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AbbVie Inc ABBV

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Stock XNYS Rating as of
$185.16 +2.99 (1.64%)
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AbbVie Earnings: Strong Next-Generation Immunology Drugs Sales Support Fair Value Estimate Increase

Damien Conover

We are increasing our AbbVie fair value estimate to $176 from $168 following solid second-quarter earnings that exceeded our expectations. Importantly, AbbVie's next-generation immunology drugs Skyrizi and Rinvoq are generating enough growth to offset biosimilar pressure to the firm's older immunology drug Humira. This trend increases our conviction in AbbVie's wide moat. With limited other patent losses, AbbVie is poised to continue to post mid-single-digit sales growth over the next three years, at which time the Humira sales contribution will likely be less than 10%. We believe the firm has effectively navigated around the major Humira patent loss.

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Price vs Fair Value

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ABBV is trading at a 83% premium.
Price
$185.16
Fair Value
$281.00
Uncertainty
High
1-Star Price
$629.20
5-Star Price
$142.40
Economic Moat
Fsy
Capital Allocation
Hlxvpzgh

Bulls Say, Bears Say

Bulls

AbbVie supports a strong dividend yield, which should act as valuation support, as the cash flows to support the dividend look secure over the next several years.

Bears

AbbVie has had to depend on acquisitions to boost its late-stage pipeline, suggesting less successful internal research and development activities.

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Trading Information

Previous Close Price
$182.17
Day Range
$182.11–186.85
52-Week Range
$135.85–186.85
Bid/Ask
$184.60 / $186.30
Market Cap
$326.97 Bil
Volume/Avg
6.9 Mil / 5.5 Mil

Key Statistics

Price/Earnings (Normalized)
16.89
Price/Sales
5.97
Dividend Yield (Trailing)
3.31%
Dividend Yield (Forward)
3.35%
Total Yield
3.72%

Company Profile

AbbVie is a pharmaceutical firm with a strong exposure to immunology (with Humira, Skyrizi, and Rinvoq) and oncology (with Imbruvica and Venclexta). The company was spun off from Abbott in early 2013. The 2020 acquisition of Allergan added several new products and drugs in aesthetics (including Botox).
Sector
Healthcare
Industry
Drug Manufacturers - General
Stock Style Box
Large Value
Total Number of Employees
50,000
Website
http://www.abbvieinvestor.com

Competitors

Valuation

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Metric
ABBV
JNJ
LLY
Price/Earnings (Normalized)
 16.8915.3386.05
Price/Book Value
 40.835.4056.55
Price/Sales
 5.974.5620.23
Price/Cash Flow
 17.4517.3484.08
Price/Earnings
ABBV
JNJ
LLY

Financial Strength

Metric
ABBV
JNJ
LLY
Quick Ratio
 0.720.770.68
Current Ratio
 0.941.071.35
Interest Coverage
 3.9524.4514.11
Quick Ratio
ABBV
JNJ
LLY

Profitability

Metric
ABBV
JNJ
LLY
Return on Assets (Normalized)
 14.14%13.17%11.20%
Return on Equity (Normalized)
 172.29%32.42%57.69%
Return on Invested Capital (Normalized)
 27.87%20.93%20.65%
Return on Assets
ABBV
JNJ
LLY
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Drug Manufacturers - General Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Eli Lilly and Co
LLY
FpkxkffczyPszdg$724.5 Bil
 Johnson & Johnson
JNJ
TrvvcmprFtrbk$386.7 Bil
 Merck & Co Inc
MRK
HrmflyjbgGdxb$317.3 Bil
 Roche Holding AG ADR
RHHBY
JbpmxdhxPpl$261.9 Bil
 AstraZeneca PLC ADR
AZN
NszpznhgjpTjhj$242.7 Bil
 Novartis AG ADR
NVS
HrndzznStj$224.0 Bil
 Amgen Inc
AMGN
QhkrgprqtcGjyc$179.6 Bil
 Pfizer Inc
PFE
HmydyljnGqzc$174.4 Bil
 Sanofi SA ADR
SNY
RqzzhhfyPbht$131.7 Bil

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