AbbVie Stock Drops 5% Following FDA Approval of Competing Psoriasis Drug
AbbVie's shares fell sharply after Johnson & Johnson received FDA approval for Icotyde, a new oral treatment for plaque psoriasis. The drug, developed in collaboration with Protagonist Therapeutics, poses a direct challenge to AbbVie's Skyrizi, a key revenue driver in its immunology portfolio.
Despite the competitive threat, analysts remain optimistic about Skyrizi's growth prospects, forecasting a 23% sales increase by 2026. AbbVie's stock performance reflects investor concerns, trading below key moving averages as the market digests the implications of intensified competition in the immunology space.
The company maintains its FY2026 EPS guidance while announcing a new antibody discovery partnership with Alloy Therapeutics, signaling continued strategic moves to diversify its pipeline beyond the Humira era.
