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Fly News Breaks for November 19, 2019
ABBV
Nov 19, 2019 | 05:35 EDT
UBS analyst Navin Jacob raised his price target for AbbVie (ABBV) to $96 from $79 and continues to recommend the shares with a Buy rating. He believes Skyrizi's demand is accelerating and now expects $1B in annual sales by 2021. Further, AbbVie now expects Rinvoq to have 75% of covered lives by January 2020, which is much faster than expected, Jacob tells investors in a research note. The growth drivers and the company's underlying cash generation "provides assurance" that AbbVie can weather the Humira loss of exclusivity in 2023, contends Jacob.
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