AbbVie

AbbVie prioritizes investment in core franchises and pipeline, plus targeted M&A. Recent deals: ImmunoGen (Elahere ADC) and Cerevel (neuroscience pipeline). These bring optionality but add integration and impairment risk; 2024 included a 4.5 billion dollar intangible impairment related to emraclidine and sizable IPR&D charges.

Shareholder returns are balanced via a large dividend and opportunistic buybacks (purchases of treasury stock were about 1.7 billion dollars in 2024 and ~1.0 billion dollars in 1H25). SBC was ~0.9 billion dollars in 2024 on a base of ~1.77 billion diluted shares.

While AbbVie has historically compounded effectively through LOE cycles, the acquisition-heavy playbook and elevated leverage restrain our score. Sources: AbbVie 2024 10-K; AbbVie Q2 2025 10-Q.