AbbVie Inc. (ABBV) Valuation
Rating: Fairly Priced (Low)
12-Month Fair Value: $178 – $210 – $242
Confidence: MEDIUM
AbbVie has executed the most successful patent cliff navigation in pharma history. Skyrizi/Rinvoq ($25.9B FY2025, +30%) surpassed peak Humira ($21.2B) a year early. At $222 (15.3x forward EPS), the stock is fairly priced for diversified pharma growing 9.5% with $18.5B FCF and 3.1% dividend yield. Near-term R/R neutral (0.71:1); long-term favorable (1.65:1, ~4.7% total CAGR). HOLD; accumulate below $180.
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