Evercore ISI Cuts AbbVie Inc. (ABBV) PT, Says Consensus for 2026 and 2027 Still Looks Beatable

Core Viewpoint - AbbVie Inc. has projected 2026 profits above Wall Street estimates, driven by strong sales of its older immunology drug, Humira, despite concerns over future growth due to competition and revenue shortfalls from newer treatments [3][5]. Financial Performance - AbbVie reported fourth-quarter adjusted earnings of $2.71 per share, exceeding the average analyst estimate of $2.65 [4]. - Skyrizi generated $5.01 billion in sales, surpassing the expected $4.82 billion, while Rinvoq posted $2.37 billion, slightly below the consensus estimate of $2.41 billion [4]. - Humira sales declined 25.9% year over year to $1.25 billion but still exceeded expectations of $983.8 million [4]. Future Projections - AbbVie expects combined sales from Rinvoq and Skyrizi to reach approximately $31.6 billion in 2026, achieving its target of over $31 billion in annual sales a year earlier than planned [5]. - Analyst Gavin Clark-Gartner from Evercore ISI noted that guidance and consensus expectations for 2026 and 2027 appear beatable, with buy-side expectations running above consensus for some time [2][6]. Market Dynamics - The stock's pressure is linked to concerns about growth beyond 2028, especially with additional competitors entering the market [2]. - AbbVie is relying on Skyrizi and Rinvoq to offset the decline in Humira sales, which are under pressure from lower-cost biosimilars [3].