ABBV: what today's price assumes, in the company's own numbers
At $264.48, the model at each driver's own trend prices ABBV at $124.26. The read below shows which reported driver, if any, closes that gap alone.
For today's price to be right, every growth line has to run about 18 points a year above its own trend. No single line can reach the price on its own.
| Moves price | Line | Last print | Trend | Price needs | You |
|---|---|---|---|---|---|
| Revenueyear one | — | +2% | — | — | |
| Adjusted gross margin ratio (non-GAAP)level | — | — | unobserved | — | |
| Adjusted R&D + SG&A expense as percent of net revenues (non-GAAP)level | — | — | unobserved | — |
No single line can reach today's price on its own; every line is held at its trend.
no driver to scale.
Today's price sits 113% above the model at trend. Any one of these levers closes that gap alone; which of them the market is using is not observable from the price.
| Lever | Needs | Reference | Sits | In words |
|---|---|---|---|---|
| The discount rate | 4.3% | 7.9% | below | a 4.3% discount rate against the model's 7.9% (risk-free 4.9%, equity premium 4.0%, beta 0.92) |
| The terminal multiple | — | 15.0× | not observable | out of range: even 30 prices the model at 203.41 against today's 264.48; the model's multiple is 15.0x for Healthcare |
each lever solved alone with every other input at the model's own value; positional words, no verdict
▸ Driver by driver · the numbers
For each driver: the last figure the company printed, with its period; the driver's own trend; the rate today's price needs it to run at, with the others at trend; and where the evidence in filings and calls leans.
| Driver | Last printed | Trend | Price needs | Evidence |
|---|---|---|---|---|
| Revenue | — | +1.9% | needs source | no claims yet |
| Adjusted gross margin ratio (non-GAAP) | — | — | can't reach it alone | no claims yet |
| Adjusted R&D + SG&A expense as percent of net revenues (non-GAAP) | — | — | can't reach it alone | no claims yet |
No single driver can reach today's price on its own; the common delta above is the read.
What the filings and calls say
The latest filing
2026-09-03 · AbbVie completes acquisition of Apogee Therapeutics for $10.9 billion in cash, $135.11 per share · open the filing · 6 claims read
2026-08-18 · 8.01,9.01 · open the filing · 1 claims read
How this read is made
The drivers are the lines ABBV itself reports, in a general segments structure, reviewed by integrity_gate. Every figure is a dated print from a filing or a release; no model writes a number. “Price needs” is the first-year rate on a path that fades to the model's long-run rate, solved so the model price equals today's, with the other drivers at their own trend. The evidence is the filings' and calls' own sentences, sorted for direction only. The method is on the methodology page; every read is sealed on the day and scored by the next print on the ledger.
Research, not advice. Every figure is a dated print from a filing or release you can open; nothing here is a verdict to adopt, and the view on any name is yours to write.