AbbVie raised its annual profit forecast on Thursday as strong sales of its key immunology drugs, including Humira, helped it beat Wall Street expectations for the second quarter.
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Let's look at five biotech and drug companies, AZN, ABBV, VKTX, SNY and BMY, slated to release their second-quarter 2024 results this week.
Investor focus will likely be on sales of AbbVie's (ABBV) blockbuster immunology drugs Rinvoq and Skyrizi when it reports second-quarter results.
AbbVie's lead drug, Humira, lost patent-protected market exclusivity in 2023, but sales have been relatively resilient to new competition. Despite losing billions in Humira revenue, total sales are still on the rise.
These blue-chip companies have demonstrated strong dividend growth rates ranging from 7.69% to 15.8% annually over the past five years. The list includes diverse sectors such as retail, healthcare, technology, and finance, offering potential for portfolio diversification.
AbbVie (ABBV) closed at $172.32 in the latest trading session, marking a +0.69% move from the prior day.
We recently sold our ABBV shares at $175. The stock has reached our target valuation at this price. More fundamentally, we think the market has corrected its overreaction to the Humira patent cliff by now.
AbbVie (ABBV) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
AbbVie Inc. will announce its Q2 2024 earnings next Thursday, 25th July. The company has a new CEO, with insider Rob Michael taking the reins after long-term CEO Rick Gonzalez's retirement. Wall Street watches Humira's revenue post patent expiry in the US closely, and sold stock after Q1 showed a >30% YOY decline.
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Drugmaker AbbVie has been investing in its growth, and that strategy looks to be paying off. Verizon's stable business and low valuation make it practically a no-brainer buy for dividend investors.