Source: AbbVie Website
AbbVie (ABBV) stock was up by only 3% over the past month, but I am bullish on this stock for long time and I think it is the one of the most attractive pharmaceutical stocks on the market right now.
Despite the company's well-known drug Humira will loss exclusivity in 2023 in the U.S., but it can still contribute a certain amount of sales before then. In addition, the other products from the company have also achieved certain sales growth, including drugs such as Vraylar, Ubrelvy and atogepant.
In fact, the company has also formulated a long-term plan, namely Rinvoq and Skyrizi two drugs. The company even gave an estimate that the adjusted global sales of Rinvoq and Skyrizi will surpass $15 billion by 2025.
The company said earlier this month that the U.S. Food and Drug Administration has extended the review period for the supplemental New Drug Application for RINVOQ to early Q3 2021. The drug was approved by FDA in August 2019 for the treatment of adults with moderately to severely active rheumatoid arthritis who have had an inadequate response or intolerance to methotrexate. The company's FY 2020 earnings report shows that RINVOQ's global net revenue was $731 million in 2020.
The company said last week that it has submitted applications seeking approval for Skyrizi to the U.S. Food and Drug Administration and the European Medicines Agency, respectively. The drug is used for the treatment of adults with active psoriatic arthritis. Skyrizi is part of a collaboration between Boehringer Ingelheim and AbbVie, with AbbVie leading development and commercialization globally.
Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.