10:20 AM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We cut our target by $4 to $195, 15.9x our 2025 EPS estimate, above ABBV's historical forward P/E average, justified by its improving outlook. We keep our 2024 EPS view at $11.27 and 2025's at $12.28. Q1 EPS of $2.31 vs. $2.46 was almost in line with our estimate of $2.32 and $0.05 above the consensus estimate. Q1 revenue of $12.3B, up 0.7% Y/Y, was well ahead of expectations, $343M above our forecast and $374M above consensus. The beat was driven by another quarter of higher-than-expected sales growth for blockbuster immunology drugs, Skyrizi (+48% Y/Y) and Rinvoq (+60% Y/Y), while the sales decline in Humira (-36% Y/Y) was below expectations. We are encouraged by ABBV's successful efforts to offset sales losses resulting from Humira's loss of exclusivity via promising M&A, product launches, and indication expansions for key drugs. We view the $9B Cerevel acquisition, expected to close by mid-2024, as positive as it can further boost ABBV's fast growing neuroscience sales (+16% Y/Y in Q1), in our view.