13 Best Pharma Dividend Stocks To Buy In 2024

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7. AbbVie Inc. (NYSE:ABBV)

Dividend Yield as of December 28: 3.74%

Number of Hedge Fund Holders: 68

AbbVie Inc. (NYSE:ABBV) is a global pharmaceutical company that discovers, develops, manufactures, and sells a wide range of medications, including Humira for autoimmune diseases, Skyrizi for psoriasis, Rinvoq for arthritis, and Imbruvica for blood cancers. Its portfolio also includes Botox, Parkinson’s disease treatments, migraine medications, and eye care products. AbbVie Inc. (NYSE:ABBV) is one of the best dividend stocks for an income portfolio.

AbbVie Inc. (NYSE:ABBV) exceeded sales expectations with a $260 million overachievement in Q3 2024, driven by strong growth from its ex-Humira platform, including Skyrizi and Rinvoq, which are expected to generate over $17 billion in combined sales. The company raised its full-year revenue and EPS guidance, reflecting robust performance across key products like Venclexta, Vraylar, Ubrelvy, and Qulipta.

AbbVie also completed the acquisition of Cerevel Therapeutics, strengthening its neuroscience pipeline with promising developments for Parkinson’s and schizophrenia. Additionally, AbbVie Inc. (NYSE:ABBV)’s R&D efforts are progressing, with new approvals and studies underway, including Vyalev for Parkinson’s and Botox for platysma bands. The company also announced a 5.8% increase in its quarterly dividend, continuing its commitment to long-term growth. Skyrizi and Rinvoq demonstrated strong performance, with Skyrizi leading in psoriatic disease and rapidly gaining market share in Crohn’s and ulcerative colitis.

Insider Monkey’s third quarter database indicates that 68 hedge funds were long AbbVie Inc. (NYSE:ABBV), compared to 67 funds in the earlier quarter. Cliff Asness’ AQR Capital Management is a prominent stakeholder in the company, with 1.7 million shares worth $333.2 million.

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