3 Pharmaceutical Stocks For Your November 2022 Watchlist

Pharmaceutical stocks are an important part of any well-rounded investment portfolio. They offer the potential for both high returns and low risk, making them ideal for investors of all types. Pharmaceutical stocks are a good investment for many reasons.

For one, the global population is aging, and as people age, they tend to need more medications. This means that there will be increasing demand for pharmaceuticals in the future. In addition, developing countries are also becoming more affluent, and as incomes rise, people there will also have more money to spend on health care.

Pharmaceutical companies are well-positioned to benefit from these trends. In addition, the industry is relatively insulated from economic downturns, as people will still need to buy medicines even when times are tough. As a result, Pharmaceutical stocks offer investors a chance to experience strong growth even in difficult economic conditions. With that, here are three large-cap pharmaceutical stocks to watch in the stock market this week.

Pharmaceutical Stocks To Watch Today

• AbbVie Inc. (NYSE: ABBV)
• Amgen Inc. (NYSE: AMGN)
• Bristol Myers Squibb Company (NYSE: BMY)

AbbVie (ABBV Stock)

Leading off, AbbVie (ABBV) is a research-based biopharmaceutical company that discovers, develops, manufactures, and markets innovative therapies used to treat some of the world’s most complex and difficult-to-treat diseases. The company’s top drug, Humira, represents approximately 50% of the company’s current profits.

ABBV Recent Stock News

At the end of last month, AbbVie reported better-than-expected third-quarter 2022 financial results. In them, the pharmaceutical company reported an EPS of $3.66 per share, along with revenue of $14.8 billion for Q3 2022.

However, the company did revise its guidance lower. In detail, the company said it expects the fiscal year 2022 earnings in the range of $13.84 to $13.88 per share. Previously, ABBV reported guidance in the range of $13.78 to $13.98 per share.

Richard A. Gonzalez, chairman and CEO at AbbVie commented, “We continue to see strong momentum from our key immunology assets, Skyrizi and Rinvoq, and this performance – combined with strength from other growth drivers within our diverse portfolio – has mitigated the impact of temporary economic headwinds on our aesthetics products to deliver another quarter of strong results.“

ABBV Stock Chart

In the last month of trading activity, shares of ABBV stock have rallied back 5.60%. Meanwhile, as of Tuesday morning’s trading session AbbVie stock is trading at $152.47 a share.

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Amgen (AMGN Stock)

After that, let’s turn our attention to Amgen (AMGN). For starters, Amgen is a biotechnology company that specializes in the development and manufacturing of pharmaceuticals. The company’s products include treatments for cancer, cardiovascular disease, diabetes, osteoporosis, and others.

AMGN Recent Stock News

Earlier this month, Amgen announced a beat for its third-quarter 2022 financial results. Diving in, the biotech company reported Q3 2022 earnings of $4.70 per share and revenue of $6.7 billion. For context, Wall Street’s consensus earnings estimate was $4.43 per share and revenue of $6.6 billion.

Additionally, Amgen also said it now expects the fiscal year 2022 earnings in the range of $17.25 to $17.85 a share, along with revenue estimates of $26 to $26.3 billion.

Robert A. Bradway, chairman, and CEO commented, “Our medicines generated 8% volume growth in the quarter globally, with 11 products achieving record quarterly sales, This growth reflects the strong underlying demand for our medicines and the value they bring to patients.“

AMGN Stock Chart

Looking at the last month of trading action, Amgen stock has increased 12.79%, while still outperforming the broader markets year-to-date. On Tuesday, shares of AMGN stock are trading at $284.56 a share.

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Bristol Myers Squibb (BMY Stock)

Topping off the list we have Bristol Myers Squibb (BMY). In brief, Bristol Myers Squibb is a global biopharmaceutical company that discovers, develops, and commercializes medicines to treat diseases. The company has a portfolio of products in multiple therapeutic areas, including oncology, immunology, cardiovascular and viral diseases.

BMY Recent Stock News

At the end of October, Bristol Myers Squibb reported better-than-expected 3rd quarter 2022 financial results. Getting right into it, the company notched in an EPS of $1.99, along with revenue of $11.2 billion. This is compared to analysts’ consensus estimates for Q3 2022, which was earnings of $1.83 per share, and revenue of $11.2 billion.

What’s more, BMY reaffirmed its fiscal year 2022 outlook. Specifically, the company said it continues to estimate FY 2022 earnings of $7.44 to $7.74 per share.

Moreover, Giovanni Caforio, M.D., board chair and CEO, of Bristol Myers Squibb said, “Our teams continue to progress our pipeline and achieve significant regulatory and clinical milestones, including the approval of Sotyktu, a first-in-class, TYK2 inhibitor, to treat moderate to severe plaque psoriasis. Our nine new product launches over the last three years including three first-in-class launches this year, combined with progress in our robust and diverse product pipeline, have built a strong foundation for our company.“

BMY Stock Chart

In the last month of trading, BMY stock has rallied 5.88%. Meanwhile, on Tuesday shares of BMY stock opened modestly lower by 1.35% at $73.35 a share.

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