Skyrizi Phase 3 Study Shows Superiority in Crohn's Disease Induction, Boosting AbbVie's Immunology Pipeline
ABBV sits 40% above its 52-week low of $164.39.
Summary
AbbVie announced positive topline results from its Phase 3 AFFIRM study, demonstrating Skyrizi (risankizumab) achieved superiority for co-primary endpoints at week 12 in patients with Crohn's disease. The safety profile was consistent with its known profile, with no new risks observed. This significant clinical milestone expands the potential market for Skyrizi, a key revenue driver for AbbVie, and further strengthens its immunology portfolio. This news is distinct from the company's recent 10-K filing regarding Rinvoq's patent settlement and its senior notes offering. Investors will now watch for regulatory submissions and approvals, which could lead to increased sales forecasts for the drug.
At the time of this announcement, ABBV was trading at $230.78 on NYSE in the Life Sciences sector, with a market capitalization of approximately $410.4B. The 52-week trading range was $164.39 to $244.81. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.