Headquartered in Illinois, AbbVie (NYSE:ABBV) is a well-respected pharmaceutical businesses with a broad range of medical treatments and solutions. If you’re going to pick a pharmaceutical-market stock for a buy-and-hold position, you’d be hard-pressed to do much better than ABBV stock.
With a market capitalization exceeding $273 billion, AbbVie is a true giant among drugmakers. Plus, the company has an extraordinarily broad drug portfolio as AbbVie addresses a wide range of conditions.
Yet, informed investors shouldn’t jump into the trade until they’ve examined AbbVie’s clinical results and regulatory progress. The good news is that the company isn’t only a dividend darling, but is also a tried-and-true medical-market innovator.
What’s Happening with ABBV Stock?
There are so many reasons to recommend ABBV stock that it’s hard to know where to begin. First of all, the stock is showing a textbook dip within a larger uptrend. Don’t be too surprised if it soon resumes its climb back to $175 and beyond.
The dip in the share price is actually a gift to value hunters, as AbbVie’s trailing 12-month price-to-earnings ratio is now just 22.18. In other words, the stock price is quite reasonable compared to AbbVie’s earnings.
Still not convinced? Then check out AbbVie’s generous 4.08% forward annual dividend yield. Not every pharmaceutical company offers payouts of this size, so the sooner you put some shares in your portfolio, the sooner you can start collecting the distributions.
So, now you’ve got some bullish stats in your arsenal. Yet, it’s also important to know how AbbVie has progressed lately on the clinical and regulatory front. This, as we’ll see, is where AbbVie really shines.
One Win After Another
In case you didn’t get the memo, AbbVie made waves in the pharmaceutical industry when it acquired Allergan in May. The combined company is now one of the most formidable competitors in the market.
Already in just the month of June, the bigger and bolder AbbVie has served up a slew of positive press releases. You’ll definitely want to conduct your own due diligence on this, of course. However, we’ll make your life easier today with a sampling of highlights.
- Jun. 10: A high progression-free survival rate was found in selected chronic lymphocytic leukemia patients after four years off treatment of Venclyxto/Venclexta. Also that day, preliminary findings showed spleen volume and symptomatic improvement in selected JAK inhibitor naïve patients with myelofibrosis.
- Jun. 11: Results demonstrated Epcoritamab’s “clinically meaningful efficacy” in hard-to-treat, highly refractory large B-cell lymphoma patients. At that time, AbbVie reportedly had over 30 ongoing or planned trials in inflammatory bowel disease.
- Jun. 17: The Food and Drug Administration approved Skyrizi as a treatment for adults with moderately to severely active Crohn’s disease.
- Jun. 21: AbbVie announced the submission of a supplemental New Drug Application for Qulipta to support the preventive treatment of chronic migraines in adults.
What You Can Do With ABBV Stock
As you can see, this Portfolio Grader “A” rated stock is diligently working to advance treatments for a broad variety of medical conditions. Not every treatment is fully approved yet, but AbbVie continues to make impressive progress.
Also impressive is AbbVie’s commitment to rewarding loyal shareholders with generous dividend payments. All things considered, ABBV stock is practically irresistible as it presents a strong value. Plus, you’ll get solid yield and exposure to an enduring pharma-market giant.
On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
On the date of publication, Louis Navellier had a long position in ABBV. Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article. The InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.