In a report published Monday, Bank of America reiterated its Buy rating on AbbVie (NYSE: ABBV), and raised its price target from $40.00 to $42.00.
Bank of America noted, “Based on (developed) worldwide HCV market size estimates of ~$10bn and ~$14bn from our Biotech team and ABBV management, respectively, our new peak sales estimate implies a 7%-10% share of the market. We assume launch in 2015, reaching peak sales five years after launch. ABBV’s market share could be significantly higher depending on price/marketing dynamics. Recall that in the current new product cycle in HCV (MRK’s Victrelis vs. VRTX’s Incivek) we are seeing a market share split of 35/65 (NRx) despite early predictions that Incivek would have a much higher share based solely on its superior clinical data profile.”
AbbVie closed on Friday at $37.34.
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Tags: Bank of America
Posted in: Analyst Color, Price Target, Analyst Ratings