Wells Fargo believes AbbVie’s (ABBV) Rinvoq’s U.S. intellectual property settlement with generic players gives the company a “really long runway” for the product and adds $11-$24 per share for the model. The company now expects no generic launch in the U.S. until April 2037. The news is a “big win” given that given that consensus expectatoins called for a patent expiation in 2032, the analyst tells investors in a research note. Wells keeps an Overweight rating on AbbVie with a $240 price target The stock in premarket trading is up 4%, or $7.86, to $219.50.
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