Cowen analyst Steve Scala raised his AbbVie (ABBV) EPS estimates for 2020-2022 following the company's better than expected Q4 results and standalone guidance along with the "solid" Q4 report from Allergan (AGN). The analyst, who now assumes the Allergan acquisition closes on March 31, views AbbVie shares as compelling given growth prospects, management's ability to deliver, and the current multiple. He keeps an Outperform rating on AbbVie and raised his price target on the shares to $105 from $98.

AbbVie announced positive top-line results from SELECT-GCA, a Phase 3, multicenter, randomized, double-blind, placebo-controlled study, showing upadacitinib in combination with a 26-week steroid taper regimen achieved its primary endpoint of sustained remissiona from week 12 through week 52 in adults with giant cell arteritis. In this study, 46% of patients receiving upadacitinib 15 mg in combination with a 26-week steroid taper regimen achieved sustained remission compared to 29 percent of patients receiving placebo in combination with a 52-week steroid taper regimen. Key secondary endpoints were also met, including a higher percentage of patients receiving upadacitinib 15 mg in combination with a 26-week steroid taper regimen achieved sustained complete remissionb from week 12 through week 52 compared to patients receiving placebo in combination with a 52-week steroid taper regimen. A lower percentage of patients experienced at least one disease flare through week 52 in the upadacitinib 15 mg group versus the placebo group. The study results also showed that upadacitinib 7.5 mg did not meet the primary or any of the secondary endpoints.