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Nomura believes AbbVie's (ABBV) acquisition of Pharmacyclics (PCYC) supports its call that Receptos (RCPT) and Infinity Pharmaceuticals (ICPT) are on the top of M&A lists given both companies have potential $5B in peaks sales potential and unencumbered assets. Additionally, the firm believes the deal has positive implications for Neutral rated Incyte (INFI) given the potential AbbVie can now evaluate ABT-199 in combination with Incyte's duvelisib and Pharmacyclic's Imbruviea across a range of hematological malignancies.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Sees FY24: Skyrizi revenue $10.7B; Rinvoq revenue $5.6B; Imbruvica revenue $3.1B; Elahere revenue $450M. Sees FY24 adjusted gross margin 84%. Expects FX to have 0.9% impact on FY sales.

Says "successfully navigating" Humira loss of exclusivity. Says executing well across all aspects of the business. Says multiple growth drivers to support long term outlook. Says continues to advance R&D pipeline. Says well positioned to deliver high single digit revenue CAGR through end of decade. Comments taken from Q1 earnings conference call.

Check out this morning's top movers from around Wall Street, compiled by The Fly.  HIGHER - U... To see the rest of the story go to thefly.com. See Story Here

Global net revenues from the immunology portfolio were $5.371B, a decrease of 3.9 percent on a reported basis, or 3.1 percent on an operational basis, due to Humira biosimilar competition. Global Humira net revenues of $2.270 billion decreased 35.9 percent on a reported basis, or 35.2 percent on an operational basis. U.S. Humira net revenues were $1.771 billion, a decrease of 39.9 percent. Internationally, Humira net revenues were $499 million, a decrease of 15.8 percent on a reported basis, or 11.6 percent on an operational basis. Global Skyrizi net revenues were $2.008 billion, an increase of 47.6 percent on a reported basis, or 48.0 percent on an operational basis. Global Rinvoq net revenues were $1.093 billion, an increase of 59.3 percent on a reported basis, or 61.9 percent on an operational basis.

FY24 consensus $11.10.

Notable companies reporting before tomorrow's open, with earnings consensus, include Exxon Mobil (XOM), consensus $2.20... Chevron (CVX), consensus $2.87... AbbVie (ABBV), consensus $2.23... HCA Healthcare (HCA), consensus $5.01... Colgate-Palmolive (CL), consensus 81c... Charter (CHTR), consensus $7.92... AutoNation (AN), consensus $4.27.

AbbVie announced positive topline results from LEVEL UP, an open-label, efficacy assessor-blinded head-to-head Phase 3b/4 study that evaluated the efficacy and safety of upadacitinib versus dupilumab in adults and adolescents with moderate-to-severe atopic dermatitis who had an inadequate response to systemic therapy or when use of those therapies was inadvisable. In the LEVEL UP study, upadacitinib showed superior efficacy versus dupilumab in the primary endpoint, demonstrating that a significantly higher proportion of patients simultaneously achieved both a 90% or greater reduction in Eczema Area and Severity Index and a Worst Pruritus Numerical Rating Scale of 0 or 1 at Week 16.