ABBV
ABBV
Accumulate 2026-04-08
Model
DCF
Price at Report
$210.90
Base IV
$299.80
Bear IV
$205.85
Bull IV
$461.04
Entry Zone: 196-276 · Sell Above: 300
Bore Family Office
Valuation Report — AbbVie Inc. (ABBV) • April 8, 2026
Unlevered DCF (FCFF @ WACC) • Discount Rate: 8.20% • Current Price: $210.90
Prepared by Lurch • Bore Family Office • Data: Finnhub, StockAnalysis.com, S&P Global Market Intelligence
📈 DCF Scenarios
$206
🔴 Bear
$300
📊 Base
$461
🚀 Bull
$210.90
Current Price
$225
Analyst Avg PT
| Scenario | Stage 1 (Yrs 1–5) | Stage 2 (Yrs 6–10) | Terminal g | WACC | Intrinsic Value | vs Price |
|---|---|---|---|---|---|---|
| 🔴 Bear | 2.0% | 1.0% | 1.0% | 8.70% | $206 | ▼2.4% |
| 📊 Base | 4.0% | 3.0% | 2.0% | 8.20% | $300 | ▲42.2% |
| 🚀 Bull | 6.0% | 5.0% | 3.0% | 7.70% | $461 | ▲118.6% |
📋 Full 10-Year Projection Tables
Bear Scenario
Stage 1: 2.0% | Stage 2: 1.0% | Terminal: 1.0%
| Period | Stage | FCFF | PV of FCFF | Cumulative EV |
|---|---|---|---|---|
| Year 1 | Stage 1 | $18.36B | $16.89B | $16.89B |
| Year 2 | Stage 1 | $18.73B | $15.85B | $32.74B |
| Year 3 | Stage 1 | $19.10B | $14.87B | $47.61B |
| Year 4 | Stage 1 | $19.48B | $13.96B | $61.57B |
| Year 5 | Stage 1 | $19.87B | $13.10B | $74.66B |
| Year 6 | Stage 2 | $20.07B | $12.17B | $86.83B |
| Year 7 | Stage 2 | $20.27B | $11.31B | $98.14B |
| Year 8 | Stage 2 | $20.48B | $10.51B | $108.64B |
| Year 9 | Stage 2 | $20.68B | $9.76B | $118.40B |
| Year 10 | Stage 2 | $20.89B | $9.07B | $127.47B |
| Terminal | — | TV=$274.0B | PV(TV)=$119.0B (48% of EV) | EV=$246.4B |
| Intrinsic Value | — | — | EV $246.4B − Net Debt → Equity / Shares | $206 |
How the price per share is derived: Each year's projected free cash flow is discounted back at WACC (8.70%) to get its present value. After Year 10, FCF grows at the terminal rate (1.0%) in perpetuity — the Gordon Growth formula gives a terminal value of FCF11 / (WACC − gT) = $274.0B. That terminal value is discounted back 10 years to today's dollars (PV of TV = $119.0B). Enterprise Value = PV of FCFs ($127.5B) + PV of TV ($119.0B) = $246.4B. Subtracting net debt gives equity value of $191.4B, divided by shares outstanding = $206 per share.
Base Scenario
Stage 1: 4.0% | Stage 2: 3.0% | Terminal: 2.0%
| Period | Stage | FCFF | PV of FCFF | Cumulative EV |
|---|---|---|---|---|
| Year 1 | Stage 1 | $18.72B | $17.30B | $17.30B |
| Year 2 | Stage 1 | $19.47B | $16.63B | $33.93B |
| Year 3 | Stage 1 | $20.25B | $15.98B | $49.92B |
| Year 4 | Stage 1 | $21.06B | $15.36B | $65.28B |
| Year 5 | Stage 1 | $21.90B | $14.77B | $80.05B |
| Year 6 | Stage 2 | $22.56B | $14.06B | $94.10B |
| Year 7 | Stage 2 | $23.23B | $13.38B | $107.49B |
| Year 8 | Stage 2 | $23.93B | $12.74B | $120.22B |
| Year 9 | Stage 2 | $24.65B | $12.13B | $132.35B |
| Year 10 | Stage 2 | $25.39B | $11.54B | $143.90B |
| Terminal | — | TV=$417.7B | PV(TV)=$189.9B (57% of EV) | EV=$333.8B |
| Intrinsic Value | — | — | EV $333.8B − Net Debt → Equity / Shares | $300 |
How the price per share is derived: Each year's projected free cash flow is discounted back at WACC (8.20%) to get its present value. After Year 10, FCF grows at the terminal rate (2.0%) in perpetuity — the Gordon Growth formula gives a terminal value of FCF11 / (WACC − gT) = $417.7B. That terminal value is discounted back 10 years to today's dollars (PV of TV = $189.9B). Enterprise Value = PV of FCFs ($143.9B) + PV of TV ($189.9B) = $333.8B. Subtracting net debt gives equity value of $278.8B, divided by shares outstanding = $300 per share.
Bull Scenario
Stage 1: 6.0% | Stage 2: 5.0% | Terminal: 3.0%
| Period | Stage | FCFF | PV of FCFF | Cumulative EV |
|---|---|---|---|---|
| Year 1 | Stage 1 | $19.08B | $17.72B | $17.72B |
| Year 2 | Stage 1 | $20.22B | $17.44B | $35.15B |
| Year 3 | Stage 1 | $21.44B | $17.16B | $52.31B |
| Year 4 | Stage 1 | $22.72B | $16.89B | $69.20B |
| Year 5 | Stage 1 | $24.09B | $16.62B | $85.83B |
| Year 6 | Stage 2 | $25.29B | $16.21B | $102.03B |
| Year 7 | Stage 2 | $26.56B | $15.80B | $117.83B |
| Year 8 | Stage 2 | $27.88B | $15.40B | $133.24B |
| Year 9 | Stage 2 | $29.28B | $15.02B | $148.26B |
| Year 10 | Stage 2 | $30.74B | $14.64B | $162.90B |
| Terminal | — | TV=$673.7B | PV(TV)=$320.9B (66% of EV) | EV=$483.8B |
| Intrinsic Value | — | — | EV $483.8B − Net Debt → Equity / Shares | $461 |
How the price per share is derived: Each year's projected free cash flow is discounted back at WACC (7.70%) to get its present value. After Year 10, FCF grows at the terminal rate (3.0%) in perpetuity — the Gordon Growth formula gives a terminal value of FCF11 / (WACC − gT) = $673.7B. That terminal value is discounted back 10 years to today's dollars (PV of TV = $320.9B). Enterprise Value = PV of FCFs ($162.9B) + PV of TV ($320.9B) = $483.8B. Subtracting net debt gives equity value of $428.8B, divided by shares outstanding = $461 per share.
🔲 Sensitivity Table
| WACC \ gT | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 6.2% | $434 | $475 | $526 | $593 | $685 |
| 6.7% | $386 | $417 | $456 | $505 | $569 |
| 7.2% | $346 | $370 | $400 | $437 | $484 |
| 7.7% | $312 | $332 | $356 | $384 | $420 |
| 8.2% | $284 | $300 | $319 | $341 | $369 |
| 8.7% | $259 | $272 | $288 | $306 | $328 |
| 9.2% | $238 | $249 | $262 | $277 | $294 |
| 9.7% | $219 | $228 | $239 | $251 | $266 |
| 10.2% | $202 | $210 | $219 | $230 | $242 |
Green = >10% above current price. Red = >10% below. Gold = within ±10%.
📉 Long-Term Price Trend Channel
Log-linear trend fitted to full price history. ±1.5σ bands. Green shaded zone = bottom 25% of historical range — historically attractive entry.
👔 Management Quality & Culture
CEO: Not identified
Net Insider Buys (12m)
+315,733 shares
Incentive Alignment
⚠️ Moderate
Compensation: Equity-based compensation present
CEO Background & Track Record
Robert A. Michael | AbbVie
He was previously appointed vice chairman and president in 2022, vice chairman, finance and commercial operations in 2021 and chief financial officer in 2018. Mr. Michael has more than 30 years of experience including leade
He was previously appointed vice chairman and president in 2022, vice chairman, finance and commercial operations in 2021 and chief financial officer in 2018. Mr. Michael has more than 30 years of experience including leade
Our Leaders | AbbVie
Chairman of the Board and Chief Executive Officer AbbVie Inc.
Chairman of the Board and Chief Executive Officer AbbVie Inc.
AbbVie Appoints CEO Robert A. Michael as Chairman of the Boa
He was previously appointed vice chairman and president in 2022, vice chairman, finance and commercial operations in 2021 and chief financial officer in 2018. Mr. Michael has more than 32 years of experience including leade
He was previously appointed vice chairman and president in 2022, vice chairman, finance and commercial operations in 2021 and chief financial officer in 2018. Mr. Michael has more than 32 years of experience including leade
Capital Allocation & Strategy
People. Passion. Possibilities. 2024 Annual Report on Form 1
The Investor Relations website contains information about AbbVie's business for stockholders, potential investors, and financial analysts.
The Investor Relations website contains information about AbbVie's business for stockholders, potential investors, and financial analysts.
Mission Statement, Vision, & Core Values (2025) of AbbVie In
AbbVie anticipates an adjusted R&D expense of approximately $9 billion for the full year 2025, a significant increase from the prior year. This capital is not just for internal programs; it also funds strategic acquisit
AbbVie anticipates an adjusted R&D expense of approximately $9 billion for the full year 2025, a significant increase from the prior year. This capital is not just for internal programs; it also funds strategic acquisit
Employee Ratings
Reviews
60
Culture Signal
Mixed
✅ Strengths
- work-life balance
- recommend
⚠️ Concerns
- poor management
Employee Review Excerpts
AbbVie Scientist Reviews | Glassdoor
Oct 6, 2025 · Scientist i · Current employee, less than 1 year · Irvine, CA · Recommend · CEO approval · Business Outlook · Pros · You get general big pharma benefits. Cons · Company is doing good, but mid management leadership need to prov
Oct 6, 2025 · Scientist i · Current employee, less than 1 year · Irvine, CA · Recommend · CEO approval · Business Outlook · Pros · You get general big pharma benefits. Cons · Company is doing good, but mid management leadership need to prov
AbbVie Pharmaceutical Reviews | Glassdoor
Apr 8, 2025 · Pharmaceutical sales representative · Current employee · Indianapolis, IN · Recommend · CEO approval · Business Outlook · Pros · Work life balance, pay, car · Cons · Culture, stability, poor management, fear tactics · Show mor
Apr 8, 2025 · Pharmaceutical sales representative · Current employee · Indianapolis, IN · Recommend · CEO approval · Business Outlook · Pros · Work life balance, pay, car · Cons · Culture, stability, poor management, fear tactics · Show mor
Working at AbbVie: 1,161 Reviews | Indeed.com
1,161 reviews from AbbVie employees about AbbVie culture, salaries, benefits, work-life balance, management, job security, and more.
1,161 reviews from AbbVie employees about AbbVie culture, salaries, benefits, work-life balance, management, job security, and more.
Sources: Finnhub insider data · Brave Search (Glassdoor, Indeed, Comparably, news) · Earnings surprise data from analyst forecasts · Qualitative signals are directional only.
⚖️ DCF Verdict: Accumulate — AbbVie Inc. (ABBV)
Current price: $210.90 | Analyst Avg PT: $225.00
$206
🔴 Bear
$300
📊 Base
$461
🚀 Bull
| Tier | Price | Action |
|---|---|---|
| Tier 1 — Starter | ≤$276 | Begin position |
| Tier 2 — Add | ≤$253 | Add on weakness |
| Tier 3 — Full | ≤$196 | Full allocation |
| Sell Alert | ≥$300 | Above fair value — consider trimming |
How tiers are set: Tier 1 = Base IV × 0.92 (8% discount to base case). Tier 2 = midpoint of Bear & Base IV (building on meaningful weakness). Tier 3 = Bear IV × 1.05 (just above worst-case — maximum margin of safety). Sell alert = Bull IV × 0.85 (15% discount to bull case — above fair value range).
Verdict: Accumulate. At $210.90, the shares trade meaningfully below the base-case value of $300, implying roughly 42% upside to fair value. Starter zone is $276 or below, with more aggressive adds on deeper weakness.
Bore Family Office • Analysis generated by Lurch • Not investment advice.