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Is AbbVie Stock a Smart Contrarian Pick for 2023?

TheMotleyFool

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Is AbbVie Stock a Smart Contrarian Pick for 2023?: https://g.foolcdn.com/editorial/images/710767/scientist-microscope.jpg

Imagine that someone asks you to invest in a business. This business has been highly successful in the past. However, its top-selling product accounts for nearly 38% of total revenue. And sales for that product are about to tank due to competition.

Do you invest in the business? I suspect most people would take a pass based on the information provided.

AbbVie (NYSE: ABBV) currently faces the exact scenario described above. Its megablockbuster drug Humira faces biosimilar competition in the U.S. beginning next year. This loss of exclusivity is viewed as the biggest reason to stay away from AbbVie. But is the big pharma stock actually a smart contrarian pick for 2023?

Source Fool.com

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