10 Best Cancer Stocks to Buy According to Hedge Funds

7. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 68

AbbVie Inc. (NYSE:ABBV) is a research-based pharmaceutical company that develops and sells products to treat chronic diseases in oncology, gastroenterology, rheumatology, dermatology, virology, and various other serious health conditions.

The company generated $15.1 billion in revenue in fiscal Q4 2024, reflecting a 5.6% growth and exceeding analyst expectations. This growth was attributed to its ex-Humira platform, a drug collection in the company’s pharmaceutical portfolio. The platform delivered more than 18% full-year sales growth, with revenue growth accelerating to 22% in fiscal Q4 2024.

Analysts are optimistic about AbbVie Inc.’s (NYSE:ABBV) future growth, primarily because of its two blockbuster drugs: Skyrizi and Rinvoq. These drugs are projected to exceed $27 billion in annual sales by 2027, targeting dermatology, rheumatology, psoriatic diseases, and inflammatory bowel disorders. The company also announced a dividend increase of 5.8%, effective February 2025, continuing its trend of increasing dividends for 12 consecutive years.

Polaris Capital Management said the following about AbbVie Inc. (NYSE:ABBV) in its Q3 2024 investor letter:

“US biopharma/biotech companies topped the health care sector, with the majority of holdings posting returns in excess of 10%. AbbVie Inc. (NYSE:ABBV) showed positive top-line growth from its immunosuppressive drugs, Skyrizi and Rinvoq. Abbvie’s management continues to work through the loss of exclusivity from Humira, switching patients to Skyrizi or Rinvoq rather than Humira biosimilars.”