#2 - AbbVie (NYSE:ABBV)
AbbVie Inc. (NYSE: ABBV) is another large-cap biopharmaceutical company that investors can comfortably put on their long-term list. The big story that investors are watching is the company’s year-over-year (YOY) topline growth, which has turned positive in 2024 after several quarters in 2023 where YOY revenue was declining.
The difference is that the company’s Skyrizi and Rinvoq drugs are taking the pressure off of its long-time flagship drug Humira, which is now facing competition from biosimilar drugs. The company also has a pipeline of over 50 drug candidates that is heavily weighted in the areas of oncology and neuroscience.
As of August 27, 2024, ABBV stock is trading near its 52-week high. And with a forward P/E ratio of 18.1x, the stock is fairly valued among pharmaceutical stocks. However, since the company’s July earnings report, several analysts have reiterated their Overweight rating on the stock and are raising their price targets. You should also consider the company’s dividend, which pays out $6.20 per share on an annual basis and will likely be rising by the end of 2024.
About AbbVie
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.
Read More - Current Price
- $181.16
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 20 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $203.50 (12.3% Upside)
