...- AbbVie Inc. has navigated through the initial launch of biosimilar competition to Humira in the U.S. with a more moderate decline in market share than we anticipated, and it has seen higher revenues from its next-generation immunology products than we projected. - Given its success in recent quarters, we are now more confident that AbbVie can limit revenue and EBITDA erosion in 2024 and resume growing in 2025, as the company anticipates. We also believe it's unlikely that lower-priced Humira biosimilars will undermine our expectation for significant revenue growth in AbbVie's next-generation immunology products. - In addition, the significant decline in product concentration in Humira occurring in 2023 and 2024 alleviates a long-standing risk in AbbVie's business. - Moreover, given our expectation for a return to a respectable level of organic growth in 2025 through 2027, we believe the company is now less likely to pursue large credit-harming acquisitions in pursuit of growth. - Therefore,...
