So, everyone’s been asking me about AbbVie (ABBV 0.32%). Like I have some kind of crystal ball. I just watch things, okay? Watch how companies operate. And honestly? It’s usually a mess. But AbbVie…it’s…less of a mess than most. Which, let’s be clear, isn’t exactly a ringing endorsement. It just means they haven’t completely self-destructed. Yet.
Ten years ago, they were practically begging for trouble. 63% of their revenue from one drug, Humira? That’s like building your entire life around a single, slightly unreliable toaster. Everyone knew the patents were going to expire. It was inevitable. And then what? Panic, that’s what. But they didn’t panic. Or at least, they hid it well. Which is…suspicious. People should panic more. It’s honest.
Humira sales dropped, yeah, from $21.2 billion to $4.5 billion. But here’s the thing: they had replacements. Skyrizi and Rinvoq. And they weren’t just band-aids. They were…better. Impressive? Maybe. I still think it’s a little unsettling how smoothly they pulled it off. Like they planned for the inevitable. Who does that?
Anyway, three things. Three reasons why I’m not actively avoiding AbbVie stock. Don’t get me wrong, I’m not recommending it to your Aunt Mildred. But it’s… tolerable.
1. The Dividend. It’s…Acceptable.
Up 114% over five years? Okay, fine. Total return over 160%? Alright, they got me there. 54 consecutive years of increasing dividends? Look, I’m not a dividend guy. It feels…passive. Like admitting defeat. But 330% increase since the Abbott split? That’s…a lot. A suspiciously large amount. And 2.8% yield? Higher than the S&P 500? Fine. It’s a decent yield. But don’t expect me to celebrate.
2. Acquisitions. They’re Just…Buying Things.
Ten therapies with over a billion in sales? That doesn’t happen by accident. They’re just…buying companies. Like a kid with a full wallet at a baseball card show. $650 million for RC148 from RemeGen? Bispecific therapy? Honestly, I don’t even know what that is. Sounds complicated. And expensive. $10 billion for ImmunoGen? Elahere for ovarian cancer? More buying. Then Cerevel for $8.7 billion? Parkinson’s and schizophrenia treatments? They’re on a shopping spree. It’s… unsettling. Like they’re trying to fill a void. And $1.4 billion for Aliada for Alzheimer’s? Seriously? Alzheimer’s? That’s just… depressing. 90 compounds in the pipeline? Too many compounds. It’s overwhelming.
And now Venclexta for leukemia, in partnership with Roche? Partnerships. Always with the partnerships. It’s never just them. They need help. They always need help.
3. Management. They’re…Persistent.
Recession-resistant? They say that. Oncology, immunology, psychiatric meds? People don’t just stop taking those when the economy tanks? No kidding. That’s basic human decency. 72.6% gross margin? Fine, it’s a good margin. Revenue up 8.6%? Okay. Earnings per share down 1.3% because of R&D and acquisitions? See! They’re spending all the money on more acquisitions! It’s a vicious cycle. But they keep doing it. They’re…tenacious. It’s annoying, frankly. They just…keep going. It’s like a bad habit.
Long-term approach? They call it that. I call it…stubbornness. But fine. It’s a tolerable stubbornness. It’s…less infuriating than most.
So, AbbVie. It’s not good. It’s just…not actively terrible. And in this market? That’s…something. Don’t ask me to explain it. I just watch things. And right now, I’m watching AbbVie…not completely fall apart. Which, honestly, is more than I can say for most companies.
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2026-03-04 16:42