Abbvie is a spin-off of the famous American healthcare company Abbott Laboratories. Abbvie specializes in pharmaceutical research while Abbott focuses on medical devices and diagnostics. Abbvie has a host of drugs under its portfolio and it sells these products in more than 170 countries. The company has currently been in the news for its lopinavir drug Kaletra. This drug, in combination with other medication, has been used to treat COVID-19. Abbvie’s drugs help treat ailments such as arthritis, cancer, and leukemia. The company has a strong research capability that allows the development of new drugs.
Abbvie Inc Background
Abbvie used to be a subsidiary of healthcare major Abbott (ABT) until 2012. On 1st January 2013, Abbvie was spun-off by its parent. The intention of the spin-off was to allow Abbvie to focus on pharmaceutical research and manufacturing while Abbott would focus on its core diagnostic and medical devices business. Abbvie is based in Illinois, US. It had revenues of $45 billion as of 2020. Abbvie is well-known for paying dividends. It has been paying dividends every year for at least 48 years. The company has doubled its earnings per share in the last decade while dividend per share has also more than doubled since 2013.
Abbvie’s stock closed at $104 on 12th February 2021. It was done more than 6% for the preceding 30 days. At the close of day on 12th February 2021, the stock was trading at a 4.98% dividend yield. Since the end of October 2020, the stock has rallied close to 30% and is up 11% on a 1-year basis. The stock has nearly doubled in the last 5 years. Amgen is another top pharmaceutical company. Its stock closed at $237 on 12th February 2021. At the time, the stock was down almost 1.8% for the preceding month and was trading at a 2.97% dividend yield. On a 5-year basis, the stock has steadily gone up 57%.