ABBV – Market expectations are for Uniform ROA to compress, but management is confident about technological leadership and guidance

March 3, 2022

  • AbbVie (ABBV) currently trades below corporate and above historical averages relative to Uniform earnings, with a 14.4x Uniform P/E (Fwd. V/E’).

  • At these levels, markets are pricing in expectations for Uniform ROA to fade to 24% in 2025, accompanied by 7% Uniform asset growth.

  • Meanwhile, analysts expect Uniform ROA to compress to 36% in 2022, accompanied by 11% Uniform asset growth.

  • If sustained going forward, these levels would imply a stock price closer to $292, representing significant potential equity upside for the firm.

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