Street View: AbbVie's Humira to be key debate through 2025

** AbbVie ABBV expects a drop in sales volumes of its blockbuster arthritis drug Humira to deepen after recent changes by U.S. pharmacy benefit managers and as patients shift to other drugs

SHARE REACTION 'OVERDONE'

** J.P.Morgan ("overweight", PT: $190) sees "little risk" for co's 2024 sales from Humira, but expects further volume erosion in 2025 for the drug

** Adds, in near-term Humira likely remains topic of discussion but longer-term don't expect this as an important driver for shares

** Goldman Sachs ("buy", PT: $190) expects commentary on outlook for Humira this year to likely remain centrepiece of earnings call and investor debate over near-term

** BofA Global Research ("neutral", PO: $172) says, while pullback in shares following Q1 results was "overdone", 2024 outlook not enough to offset 2025 concerns due to impact of Stelara biosimilars and Humira erosion

** BMO ("outperform", PT: $180) notes despite co's ability to plan accordingly for Humira's declines, recent softness in ABBV's aesthetic business imply headwinds outside U.S. which may be more persistent than previously expected

** Truist Securities ("buy", PT: $195) says concerns over Humira are overdone given long-term growth from co's portfolio and product pipeline