AbbVie (ABBV) has received the European Commission’s (EC) approval for interleukin-23 (IL-23) inhibitor SKYRIZI (risankizumab) to be used separately or with methotrexate (MTX) for the treatment of active psoriatic arthritis in adults. These patients include individuals who have had an inadequate response or have been intolerant to one or more disease-modifying anti-rheumatic drugs (DMARDs).
The marketing authorization for SKYRIZI will be valid in all member states of the European Union, along with Iceland, Liechtenstein, Norway and Northern Ireland.
The regulator’s approval followed the data from two Phase 3 clinical studies, KEEPsAKE-1 and KEEPsAKE-2. The data demonstrated that SKYRIZI met the primary endpoint of ACR20 response at week 24 versus placebo.
Markedly, the safety profile of SKYRIZI in psoriatic arthritis was consistent with the safety profile of SKYRIZI in plaque psoriasis, with no new safety risks.
The VC of AbbVie, Michael Severino, said, “People living with psoriatic arthritis struggle with psoriatic lesions and joint inflammation that causes swelling and pain. Reducing these symptoms may give people the ability to resume their daily activities and improve their quality of life. We are excited by the EC approval of SKYRIZI for the treatment of adults with active psoriatic arthritis.” (See AbbVie stock charts on TipRanks)
Wall Street’s Take
On November 17, Truist Financial analyst Robyn Karnauskas reiterated a Buy rating on the stock with a price target of $118.
Consensus among analysts is a Strong Buy based on 9 Buys versus 1 Hold. The average AbbVie price target of $129.30 implies 10.2% upside potential from current levels. Shares have gained 18.9% over the past year.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 100% Bullish on AbbVie, compared to the sector average of 69%.