Humira constitutes 65% of AbbVie's sales. It faces biosimilar competition in Europe, but we still expect global sales will be relatively stable because of growth in the U.S. and our expectation that the company will not have biosimilar competition in the U.S. until 2023. We expect solid growth from Imbruvica. The company has several other drugs in late-stage trials and ongoing trials of existing drugs, which should fuel growth. Despite the company's potentially increasing appetite for acquisitions, leverage should remain in the 2x-3x range given its projected strong free cash flow generation. AbbVie is focused on diversifying its portfolio and deepening its product pipeline ahead of the prospect of biosimilar competition in the U.S. Pressure for mergers and acquisitions could
