Abbvie is one of the top pharmaceutical companies in the world. It is considered to be the world’s largest independent biotech firm. Based in Illinois, the company has a strong focus on oncology and immunology. Humira is Abbvie’s top product and it accounts for close to half of the company’s profits. Abbvie was originally a subsidiary of Abbott. It was spun-off by its parent company on 1st January 2013. Since then, Abbvie has made acquisitions and has increased its dividends more than 2 times. Abbvie and Amgen are two of the biggest biotech and pharmaceutical companies with a strong focus on product development and manufacturing. Investors may want to consider these two names if they are looking for pharmaceutical stocks.
Current Performance And Future Outlook
Abbvie recently reported its fourth-quarter earnings as well as the full year 2020 earnings. Revenues were up 59% to $13.86 billion while full-year revenues were up 37% to $45.8 billion. Immunology segment revenues were up 15% to $5.9 billion and Humira revenues were up 4.8% to $5.1 billion. The hematologic oncology portfolio also saw revenues rise 15.7%. There has been a change in the administration at the White House as well and many expect the new Biden administration to implement healthcare reforms. These policy developments are likely to affect drug policies that may positively impact biopharma companies like Abbvie.
Pharmaceutical Stocks To Buy Now
Abbvie’s stock closed at $104.44 on 12th February 2021. On a 1-year basis, the stock is up 11%. Amgen’s stock closed at $237.21 on 12th February 2021. Its stock is up more than 6% on a 1-year basis. Pfizer’s stock closed at $34.72 on 12th February 2021, almost trading flat on a 1-year basis. The other well-known pharma major is GlaxoSmithKline. Its stock closed at $35.77 on 12th February 2021. The stock is down 18% on a 1-year basis.