

Valuation Method and Risk Statement

Our price target is based on a one-year forward P/E valuation, supported by DCF. Upside risks

include: (1) Surprising acceleration in Skyrizi, Rinvoq and Aesthetic sales, (2) Retention of

higher share for Humira and Imbruvica, (3) Surprise pipeline successes (Alzheimer's disease),

and (4) Less payor pressure in immunology portfolio. Downside risks include: (1) Slowdown in

Skyrizi/Rinvoq due to slowdown in immunology market and/or competitive pressure, (2)

Pipeline failure, and (3) More than expected pricing pressure on the immunology portfolio,

Industry-specific risks include: (1) Uncertainty around potential reforms around changes in

rebate structure, (2) Drug pricing regulations in key markets that increase pricing pressure, (3)

Increased consolidation among managed care organizations, PBMs increasing their

negotiating power.

First Read: AbbVie 31 July 2026 ab 3