BMO Raises AbbVie Target to $240 After Rinvoq Generic Dispute Is Resolved

The call signals conviction in AbbVie’s growth drivers despite uncertainty over when generic Rinvoq will reach the U.S. market.

Overview

AbbVie said it resolved litigation with generic drugmakers, a move the company indicated allows early market entry for a generic version of Rinvoq.
BMO Capital’s Evan Seigerman maintained an Outperform rating and increased AbbVie’s price target to $240, implying roughly 10% upside.
Many market watchers still expect U.S. generic Rinvoq competition to begin around 2037, four years after the 2033 composition-of-matter patent expiration.
AbbVie shares have outperformed the market year to date by about 14.31%, according to the coverage.
Reports cite additional positives for the outlook, including improved guidance, an EU–US pharmaceutical deal, and expansion of the neuroscience portfolio through Gilgamesh’s bretisilocin acquisition.