AbbVie upgraded to Buy at Argus amid Skyrizi/Rinvoq sales growth, stable margins

Argus upgraded AbbVie (ABBV) to Buy from Hold with a $220 price target Two of the company’s key immunology products, Skyrizi and Rinvoq, have succeeded Humira as growth engines, with the former having grown its Q3 sales 52% on an operational basis to $3.21B, and the sales of the latter rising 47% to $1.61B, the analyst tells investors in a research note. Other products within the company’s portfolio also continue to produce solid returns, leading to growth across both the Neuroscience and Aesthetics portfolios, Argus notes, adding that AbbVie’s margins have also stabilized, with the adjusted gross margin rising 90 basis points to 84.4%.