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    Does OSE’s ABBV-230 Shift Reveal a Deeper Risk-Sharing Strategy in AbbVie’s Immunology Pipeline (ABBV)?

    Simply Wall St·12/22/2025 07:17:12
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    • In December 2025, OSE Immunotherapeutics announced it had amended its partnership with AbbVie on pre-clinical anti-inflammatory antibody ABBV-230, taking back responsibility and funding for preclinical and Phase 1 work while AbbVie retained rights to later-stage development and commercialization under unchanged economic terms.
    • The adjustment removes an early clinical milestone payment for OSE but keeps AbbVie positioned to benefit from any first-in-class success targeting the ChemR23 inflammation pathway once Phase 1 is completed.
    • We’ll now examine how this shift in early development responsibilities for ABBV-230 could influence AbbVie’s broader immunology-focused investment narrative.

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    AbbVie Investment Narrative Recap

    To own AbbVie, you need to believe its newer immunology and neuroscience drugs can offset Humira erosion and support ongoing dividend growth, despite higher debt and thinner margins. The ABBV-230 amendment looks immaterial to near term catalysts, which still hinge on execution in immunology and managing pricing pressure under US drug cost reforms.

    The most connected recent development is AbbVie’s 9 percent year over year sales growth with sharply lower net income, reflecting higher costs and one off charges. Against that backdrop, shifting early ABBV-230 spending to OSE keeps AbbVie’s immunology story intact without adding near term R&D burden, while any future upside from ChemR23 would layer onto an already diversified pipeline.

    Yet, beneath this resilient growth story, investors should be aware of the risk that concentrated bets in immunology and neuroscience leave AbbVie exposed if...

    Read the full narrative on AbbVie (it's free!)

    AbbVie's narrative projects $73.0 billion revenue and $20.8 billion earnings by 2028. This requires 7.7% yearly revenue growth and a roughly $17.1 billion earnings increase from $3.7 billion today.

    Uncover how AbbVie's forecasts yield a $244.68 fair value, a 8% upside to its current price.

    Exploring Other Perspectives

    ABBV 1-Year Stock Price Chart
    ABBV 1-Year Stock Price Chart

    Six Simply Wall St Community fair value estimates span roughly US$222 to US$422 per share, showing how far apart views on AbbVie can be. When you weigh those against the key risk of pricing pressure from global healthcare cost controls, it underlines why checking several independent valuations and assumptions can be helpful before deciding how AbbVie might fit in your portfolio.

    Explore 6 other fair value estimates on AbbVie - why the stock might be worth as much as 86% more than the current price!

    Build Your Own AbbVie Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.