Wolfe Research downgraded AbbVie (ABBV) to 'Peer Perform.' The firm cited the company's strong performance over the last two years, arguing it leaves limited room for further upside.
Wolfe believes high expectations for key drugs Skyrizi and Rinvoq are already reflected in the stock price. Furthermore, the firm noted potential future pressure on AbbVie's immunology pricing advantages.
This analyst action follows recent significant corporate news. On January 8, AbbVie announced it anticipates a $1.3 billion pre-tax charge related to acquired in-process research and development (IPR&D) and milestone expenses.
The charge is expected to negatively impact the company's fourth-quarter 2025 earnings. Separately, the stock experienced volatility earlier in the week following reports of a potential merger with Revolution Medicines, which AbbVie subsequently denied.