AbbVie (ABBV) shows pipeline-driven upside beyond the core immunology franchise, with outlook for its oncology and neuroscience segments likely becoming clearer over the next one to two years, BofA said in a Tuesday research note.
In oncology, the company's antibody-drug conjugate portfolio, particularly temab-A and ABBV-969, have shown encouraging early efficacy and can exceed expectations if later-stage studies are successful, according to the note.
Meanwhile, in neuroscience, growth has been supported by products related to Parkinson's disease, migraine, and botox therapeutic, BofA said, adding that the loss of exclusivity for Vraylar limits longer-term category growth.
BofA reiterated its buy rating with a $289 price target.
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