Cowen analyst Steve Scala boosts price target on AbbVie (ABBV +0.8%) to $98 from $90, citing the importance of the Allergan’s (AGN +0.4%) Ubrelvy migraine drug approval.
The drug’s oral option in a market dominated by injectable biologics offers “meaningful potential”, Scala writes.
Projects Ubrelvy sales at $25M in 2020 and $375M in 2025.
Sees AbbVie 2025 revenue of $51.3B and EPS of $10.25; compares with average analyst estimate of $42.7B of sales (4 estimates) and $10.89 EPS (3 estimates).
In June, AbbVie agreed to buy Allergan in a transaction valued at ~$63B, based on AbbVie’s stock price at the time.
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