Their combined revenues are expected to reach $7.5bn in 2022, and Gonzalez told the audience at JPM that: Skyrizi and Rinvoq are now on pace to deliver more than $17.5 billion in combined sales, risk adjusted sales in 2025, well above our previous expectations. This figure could eventually end up substantially larger - according to Gonzalez: We've begun to see some very exciting data from several solid tumor programs, including our anti-GARP antibody ABBV-151, and our PTK7 ADC, ABBV-647. See AbbVie Inc. stock price prediction for 1 year made by analysts and compare it to price changes over time to develop a better trading strategy. Ltd., AbbVie Pty Ltd, AbbVie Purchasing LLC, AbbVie Real Estate Management GmbH, AbbVie Research B.V., AbbVie Resources Inc., AbbVie Resources International Inc., AbbVie Respiratory LLC, AbbVie S. de R.L., AbbVie S.A., AbbVie S.A., AbbVie S.A.S., AbbVie S.R.L., AbbVie S.r.l., AbbVie S. r.l., AbbVie SA, AbbVie SAS, AbbVie SIA, AbbVie Sarl, AbbVie Sdn. Johnson & Johnson Free Cash Flow Forecast for 2023 - 2025 - 2030. In summary, the total revenue increase of just 4% year-on-year in Q2'22 might disappoint a few investors, as might the downgraded guidance, although it is hard to argue that AbbVie is a bad investment when we consider that the Pharma also pays a dividend of $1.41 per quarter, yielding 4% per annum, drove operating earnings of $3.925bn on a GAAP basis, and trades at a >10% discount to my calculated target price. MarketRank is calculated as an average of available category scores, with extra weight given to analysis and valuation. Based on earnings estimates, AbbVie will have a dividend payout ratio of 54.11% next year. Projections are based on making fundamental and technical studies of the ABBV stock price performance. ABBV-916 is targeting Alzheimer's and it is an anti-amyloid antibody, with a similar mechanism of action ("MoA") to recently approved Leqembi, developed by Biogen (BIIB) / Eisai, and likely soon-to-be approved Donanemab, developed by Eli Lilly. The official website for the company is www.abbvie.com. Earnings for AbbVie are expected to decrease by -0.55% in the coming year, from $11.00 to $10.94 per share. To summarize, Humira may be going off-patent, but is more than capable of delivering double-digit billion revenues for another 3-4 years, and even in 2030, it could be amongst the top 20 best-selling drugs worldwide. Based on an average daily volume of 5,600,000 shares, the days-to-cover ratio is currently 2.1 days. In general, it is important to pay attention to trends, both in the overall market and in the specific sector that a company is in. Our daily ratings and market update email newsletter. Abbvies first quarter 2022 financial results for the quarter ended 31 March revealed that diluted earnings per share (EPS) increased to $2.51 on a generally accepted accounting principles (GAAP) basis, up from $1.99 a year earlier. What is a Good Dividend Yield? target price for AbbVie stock based on DCF / EBITDA multiple analysis (my table and assumptions). AbbVie stock forecast 2022 - 2025 - 2030 with analysis AbbVie stock stood at $162.110000610352 on 2022-03-31. forecast for 2023 is $159.42, forecast for 2024 is $156.65, forecast for 2025 is $139.68, forecast for 2026 is $124.48, 164.71 0.00 0.00%. View AbbVie's Short Interest. I wrote this article myself, and it expresses my own opinions. I do much more than just articles at Haggerston BioHealth: Members get access to model portfolios, regular updates, a chat room, and more. $163.64. Investors do not seem to be taking the bait, however, as AbbVie's share price has slipped by >7% across the past month, and >5% across the past 5 days. The 21 analysts offering 12-month price forecasts for Abbvie Inc have a median target of 165.00, with a high estimate of 200.00 and a low estimate of 135.00. Skyrizi - which inhibits the activities of IL-23 - a naturally occurring cytokine that is involved in inflammatory and immune responses - and Rinvoq - a member of the janus kinase inhibitor drug class - fit this profile. Any company is likely to struggle if sales of its best-selling asset begin to decline by ~20% per annum, which is traditionally the rate at which patent expired drugs' sales slip, but when the drug in question accounts for >35% of a company's sales, as Humira does, the situation becomes even more serious. The consensus among Wall Street research analysts is that investors should "hold" ABBV shares. RHHBY vs. ABBV: Which Stock Is the Better Value Option? If you have an ad-blocker enabled you may be blocked from proceeding. The average Abbvie stock price prediction forecasts a potential upside of 7.07% from the current ABBV share price of $155.27. The acquisition expanded AbbVies neuroscience portfolio, adding first-in-class modulators of the synaptic vesicle protein 2A, including lead molecule SDI-118 currently in Phase 1b studies. ABBV currently yields 4.1% and has raised its dividend every year since 2013. Please disable your ad-blocker and refresh. AbbVie's Dividend and Valuation. View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Enjoy your holiday weekend and catch up on our most read stories this week. losed Joint Stock Company FinTech Solutions, Fidelity NASDAQ Composite Index Tracking Stock Fund, Abbvie stock price analysis: Past year performance, Abbvie fundamental analysis: Q1 2022 earnings, Abbvie stock forecast: Company guidance and analysts predictions. The AbbVie of today has 5 thriving divisions - Immunology, Oncology, Neuroscience, Aesthetics, and Eye Care - with the latter 3 divisions acquired from Allergan as part of AbbVie's $63bn takeover of that company. On average, analysts forecast that ABBV's EPS will be $11.80 for 2023, with the lowest EPS . It had an upside potential of 4.76%, based on the closing price of $152.49 on 29 June. GSK Free Cash Flow Forecast for 2023 - 2025 - 2030. Different trading strategies will suit different investment goals with short or long-term focus. High institutional ownership can be a signal of strong market trust in this company. With no LOEs on the horizon, it is relatively plain sailing for the company ex-Humira, and the performance of Skyrizi and Rinvoq - to date at least - suggests management does have this massive patent cliff covered. These products are not suitable for everyone and you should therefore consider your objectives, financial situation, needs and experience with these products before investing in them. Within the oncology division sales of Imbruvica fell 17% year-on-year. Below, I will outline how I see AbbVie putting the Humira LOE firmly behind it, and driving the high single digit percentage annual growth management has promised. Botox accounts for the bulk of the companys Aesthetics portfolio revenue and about 4% of the net as of 2022. AbbVie has 5 focus areas for its research and products. I have speculatively assigned peak sales of $2bn, although it should be noted that success here is far from guaranteed, although if AbbVie did succeed with ABBV916 sales could be 2 or 3x higher than my forecast. (ABBV) AbbVie Stock Predictions from the Leading Provider of Short and Long Term Stock Price Forecasts. The majority of the biosimilar (more sophisticated versions of generic drugs) imitations of Humira that will contest for market share with the original will launch around the middle of 2023, including versions developed by Pfizer (PFE), Boehringer Ingelheim, Organon (OGN), Biocon, Coherus Biosciences (CHRS) and Sandoz, whilst Amgen's (AMGN) Amjevita is permitted to launch in January. These are mostly related to the US Food and Drug Administrations (FDA) approval of Abbvies drug Rinvoq for ulcerative colitis and positive top-line results from the Phase 3 induction study U-EXCEL. According to 34 stock analysts, the average 12-month stock price forecast for AbbVie stock is $166.14, which predicts an increase of 7.62%. The above table shows quarterly and annual product revenues going back to FY20, whilst the last 4 columns show revenue growth percentage between FY20 and FY21, then revenue growth between Q2'21 and Q2'22, the sequential (quarter on quarter) growth, followed by product sales as a percentage of revenues. If you rely on the information on this page then you do so entirely on your own risk. Neuroscience is one of AbbVie's most intriguing divisions and perhaps the hardest to model. (ABBV), MarketBeat Week in Review 2/13 - 2/17 (ABBV), The 3 Best Pharma Stocks to Buy for Big Gains in 2023 (ABBV), How Abbott Labs, AbbVie Could Profit on Seizure Drug Formula (ABBV), AbbVie Has a Mixed Outlook After Mixed Earnings, Q4 2022 AdTheorent Holding Company Inc Earnings Call. on the strength of its future rather than present portfolio. Based on aggregate information from My MarketBeat watchlists, some companies that other AbbVie investors own include Intact Financial (IFC), Constellation Software (CSU), AutoCanada (ACQ), Alimentation Couche-Tard (ATD.B), Vermilion Energy (VET), AT&T (T), Bristol-Myers Squibb (BMY), Wheaton Precious Metals (WPM), Rogers Communications (RCI) and Open Text (OTEX). The median. View analysts price targets for ABBV or view top-rated stocks among Wall Street analysts. Drug development has not traditionally been one of AbbVie's strengths - it has not had to be - but we ought to see the positive results of heavy investment into the oncology pipeline over the next 5-7 years, and by 2030, I believe this division could account for >17% of AbbVie's total revenues. Invest alongside the model portfolio or simply access the investment bank-grade financial models and research. I am modelling for AbbVie to grow revenues at a compound annual growth rate of ~5% between now and 2030 with growth accelerating in the latter half of the decade. As of 30 June, analysts price predictions compiled by MarketBeats and long-term forecasts by Wallet Investor projected that the ABBV stock price could rise. I am not receiving compensation for it (other than from Seeking Alpha). AbbVie's success - as its shareholders will doubtless be aware - stems from the runaway success of its immunology drug Humira, which is indicated for a range of autoimmune conditions, including Rheumatoid Arthritis, Psoriatic Arthritis, Psoriasis, Crohn's Disease, Ulcerative Colitis, Hidradenitis Suppurativa and Ankylosing spondylitis. There is no mention of Women's Health in the Q2'22 earnings call or in the 10-Q submission to the SEC, or any of the drugs within it, yet the divisions have not (to the best of my knowledge) been sold, despite rumors it was put up for sale at ~$5bn. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. The difference between trading assets and CFDs. AbbVie updated its FY 2024 earnings guidance on Friday, February, 10th. Your current $100 investment may be up to $188.28 in 2028. Shares are consolidating with a buy. Find me at my marketplace channel, Haggerston BioHealth - model portfolio + 4 exclusive stock tips every week. PMeds are designed not only to target the specific causes of diseases, often at the genetic level, but the patients that are most likely to benefit from them. The Immunology division looks strong, even factoring in the patent cliff faced by $20 billion-selling Humira. AbbVie is led by CEO and Chairman Rick Gonzalez - likely the only Pharma CEO who lacks a college degree - who has successfully defended Humira from generic drug competition by adopting a controversial strategy of continually applying for new patents related to minor changes in manufacturing methods or administration, often referred to as a "patent thicket". Abbvie has a strong pipeline of projects ahead, and has recently received US FDA approval of its ulcerative colitis drug Rinvoq. It now expects full-year profit in the range of $13.92-$14.12 a share. The company is focused on research and has a number of collaborations and partnerships to that end. One of the few pain points AbbVie experienced during a year of portfolio wide growth in 2022 was the decline in the revenue contribution from Imbruvica, approved to treat various types of lymphoma. Kateryna Onyshchuk/iStock via Getty Images. Rinvoq's progress has been a little more circumspect, but almost as impressive. AbbVie has received a consensus rating of Hold. AbbVie could be the biggest global Pharma by revenue generation in 2028. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. ABBV has several positive factors pushing its price performance. Other products such as Mavyret and Creon appear to have many more years of blockbuster sales ahead of them, although it is interesting to note that AbbVie no longer reports revenues from its Women's Health division, and scarcely mentions it. As we can see above one of either Skyrizi or Rinvoq has now been approved for all of the same indications as Humira is, except for Hidradenitis Suppurativa, although Rinvoq is undergoing a Phase study in this indication. If you have an ad-blocker enabled you may be blocked from proceeding. Finally I can present a target price for AbbVie stock in 2023 using DCF / EBITDA analysis. The stock projection varied from the low price target of $135 to the high of $200. The dividend payout ratio is 89.56%. View our ABBV earnings forecast. How to Decide, Taiwan Semiconductor Manufacturing Expanding in the West, One Way to Earn More From Dividend Stocks, How to Choose a Winning Dividend Investing Strategy, 3 Industries Leading the Stock Market Rebound, Oil Tankers Boost Dividends, See Continued Robust Business In '23. ABBV-916 is therefore a real opportunity for AbbVie to develop a more effective and safer drug in the same class and claim a sizeable share of a 6m patient market. Skyrizi and Rinvoq will together achieve a higher peak sales figure than even Humira could manage, even while Humira is still making a substantial top line contribution, still accounting for as much of 7% of AbbVie's total sales in 2030. The review period was extended by three months in order for the FDA to review additional data submitted by AbbVie. Please disable your ad-blocker and refresh. There has been a raft of price-moving news for Abbvie, which may positively affect the stock price. Nevertheless, AbbVie is clearly under huge pressure to protect its dominance in the immunology markets, and the signs are it has been able to do just that thanks to the launches of 2 new drugs - Skyrizi and Rinvoq. The company also successfully completed the acquisition of Syndesi Therapeutics SA in March. Although investing in AbbVie isn't riskless, it is advisable based on what we know about the company. In other words, management believes the LOE of Humira - despite it being the world's best-selling drug - will not hinder growth at the company. . . I believe AbbVie is likely 15 - 20% undervalued at current price. In the U.S. dermatology segment, where approximately 30% of patients exhibit both skin and joint involvement, Skyrizi is already achieving an in-play patient share of nearly 20%. This year is off to a strong start. As of 2022, AbbVie employed more than 50,000 people globally with 21,000 in STEM-related positions. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. CNN Sans & 2016 Cable News Network. (844) 978-6257. My detailed modeling suggests there is 15-20% upside to look forward to in the short term and that ABBV stock remains a solid long-term buy opportunity for investors. Since then, however, the stock price has fallen 18% to its current price of $142.6. I write about Biotech, Pharma and Healthcare stocks and share investment tips. I have no business relationship with any company whose stock is mentioned in this article. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. (AbbVie data). AbbVie has been the subject of 9 research reports in the past 90 days, demonstrating strong analyst interest in this stock. In the past three months, AbbVie insiders have sold more of their company's stock than they have bought. With the Hughes Optioneering Strategy, youll soon learn that the safest option for new accounts is options themselves! The company didn't offer a . The risks associated with aesthetics are that the industry can be severely buffeted by economic headwinds, as these products are more consumer focused and are often considered an unnecessary expenditure in times of hardship. In most cases, trials are underway for multiple indications, including some therapies that have already been approved for 1 or more conditions. That reflects uncertainty about what the future holds for AbbVie. Bhd., AbbVie Sp. As we look beyond 2025, we expect combined sales for Skyrizi and Rinvoq to exceed the peak revenues achieved by Humira, which was more than $21 billion. Although Wallet Investor did not provide targets for 2030, its longer-term Abbvie stock prediction expected the price to hit $300.386 in June 2027. Read the conference call transcript. This rating has held steady since February, when it was unchanged from a Buy rating.Move your mouse over pastmonths for detail. Over the next nine years, experts believe that GSK's Free Cash Flow will grow at a rate of 1.98%. How do I arrive at my share price target? That is interesting to me as I think it suggests management will need to commercialize more assets if it wants to hit that target. It should be noted that the strength of the competition AbbVie faces from other Pharma's desperate to claim a larger share of the immunology markets after Humira's LOE is fierce - Eli Lilly's (LLY) Olumiant, Pfizer's (PFE) Zeljanz, Amgen's Otezla, Bristol Myers Squibb's (BMY) Zeposia, Johnson & Johnson's (JNJ) Tremfya, Novartis' (NVS) Cosentyx and Regeneron (REGN) / Sanofi's (SNY) Dupixent to name a few. The eye-disease markets are very large - Regeneron's Eylea is a >$7bn per annum selling drug and AMD markets are >$20bn in size. The total revenue in 2021 was $56.20 billion with a 31% operating margin. Neuroscience looks highly promising too, and aesthetics capable of driving some respectable growth driven by old stager Botox. I also considered the long-term outlook for a company that is still only 10 years old and is about to feel the impact of a loss of patent protection for its mega-blockbuster auto-immune drug Humira, which made $20.7bn of sales for the company in FY21, representing 37% of total revenues generated. Only 0.08% of the stock of AbbVie is held by insiders. Bringing RGX314 would be a coup for AbbVie although I am forecasting for only $2bn in peak revenues in 2030 as a hedge against the risk that this candidate does not make it to market on safety grounds. With AbbVie seemingly very confident of approvals for all 3 of these drugs, and Gonzalez suggesting they could form the basis of a "$6 billion kind of franchise" I have modelled for such an outcome by 2030. According to the algorithm-based forecaster Wallet Investor in its Abbvie stock forecast for 2022, the price could reach $169.852 by the end of December, $199.491 by 2023 and $229.304 by 2024. Thus, it is likely that ABBV will continue to find support on the dips in this type of market environment.. Eli Lilly has long been a reliable stock, but with the company's impressive product pipeline, the stock could hold significant potential in the near term. Between September 2021 and April 2022, AbbVie stock went on a sensational bull run, gaining 62% and hitting an all-time peak of $174. The company is scheduled to release its next quarterly earnings announcement on Friday, May 5th 2023. AbbVie declared a quarterly dividend on Thursday, February 16th. The "King Of Quants" sees 10X potential Eric Fry believes he just discovered America's next "Wealth Supercluster" and it's forming in the place you'd least expect. The ex-dividend date of this dividend is Thursday, April 13th. Shareholders of record on Friday, April 14th will be given a dividend of $1.48 per share on Monday, May 15th. What is the dividend yield for AbbVie? For ABBVIE INC stock forecast for 2023, 10 predictions are offered for each month of 2023 with average ABBVIE INC stock forecast of $156.58, a high forecast of $160.07, and a low forecast of $152.24. I/we have a beneficial long position in the shares of BMY, GILD, ABBV either through stock ownership, options, or other derivatives. Perhaps this is an example of how ruthless management can be when encountering falling sales, and a warning that not all company divisions are guaranteed to thrive. Epcoritamab alone will not be sufficient to get AbbVie where it wants to be - despite some analysts believing it will be the highest grossing Pharma revenue wise by 2026. Most stock quote data provided by BATS. On the negative side of things, we can see that AbbVie is no longer breaking out sales within its Women's Health division, with revenues lumped into the "all other section, presumably. Forecast target price for 03-06-2023: $ 152.58. Furthermore, it seems sales of Lupron and Synthroid have joined the "All Other" section, which has generated $2.2bn of revenues in the first half of 2022, versus $1.5bn in the first half of 2021. Today, AbbVie operates as a diversified multi-national pharmaceutical company with a patient-centric approach to research. AbbVie Stock Forecast 03-06-2023. Both Leqembi and Donanemab are potential $5bn - $10bn selling assets, but both drugs still have safety questions to answer and not certain to be made eligible for reimbursement. As I have mentioned in previous notes, however, the gains owe more to price hikes than sales volumes, and come 2023 and the LOE, even AbbVie admits the blow to revenues will be substantial. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. The company provided earnings per share (EPS) guidance of $10.70- for the period. Nevertheless, after applying the discount factor, I calculate a share price target of $151 based on DCF analysis and a slightly higher figure of $168 based on EBITDA analysis. First we can take a quick look at what a forward income statement for AbbVie might look like to 2030. Eye Care, Other products Division Projected Revenues to 2030 (my table and assumptions ). Skyrizi has shown superiority to Humira in fields such as plaque psoriasis by a statistically significant amount, with a comparable safety profile, whilst Rinvoq has shown superiority in e.g. AbbVie Stock: ABBV Overview and Dividend Potential, Wall Street Sees 23% Upside In Revance, Maker Of Botox Competitor (ABBV), Analyst Confidence in Eli Lilly Boosted by Product Pipeline (ABBV), Johnson & Johnson: Taking The Bull By The Horns? I'm on twitter @edmundingham. AbbVie has a PEG Ratio of 3.51. Although Wallet Investor did not provide targets for 2030, its longer-term Abbvie stock prediction expected the price to hit $300.386 in June 2027. The average price target is $163.64 with a high forecast of $190.00 and a low forecast of $133.00. Other approved ADC's targeting the c-Met protein, a validated target in NSCLC, include Novartis Tabrecta, which has been pegged for peak sales of ~$1.5bn, which seems a realistic target for Teliso given how large the lung cancer market is - the largest of all oncology markets. Please. We expect proof-of-concept data from roughly a dozen additional early stage oncology opportunities over the next couple of years. Is this happening to you frequently? All generate blockbuster <$1bn per annum sales - in Stelara's case >$9bn per annum, and in Enbrel's case, >$4.5bn. The company's average rating score is 2.44, and is based on 7 buy ratings, 9 hold ratings, and no sell ratings. Capital Com Australia Pty Ltd (ABN 47 625 601 489) is a company registered in Australia and regulated by the Australian Securities and Investments Commission (ASIC) under AFSL 513393. The firm earned $15.12 billion during the quarter, compared to the consensus estimate of $15.30 billion. AbbVie income statement forecast (My table and assumptions). I write about Biotech, Pharma and Healthcare stocks and share investment tips. AbbVie is one of the largest global Pharmaceuticals, with a market cap of >$265bn. AbbVie Inc. is a US-based biopharma company with global operations. To summarize, although AbbVie does not have the same clout in oncology as it does in immunology - as evidenced perhaps by the declining sales of Imbruvica - it is clearly an area of focus for management. Richard A. Gonzalez has an approval rating of 88% among the company's employees. Management has previously stated that it expects total revenues to decline in 2023 following the Humira LOE, followed by a return to growth in 2024, and a "high single digit CAGR" maintained through the remainder of the decade. According to CompaniesMarketCap, the biopharmas market capitalisation stood at $272.38bn, making it the worlds 30th most valuable company. It's hard to argue against Skyrizi and Rinvoq's performance to date, however, and with the total addressable market across all immunology indications likely well in excess of $100bn, I feel fairly comfortable that AbbVie can grow this division's revenues even as the world's biggest ever selling drug exits stage left. AbbVie stock was up after posting a mixed fourth-quarter earnings report, but with the company's patent expiring on Humira, the stock is a hold, February 24, 2023|americanbankingnews.com, February 23, 2023|americanbankingnews.com. Year-to-date, the stock was up slightly more than 12% while benchmark global indices have all fallen sharply amid surging inflation, interest rate hikes and slowdown worries. (my table and forecasts). Aesthetics was propped up by growing sales of Botox - up 12% year-on-year to $678m, but let down by sales of Juvederm, which management put down to lockdown regulations in China, and the "suspension" of operations in Russia. z o.o., AbbVie Productos Farmacuticos Limitada, AbbVie Products LLC, AbbVie Promoo L.da, AbbVie Pte. That same month, the FDA extended the review period for Skyrizi (risankizumab), a treatment drug for moderate to severe Crohns disease in patients aged 16 and older. Date. Both of these assets appear to be doing the job they were intended for - protecting AbbVie's dominance in various auto-immune markets - and now represent ~13% of AbbVie's total revenue generation. We expect that to happen in 2027 with continued significant growth anticipated in the following years. Between September 2021 and April 2022, AbbVie stock went on a sensational bull run, gaining 62% and hitting an all-time peak of $174. My No. We're currently running a sale at my private investing ideas service, Haggerston BioHealth, where members get access to portfolios, market alerts, real-time chat, and more. AbbVie's post-Humira LOE plans are not riskless, and its targets are ambitious, but nevertheless I see no harm in picking up shares in the Pharma at the current price, accepting a generous 4% dividend, and likely benefitting from share repurchases and a steadily growing share price until 2030. Disclaimer. My calculation is that Humira revenues in 2023 will be 80% of the 2022 figure, or $16.7bn. call (03) 8658 0539 support.au@capital.com. In the past I have written about the high level of competition between major Pharma in the auto-immune space - for example, for Psoriatic Arthritis the list of approved drugs includes Humira, UCB Pharma's Cimzia, Amgen's Enbrel, Johnson & Johnson's (JNJ) Stelara, Eli Lilly's (LLY) Talzt, Novartis' (NVS) Cosentyx and Bristol-Myers Squibb's (BMY) Orencia. The company employs 50,000 workers across the globe. The company can be reached via phone at (847) 932-7900 or via fax at 302-655-5049. As such, forecasting stock prices is more of an art than a science. After creating the income statement I prepare the discounted cash flow/EBITDA multiple analysis. Please. First of all, as shown in the table above I forecast product sales out to 2030. As we can see the immunology division consists of only 3 assets yet by my calculation, will likely account for 50% of AbbVie's revenues in 2022 (to calculate 2022 sales revenues by product, since we do not yet have final figures, I have used 9m 2022 figures and assumed Q4 revenues will be the average of the previous 3 quarters).