Guggenheim raised its price target on AbbVie (NYSE: ABBV) to $249 from $242, while maintaining a Buy rating, following updates to its financial model ahead of the company’s first-quarter 2026 earnings release scheduled for April 29.
The firm adjusted its quarterly projections based on updated IQVIA prescription data and recent discussions with AbbVie’s investor relations team, expecting results to come in largely in line with company guidance.
Guggenheim forecast first-quarter revenue of $14.65 billion and earnings per share of $2.57, compared to consensus estimates of $14.72 billion and $2.92. The discrepancy in EPS was attributed to the Street not fully reflecting a previously announced $0.41 dilution related to an in-process R&D charge, which lowered guidance to a range of $2.56 to $2.60.
The firm also revised its medium-term outlook, increasing growth expectations for the immunology portfolio, particularly Skyrizi and Rinvoq, while trimming projections for the aesthetics segment, including Botox and Juvederm, based on recent trends.
These revisions led to higher sales and earnings estimates for the 2028–2032 period, supporting the increased price target.
Despite shares declining approximately 8% year-to-date compared to a modest decline in the S&P 500, Guggenheim maintained confidence that AbbVie would deliver high single-digit revenue growth through the remainder of the decade, supported by its existing portfolio and potential pipeline or business development opportunities.
