Mizuho analyst Eric Criscuolo believes the termination of OraSure's (OSUR) HCV co-promotion agreement with AbbVie (ABBV) is less a negative than may appear. The analyst does not forecast a negative impact to product sales, and sees the $12M per year in exclusivity revenue from 2017-2019 that goes away as the biggest downside since the deal never had the positive impact that was expected. Furthermore, expenses will fall and OraSure's HCV control will increase, Criscuolo tells investors in a research note, adding that a "potentially lucrative" international HCV contract and additional molecular customers make him positive on growth drivers. He reiterates a Buy rating and $8 price target on OraSure's shares.

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Sees FY24: Skyrizi revenue $10.7B; Rinvoq revenue $5.6B; Imbruvica revenue $3.1B; Elahere revenue $450M. Sees FY24 adjusted gross margin 84%. Expects FX to have 0.9% impact on FY sales.

Says "successfully navigating" Humira loss of exclusivity. Says executing well across all aspects of the business. Says multiple growth drivers to support long term outlook. Says continues to advance R&D pipeline. Says well positioned to deliver high single digit revenue CAGR through end of decade. Comments taken from Q1 earnings conference call.

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Global net revenues from the immunology portfolio were $5.371B, a decrease of 3.9 percent on a reported basis, or 3.1 percent on an operational basis, due to Humira biosimilar competition. Global Humira net revenues of $2.270 billion decreased 35.9 percent on a reported basis, or 35.2 percent on an operational basis. U.S. Humira net revenues were $1.771 billion, a decrease of 39.9 percent. Internationally, Humira net revenues were $499 million, a decrease of 15.8 percent on a reported basis, or 11.6 percent on an operational basis. Global Skyrizi net revenues were $2.008 billion, an increase of 47.6 percent on a reported basis, or 48.0 percent on an operational basis. Global Rinvoq net revenues were $1.093 billion, an increase of 59.3 percent on a reported basis, or 61.9 percent on an operational basis.

FY24 consensus $11.10.

Notable companies reporting before tomorrow's open, with earnings consensus, include Exxon Mobil (XOM), consensus $2.20... Chevron (CVX), consensus $2.87... AbbVie (ABBV), consensus $2.23... HCA Healthcare (HCA), consensus $5.01... Colgate-Palmolive (CL), consensus 81c... Charter (CHTR), consensus $7.92... AutoNation (AN), consensus $4.27.

AbbVie announced positive topline results from LEVEL UP, an open-label, efficacy assessor-blinded head-to-head Phase 3b/4 study that evaluated the efficacy and safety of upadacitinib versus dupilumab in adults and adolescents with moderate-to-severe atopic dermatitis who had an inadequate response to systemic therapy or when use of those therapies was inadvisable. In the LEVEL UP study, upadacitinib showed superior efficacy versus dupilumab in the primary endpoint, demonstrating that a significantly higher proportion of patients simultaneously achieved both a 90% or greater reduction in Eczema Area and Severity Index and a Worst Pruritus Numerical Rating Scale of 0 or 1 at Week 16.