Why 2023 Could Be a Tough Year for AbbVie Stock
At first glance, AbbVie (NYSE: ABBV) might look like a stock that's reasonably valued or even a cheap buy. It even has the added bonus of an attractive dividend yield of 3.7%. But there are some risks under the hood that should give investors some second thoughts about owning this pharmaceutical stock.
Here's why this year could be a challenging one for the company, and whether you should consider buying the stock despite the obstacles it's facing.
Investors have been hesitant about buying AbbVie stock because its top-selling drug Humira is losing some of its patent protection. That reality is hitting hard this year, as AbbVie projects that 2023 sales from its rheumatoid arthritis drug will fall by 37% due to competition from biosimilars. Company management doesn't see things stabilizing until the end of 2024, which means it might be difficult for investors to get a gauge of just how bad things will get any time soon.
Source Fool.com
AbbVie Inc. Stock
The stock is an absolute favorite of our community with 32 Buy predictions and no Sell predictions.
As a result the target price of 180 € shows a slightly positive potential of 6.98% compared to the current price of 168.26 € for AbbVie Inc..
