AbbVie Inc. (ABBV) shares edged higher on Friday, closing at $215.70 with a 0.56% gain, as the company benefited from a series of favorable pipeline developments and a broadly positive market session. The stock also posted a weekly advance of approximately 2.5%, rising from last week's close of $210.39.
U.S. equity markets ended the session on a positive note, with the S&P 500 gaining 0.37% and the Dow Jones Industrial Average adding 0.58%. Among AbbVie's peers, Johnson & Johnson (JNJ) rose 1.13%, while Pfizer (PFE) slipped 0.19%. AbbVie's performance landed between these two rivals, reflecting investor optimism about its drug pipeline.
The company announced on Friday that a panel of the European Medicines Agency (EMA) has recommended approval of MAVIRET for the treatment of acute hepatitis C in adults and children aged three years and older. The Committee for Medicinal Products for Human Use (CHMP) issued the positive opinion, which now awaits final approval by the European Commission. AbbVie expects a decision in the third quarter. Primal Kaur, AbbVie's senior vice president for global development, described the recommendation as an 'important step toward enabling earlier treatment.' The drug is already approved in the EU for chronic hepatitis C, and new Phase 3 data showed a 96.2% sustained virologic response at 12 weeks (SVR12), a key measure of cure in hepatitis C trials.
In oncology, AbbVie released data ahead of the American Society of Clinical Oncology (ASCO) annual meeting, which begins this week in Chicago. The company highlighted results from its antibody-drug conjugate (ADC) and T-cell engager programs. For ABBV-969, an ADC targeting metastatic castration-resistant prostate cancer, a 45% confirmed objective response rate was observed among 29 evaluable patients. Additionally, ABBV-706 achieved an 82% response rate in a 17-patient group with small-cell lung cancer. Daejin Abidoye, AbbVie's oncology therapeutic area head, noted that the results demonstrate 'continued momentum with our ADC programs.'
AbbVie's aesthetics unit, Allergan Aesthetics, also received a positive CHMP opinion for Boey, a short-acting botulinum toxin intended for the treatment of glabellar lines (frown lines). Chief Scientific Officer Roopal Thakkar stated that the product reflects the company's efforts in 'advancing botulinum toxin science.'
The pipeline updates come at a critical time as investors assess AbbVie's ability to offset declining sales of Humira with newer drugs. In its first-quarter earnings report on April 29, AbbVie posted revenue of $15.00 billion, a 12.4% year-over-year increase. Skyrizi sales surged 30.9%, Rinvoq rose 23.3%, while Humira dropped 38.6%. CEO Robert Michael noted that the quarterly results exceeded the company's own expectations.
Despite the positive news, risks remain. The European Commission has yet to finalize decisions on the CHMP-supported products, and many of the ASCO data come from early-stage trials that require larger confirmatory studies. A weaker overall market after the Memorial Day holiday, or disappointing cancer trial results later this week, could erase Friday's gains. U.S. markets are closed Monday for Memorial Day, with trading resuming on Tuesday.
