Impairment CostsThe disappointing schizophrenia readout for emraclidine led to a USD4.5bn impairment for Cerevel.
Treatment TolerabilityGI-related adverse events were dose dependent, with the highest dose having an 83% nausea and 17% vomiting rate, indicating potential challenges in treatment tolerability.
Valuation ConcernsAbbVie trades on a P/E of 15.6x, above the US sector median, indicating a full valuation.