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AbbVie Inc ABBV

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Morningstar’s Analysis

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AbbVie Posts Solid Q1 as New Drugs Look Increasingly Well Positioned to Mitigate Humira Generics

Damien Conover, CFA Sector Director

Analyst Note

| Damien Conover, CFA |

AbbVie reported strong first-quarter results ahead of our expectations, but we don’t expect any major changes to our fair value estimate as we look to model a higher tax rate that partially offsets the strong start to the year. We continue to view AbbVie as fairly valued with a good appreciation of new drugs partially offsetting the likely U.S. generic pressure to Humira in 2023. These strong next-generation drugs combined with a growing pipeline support AbbVie’s narrow moat.

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Company Profile

Business Description

AbbVie is a drug company with a strong exposure to immunology and oncology. The company's top drug, Humira, represents close to half of the company's current profits. The company was spun off from Abbott in early 2013. The recent acquisition of Allergan adds several new drugs in aesthetics and women's health.

1 North Waukegan Road
North Chicago, IL, 60064-6400
T +1 847 932-7900
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 48,000