Piper Jaffray analyst Christopher Raymond views his firm’s survey of 101 U.S. dermatologists as “good news/bad news” for AbbVie’s dermatology franchise. On the positive side, due to both AbbVie’s “significant goodwill” as well as risankizumab’s superior clinical profile, dermatologists indicate “significant uptake” of the drug once approved, Raymond tells investors in a research note. On the negative side, Humira continues to lose market share to newer biologics like anti-IL-17s and approved anti-IL-23s at a “rapid pace” that may be accelerated by cannibalization at the hands of risankizumab, adds the analyst. Following the surgery, Raymond remains comfortable with his below-consensus AbbVie revenue estimates this year and next. He keeps a Neutral rating on the shares with a $90 price target.
https://thefly.com/landingPageNews.php?id=2878269
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