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AbbVie hikes Humira price over 8%

Jan. 20, 2017 4:11 PM ETAbbVie Inc. (ABBV) StockABBVBy: Douglas W. House, SA News Editor9 Comments
  • In what it says will be the only hike this year, AbbVie (ABBV -0.2%) raises the price of top seller Humira (adalimumab) 8.4%. It usually bumps the price twice annually, most recently by 9.9% and 7.9%. Ten years ago, a Humira pen injector with two syringes sold for $1,258 while today the tab is $4,441, a compounded price gain per year of over 13%.
  • Humira is the top selling drug or biologic globally, expected to generate $17.6B in sales this year. Biosimilars are circling, however, which is the main source of differing views from analysts. The main patent covering Humira expired last year, but the company says the IP moat will enable it to protect it from biosimilar encroachment until 2022. The company's valuation will depend largely on its ability to do so.
  • Earnings should grow 14% this year and 16% next. Free cash flow should top $8B in 2017.
  • Out of 15 sell-side shops, five rate the stock a Buy, nine a Hold and one a Sell. Price targets range from $60 - 90 (2% downside risk - 47% upside).
  • Source: Barron's

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