3. AbbVie Inc. (NYSE:ABBV)
Number of Hedge Fund Holders: 85
AbbVie Inc. (NYSE:ABBV) is an American multinational biopharmaceutical company that specializes in the development and commercialization of advanced therapies and treatments in various areas of healthcare.
With a wide spectrum of therapies in immunology, oncology, neurology, and eye care, the business stands out as a major pharmaceutical corporation. Additionally, it sells popular cosmetic goods like Juvederm and Botox for skincare and anti-aging products.
AbbVie Inc. (NYSE:ABBV) has entered the next-generation neuroplastogen field through collaboration with Gilgamesh Pharmaceuticals to develop innovative psychiatric treatments. Announced on May 13, 2024, the deal includes a $65 million upfront payment, up to $1.95 billion in milestone fees, and tiered royalties. The partnership aims to create neuroplastogens that enhance neuroplasticity while minimizing hallucinogenic effects and treatment burdens. AbbVie Inc. (NYSE:ABBV), recognized as one of the best psychedelic stocks, seeks to expand its psychiatric drug pipeline beyond Vraylar, leveraging Gilgamesh’s AI-driven research and clinical-stage assets, GM-1020 and GM-2505, for major depressive disorder. This move reflects a broader industry trend toward refining psychedelic-based therapies amid evolving regulations and market interest.
AbbVie Inc. (NYSE:ABBV) reported $15.1 billion in revenue for the fourth quarter, which was 5.6% higher year over year and more than the $14.87 billion analysts had predicted. According to GAAP, the corporation reported a $0.02 quarterly net loss per share. Nevertheless, it reported adjusted diluted profits per share (EPS) of $2.16, which was somewhat higher than the $2.13 experts had predicted.
Due to increased worldwide demand and steady market expansion, Skyrizi and Rinvoq sales in 2024 reached $17.7 billion, a 51% increase from the year before. Strong growth in its neurology and oncology businesses helped AbbVie Inc. (NYSE:ABBV)’s overall revenue, which increased by 18% year over year when the Humira platform was removed.
