Here's Why This Dividend King Is a Buy
Mounting concerns over the state of the global economy have pushed stocks to their lowest levels of the year. Accordingly, the S&P 500 index has plunged 23% so far this year. But one sector of the market is holding its own in this downward cycle.
Many pharma stocks have squeezed out marginal gains in their share prices in 2022. Among the most notable stocks to do so, AbbVie (NYSE: ABBV) is actually trading up 6% on the year. And this strong performance looks set to continue for a few reasons.
AbbVie is best known as the maker of the top-selling drug in the world, Humira. This immunology medicine will likely face competition in 2023 in the U.S. from biosimilars, so the company has been hard at work building its next generation of blockbuster drugs. Besides Humira, AbbVie's portfolio includes 11 other drugs likely to generate at least $1 billion each in net revenue for 2022. This stacked lineup of products explains how the drugmaker's net revenue increased 4.5% year over year to $14.6 billion in the second quarter.
Source Fool.com
