AbbVie Inc. (ABBV): A Bull Case Theory

Core Thesis - AbbVie Inc. is positioned for significant growth in its oncology portfolio, particularly through its antibody-drug conjugates (ADCs) Elahere and Emrelis, which target specific cancer types [1][4]. Oncology Portfolio - AbbVie is advancing its oncology portfolio with two ADCs: Elahere, approved for ovarian cancer, and Emrelis, approved for non-small cell lung cancer [2][3]. - Elahere generated global net revenues of $159 million in Q2 2025, marking a 24.2% sequential increase, with projected full-year 2025 sales of approximately $750 million [2]. - The global market opportunity for Elahere is estimated to exceed $1.7 billion by 2029 and could reach $6 billion by 2034 with continued adoption and additional indications [3]. Growth Potential - Emrelis is in the early stages of its commercial launch, with anticipated global sales ranging from $500 million to $1 billion by 2029 [3]. - The combination of Elahere's established market presence and Emrelis's potential positions AbbVie to capture meaningful growth in the oncology sector [4]. - Strong early adoption trends and a significant addressable market highlight AbbVie's capability to drive both near-term revenue growth and long-term strategic value in targeted cancer therapies [4]. Historical Performance - AbbVie’s stock price has appreciated approximately 17.9% since a previous bullish thesis in May 2025, which emphasized strong performance in immunology and oncology [5].