AbbVie Inc. (ABBV): A Bull Case Theory

We came across a bullish thesis on AbbVie Inc. on Disruptive analytics’s Substack by Magnus Ofstad. In this article, we will summarize the bulls’ thesis on ABBV. AbbVie Inc.'s share was trading at $233.91 as of October 3rd. ABBV’s trailing and forward P/E were 112.65 and 16.84 respectively according to Yahoo Finance.

AbbVie is advancing its oncology portfolio through two targeted chemo antibody-drug conjugates (ADCs), Elahere and Emrelis, which focus on cancers marked by folate receptor alpha and c-Met proteins, respectively. Elahere, approved for ovarian cancer, is the more mature of the two and currently drives the highest revenue. In Q2 2025, AbbVie reported global net revenues of $159 million for Elahere, reflecting a 24.2% sequential increase, and analysts project full-year 2025 sales could reach approximately $750 million.

The drug is expected to be a central growth engine for AbbVie’s oncology division, with the global market opportunity for Elahere estimated to exceed $1.7 billion by 2029 and potentially reach $6 billion by 2034 if adoption continues and additional indications are secured. Emrelis, approved for non-small cell lung cancer, is in the early stages of its commercial launch, and sales are not yet reported separately. Nevertheless, analysts anticipate its global sales could range from $500 million to $1 billion by 2029.

Together, these two ADCs position AbbVie to capture meaningful growth in the oncology space, leveraging Elahere’s established market penetration and Emrelis’s long-term potential. The combination of strong early adoption trends, a significant addressable market, and pipeline expansion opportunities underlines AbbVie’s ability to drive both near-term revenue growth and long-term strategic value in its oncology segment, making the company well-positioned to benefit from the evolving demand for targeted cancer therapies.

Previously we covered a bullish thesis on AbbVie Inc. (ABBV) by Magnus Ofstad in May 2025, which highlighted strong Q1 performance, growth in immunology and oncology, and the MIRASOL trial success for Elahere. The company's stock price has appreciated approximately 17.9% since our coverage. The thesis still stands as AbbVie expands its oncology portfolio. Magnus Ofstad shares a similar perspective but emphasizes Elahere and Emrelis’ long-term revenue potential.

AbbVie Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 89 hedge fund portfolios held ABBV at the end of the second quarter which was 86 in the previous quarter. While we acknowledge the potential of ABBV as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.