AbbVie (NYSE: ABBV), a pharmaceutical giant, is best known for its work in immunology. Over the decade between 2013 (when it became a stand-alone publicly traded company) and 2023, the drugmaker's biggest growth driver was Humira, a medicine for several autoimmune disorders that was once the world's best-selling drug. Humira lost U.S. patent exclusivity in 2023, but since then, Skyrizi and Rinvoq, two other immunology medicines, have become AbbVie's growth pillars.
However, the healthcare leader does have products in other areas that are performing well. One of them is Qulipta, a migraine treatment. And recently, Qulipta achieved a meaningful clinical win that could help boost its sales over the medium term.
What does this mean for AbbVie's prospects? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005.
But according to our analysts, we're only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue » Qulipta was first approved in the U.S. in 2021 for the preventive treatment of migraine and later earned a label expansion to treat chronic migraine in adults.
AbbVie recently announced top-line results from a Phase 3 clinical trial for the medicine in patients with menstrual migraine. During the study, Qulipta led to a meaningful reduction in migraine days compared with a placebo during the perimenstrual period. That was the primary endpoint.
Qulipta also hit all secondary endpoints during the trial (including acute medication use and functional disability) while introducing no new safety signals. The medicine seems likely to earn a label expansion in this indication, given these results. But how large an opportunity is it?
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