Abbvie is one of the top pharmaceutical companies in the US. Based in Lake Bluff, Illinois, Abbvie was spun-off by its parent Abbott back in 2013. Since then, it has become a well-known name in the immunology as well as the oncology markets. The blockbuster drug Humira accounts for nearly half of Abbvie’s profits. While that drug is going off-patent, Abbvie has a pipeline of other products to boost its prospects. Additionally, Abbvie has a positive track record of paying increasing dividends. Investors looking at the pharmaceutical industry may want to consider Abbvie as a potential candidate.
Abbvie Reports Positive Q42020 Earnings
In early February 2021, Abbvie reported its fourth-quarter 2020 earnings results. Total revenues rose 6.8% to $13.9 billion on a year-on-year basis. Immunology sales were up nearly 15%, while the oncology segment saw revenues rise 15.7%. Adjusted earnings per share were up from $2.21 in Q42019 to $2.92.
Company CEO Rick Gonzalez said, “Our fourth-quarter performance tops off another excellent and truly transformational year for AbbVie, which included the successful acquisition and integration of Allergan, creating a stronger and much more diverse AbbVie; with leadership across numerous attractive, high-growth markets; significant contributions from our two new best-in-category immunology medicines, RINVOQ and SKYRIZI, which combined for more than $2.3 billion in 2020 sales, their first full year on the market.”
Best Pharmaceutical Stock To Buy
Abbvie’s stock closed at $104 on 12th February 2021, down 5.5% for the preceding month. The stock is up 11.57% over the preceding year and on a longer-term basis, the stock has almost doubled. The dividend yield for Abbvie was quite attractive at a shade under 5%. Pfizer is another pharma major based in the US. Its stock closed at $34.72 on 12th February 2021, down 5.4% over the preceding month. The dividend yield on offer was 4.5% while the stock was almost flat on a 1-year basis.
