10 Best Pharma Stocks To Buy Right Now

8. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 67

AbbVie Inc. (NYSE:ABBV) is a biopharmaceutical company focused on developing, manufacturing, and distributing treatments for chronic and complex diseases. Its next-generation immunology drugs, Skyrizi and Rinvoq, continue to drive growth despite competition from biosimilars of its older drug, Humira.

On October 10, Truist Securities raised ABBV’s price target from $210 to $215, maintaining a Buy rating. The revision reflects an update in AbbVie’s financial model, particularly accounting for In-Process Research and Development (IPR&D) expenses. Projections now include tavapadon, a developmental treatment expected to reach peak sales of about $1 billion, leading to updated revenue forecasts of $55.6 billion for 2024, $59.5 billion for 2025, and $63.7 billion for 2026.

In its latest earnings call, AbbVie Inc. (NYSE:ABBV) reported a strong third quarter with sales beating expectations and solid growth across key product areas, prompting an upward revision to its full-year revenue and earnings guidance. While Humira sales declined, the immunology, oncology, and neuroscience segments all posted gains. Q3 revenues reached nearly $14.5 billion, reflecting operational growth of 4.9%, while adjusted earnings per share came in at $3, topping guidance by $0.10. AbbVie Inc. (NYSE:ABBV) also raised its full-year revenue forecast by $500 million and adjusted EPS guidance to $10.90-$10.94. Moreover, demand for the company’s Skyrizi and Rinvoq remains high, with sales expected to exceed $17 billion.