Pharmaceutical firms are on sale on the stock market for several reasons. Investors are paying a premium for AI-related suppliers, selling cheap drug companies as a result. Ongoing pricing pressure from medical health plan providers is a risk.

As a result, firms like AbbVie (ABBV) are on sale. News that Cigna (CI) would offer a biosimilar to AbbVie's top-selling drug, Humira, sent ABBV stock down by 4.6% on April 26, 2024. In Q1, AbbVie posted Humira sales falling by 36%. The firm offset the decline with a 48% increase in Skyrizi sales, to $2.01 billion. Rinvoq sales rose by 59% to $1.09 billion. Strong clinical data indicated that Rinvoq is more effective than Regeneron's (REGN) Dupixent for teenagers.

In the value category, Pfizer (PFE) has touched a 52-week low. The firm does not have tailwinds from Covid vaccines or antivirals. Shareholders need to wait for another blockbuster drug to justify buying more shares.

Gilead Sciences (GILD) broke down from its $75 - $80 trading range. In the last month, shares fell sharply, validated by a non-GAAP EPS loss of $1.32. Revenue rose by 5.4% Y/Y to $6.69 billion. The firm revised its full-year EPS sharply lower to $0.10 - $0.50. It previously expected $5.15 - $5.55 a share.

• About Us
• Contact Us
• Advertise
• License Our Content
• Jobs
• Disclaimer
• Privacy Policy

Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks

MENAFN29042024000212011056ID1108151773