With the market down by more than 21% in 2022, we're officially in a bear market, and many investors are scrambling to protect themselves. AbbVie's (NYSE: ABBV) stock is up 9.9% this year, and with a bunch of recently reported clinical trial results and green lights from regulators, it isn't too surprising why. Most recently, on Sept. 10, it announced that a pair of its phase 3 trials of Skyrizi, a psoriatic arthritis drug that's already on the market, showed that the drug was performing favorably in long-term followup studies.
Among the most notable stocks to do so, AbbVie (NYSE: ABBV) is actually trading up 6% on the year. AbbVie is best known as the maker of the top-selling drug in the world, Humira. This stacked lineup of products explains how the drugmaker's net revenue increased 4.5% year over year to $14.6 billion in the second quarter.
In spite of market turmoil, this year has been bright so far for AbbVie (NYSE: ABBV). The company's star drug Humira continues to grow, and even reached the milestone of more than $20 billion in sales last year. Its other immunology drugs and the neuroscience business also are thriving.