5 Most Profitable Biotech Stocks Today

In this piece, we will take a look at the 5 Most Profitable Biotech Stocks Today. For more such companies, go to the 12 Most Profitable Biotech Stocks Today.

5. AbbVie Inc. (NYSE:ABBV)

Net Income TTM: $11.83 billion

With over 50,000 employees in 70+ countries, AbbVie Inc. (NYSE:ABBV) develops and delivers innovative treatments for over 60 conditions across areas such as immunology, oncology, neuroscience, and virology. According to the company, its products help over 62 million people annually across 175 countries.

On February 9, 2023, AbbVie Inc. (NYSE:ABBV) posted its Q4 2022 result, reporting revenue of $15.12 billion, falling short of the market projection by $215.9 million. The company’s Normalized EPS for the quarter stood at $3.6, surpassing analysts’ estimates by $0.02.

As per Insider Monkey’s database, 73 hedge funds held stakes worth $1.5 billion in AbbVie Inc. (NYSE:ABBV) in Q4 2022, compared to 80 funds in the prior quarter with stake worth $1.8 billion.

Alger Capital made the following comment about AbbVie Inc. (NYSE:ABBV) in its Q4 2022 investor letter:

“AbbVie Inc. (NYSE:ABBV) is a global biopharmaceutical company that develops and markets drugs in areas such as immunology. virology and oncology. Recently, the company expanded through the acquisition of Allergan, which added robust growth assets to help offset the loss of U.S. patent protection for Humira, a leading treatment used for rheumatology, dermatology. gastroenterology, and ophthalmology. While AbbVie reported weak third quarter revenues across the board, the U.S. Food and Drug Administration (FDA) approved Vraylar (an antipsychotic treatment) in December. Despite concerns around Humira’s loss of patent protection, we believe AbbVie has significantly diversified its revenue and that its launch of Rinvog for psoriatic arthritis and atopic dermatitis could be promising.”