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Health Care : Biotechnology | Large Cap Value
Company profile

AbbVie Inc. (AbbVie) is a diversified research-based biopharmaceutical company. The Company is engaged in the research and development, manufacturing, commercialization and sale of medicines and therapies. It offers products in various therapeutic categories, including immunology products, which include Humira, Skyrizi and Rinvoq; oncology products, which include Imbruvica and Venclexta/Venclyxto; aesthetics products that include Botox Cosmetic, The Juvederm Collection of Fillers and others; neuroscience products, such as Botox Therapeutic, Vraylar, Duopa and Duodopa, and Ubrelvy; eye care products, which consists of Lumigan/Ganfort, Alphagan/Combigan and Restasis, and other key products, which include Mavyret/Maviret, Creon, Lupron, Linzess/Constella and Synthroid. Its products are sold to wholesalers, distributors, government agencies, health care facilities, specialty pharmacies, and independent retailers from the AbbVie-owned distribution centers and public warehouses.


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0.25 (0.17%)
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JPMorgan investor day should 'reinforce the resiliency' of the megabank: analyst

3:55 pm ET May 18, 2023 (MarketWatch)

By Steve Gelsi

BofA Securities reiterates buy rating and says investors may seek clues on potential succession plans for CEO Jamie Dimon

BofA Securities reiterated its buy rating on JPMorgan Chase & Co. ahead of the megabank's investor day on Monday, calling the bank an outperformer in a tough year for the sector.

"We expect Monday's investor day to reinforce the resiliency of the business model while showcasing franchise investments that should position the bank to remain a market share gainer," BofA analyst Ebrahim H. Poonawala said Thursday in a research note. "We continue to view the stock as offering an attractive risk/reward."

JPMorgan Chase's (JPM) stock is up 3.6% in 2023, compared with a 0.8% rise by the Dow Jones Industrial Average , a 9% rise by the S&P 500 and a 4.7% year-to-date drop by the Financial Select Sector SPDR exchange-traded fund (XLF). Bank of America Corp. (BAC), which is the closest U.S. rival to JPMorgan by market capitalization, is down 14.6% in 2023.

The investor day comes as JPMorgan Chase has fared better than its peers in terms of stock price and financial forecasts despite being subject to the "harshest regulatory requirements," Poonawala said.

Also read: JPMorgan Chase deal for First Republic will add to earnings while calming regional-bank jitters: analysts

The bank's presentation is expected to offer investors "increased confidence in the resiliency of the business model" while its "ability to gain market share should drive stock outperformance," Poonawala said.

Investors will also be looking for any signs of whether there is a clear No. 2 to eventually succeed JPMorgan Chase CEO Jamie Dimon, Poonawala said.

BofA Securities does not expect any specific announcement on Dimon's potential replacement.

Dimon remains the longest-serving CEO of a big bank, having been in the job since 2005.

In 2021, the board of JPMorgan Chase awarded Dimon 1.5 million stock options to remain at the bank until 2026.

Also read: Jamie Dimon sets cautious tone on bank regulation for smaller U.S. banks

"While the success of [JPMorgan Chase] goes well beyond one individual, we consider succession planning as among the hardest decisions that the board will need to make over the next few years," Poonawala said. "To deliver best-in-class results at the scale and complexity of [JPMorgan Chase] is not easy and there is no shortage of companies (across a range of industries) that have stumbled following the retirement of a legendary CEO."

JPMorgan Chase's distressed acquisition of First Republic Bank will be one of many additional talking points for the bank, which announced the acquisition on May 1.

Also read: Big banks performed well in first quarter despite 'gut-wrenching volatility': analyst

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

May 18, 2023 15:55 ET (19:55 GMT)

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