AbbVie (ABBV) grew revenue 10.4% over the past twelve months and turned 33.9% of it into operating profit, second only to Eli Lilly among its peers on both counts. Its stock returned 24.9% over the same twelve months, fifth of the six. What the business delivered and what the market paid for it have come apart.
Johnson & Johnson makes the contrast sharpest. JNJ grew revenue 8.1% over the same twelve months on an operating margin of 26.8%—edging out Pfizer's 26.7%—while its stock returned 53.9%. It also trades at 30.5 times earnings, where AbbVie trades at 71.5.
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