No. of Recommendations: 1
Hi Murph -

No position so please take all of below with a "grain of salt".

I think ABBV @ ~$94/share is "fairly valued" (so I'm neither bullish nor bearish).
I require a large margin of safety in my purchases; my ABBV buy price would be ~$63/share.

I sold ABBV last year (summer 2017) as its stock price approached (and slightly exceeded) my (at the time) ~$73/share "fair value". My chief reason to sell at fair value was my concerns about Humira biosimilars because Humira represents ~50% revenue / 70% profits for AbbVie.

Subsequent to my sales, ABBV rocketed up both in stock price (and intrinsic value) because of the following items:
1) AbbVie announced an agreement with Amgen that delayed Amgen's Humira biosimilar USA introduction to 2023
2) Tax Reform greatly improved AbbVie margins
3) Continued non-Humira pipeline
4) Continued optimism about Humira competing well against Humira biosimilars in 2020 and beyond.
(I am ok with all but the last one)

Net - ABBV reached a price where I was no longer comfortable holding so I sold.

My ABBV history is as follows (I believe I've adjusted prices for split/spin-offs)
* Bought full position 2011 April @ ~$27
* Sold 1/2rd 2017 June/July @ ~$74
* Sold 1/6th 2017 August @ ~$76
* Sold 1/3rd 2017 September @ ~$80

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