AbbVie

AbbVie’s moat is anchored in durable intangible assets (patents, know-how, brands), scale in immunology, and physician/payer entrenchment. Skyrizi (IL-23) and Rinvoq (JAK1) have demonstrated leading efficacy across large autoimmune indications, with continued label expansion.

Management disclosed settlements that push expected U.S. generic entry for Rinvoq to at least April 2037, materially extending exclusivity. Skyrizi patents extend into the early-to-mid 2030s per AbbVie disclosures and public commentary.

Botox (cosmetic and therapeutic) adds brand-driven pricing and loyalty with long product cycles and specialist embedding. Risks to moat durability include: evolving payer pressure and IRA negotiation, class competition in immunology (IL-23 rivals, oral immunology options), aesthetics cyclicality, and clinical attrition in oncology.

Morningstar now rates AbbVie’s moat as wide, but we independently temper the score due to policy and pipeline risk tails. Sources: AbbVie Q2 2025 10-Q; 2024 10-K; AbbVie Q1 2025 release; Reuters on Rinvoq exclusivity; Morningstar wide-moat note.