AbbVie Inc. discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection. It also provides CREON, a pancreatic enzyme therapy for exocrine pancreatic insufficiency; Synthroid used in the treatment of hypothyroidism; Linzess/Constella to treat irritable bowel syndrome with constipation and chronic idiopathic constipation; Lupron for the palliative treatment of advanced prostate cancer, endometriosis and central precocious puberty, and patients with anemia caused by uterine fibroids; and Botox therapeutic. In addition, the company offers ORILISSA, a nonpeptide small molecule gonadotropin-releasing hormone antagonist for women with moderate to severe endometriosis pain; Duopa and Duodopa, a levodopa-carbidopa intestinal gel to treat Parkinson's disease; Lumigan/Ganfort, a bimatoprost ophthalmic solution for the reduction of elevated intraocular pressure (IOP) in patients with open angle glaucoma (OAG) or ocular hypertension; Ubrelvy to treat migraine with or without aura in adults; Alphagan/ Combigan, an alpha-adrenergic receptor agonist for the reduction of IOP in patients with OAG; and Restasis, a calcineurin inhibitor immunosuppressant to increase tear production, as well as other eye care products. AbbVie Inc. has a research collaboration with Dragonfly Therapeutics, Inc. The company was incorporated in 2012 and is headquartered in North Chicago, Illinois.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	58,054	54,318	56,334	60,935.9	66,697.6	71,826.2	71,826.2	71,826.2
Revenue % Chg.	3.3%	-6.4%	3.7%
EBIT	20,228	17,660	18,332	24,999.2	32,318.2	35,823.1	35,823.1	35,823.1
EBIT Margin	34.8%	32.5%	32.5%
Tax Rate	12.1%	22%	-15.3%
NOPAT	17,778.5	13,769.1	21,143.9	20,755.6	26,988	29,747	29,747	29,747
NOPAT Margin	30.6%	25.3%	37.5%	34.1%	40.5%	41.4%	41.4%	41.4%
D&A	8,467	8,698	8,386	7,148.4	6,814.3	6,357.6	6,357.6	6,357.6
D&A / Revenue	14.6%	16%	14.9%
Capex	-695	-777	-974	-1,098.7	-1,221	-1,280.5	-1,280.5	-1,280.5
Capex / Revenue	-1.2%	-1.4%	-1.7%
Chg. NWC	-94	2,813	-2,782	15.9	17.4	18.8	18.8	18.8
Chg. NWC / Revenue	-0.2%	5.2%	-4.9%
Unlevered FCF (UFCF)	25,456.5	24,503.1	25,773.9	26,821.2	32,598.7	34,842.8	34,842.8	34,842.8
UFCF % Chg.	5.8%	-3.7%	5.2%	4.1%	21.5%	6.9%	—	—
PV of UFCF	—	—	—	24,824.9	27,926.8	27,627.7	25,571.4	23,668.2
Sum of PV of UFCF	—	—	—	24,824.9	52,751.7	80,379.4	105,950.8	129,619

Cost of Debt
Tax Rate
After Tax Cost of Debt	4.1%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	68,019
Market Cap	394,692.3
Total Capital	462,711.3
Debt Weighting	14.7%
Equity Weighting	85.3%
WACC	8%

Exit Multiple EV/FCF
Terminal Value	457,913.3
PV of Terminal Value	287,902.5
Cumulative PV of UFCF	129,619
Net Debt	63,178
Equity Value	354,343.5
Shares Outstanding	1,767.4
Implied Share Price	200.5
Current Share Price	223.3
Implied Upside / (Downside)	-10.2%