Biotech stocks can be volatile, because earnings typically don't stabilize until a few successful drugs have hit the market. However, AbbVie (ABBV), a global biotech company, has demonstrated its worth here. The company's status has been upgraded from "Dividend Aristocrat" to "Dividend King" after consistently paying and increasing dividends for the past 52 years. Dividend Kings are an elite group of companies that have consistently hiked their dividends for the past 50 years.
Since the patent expiration of its blockbuster immunology drug Humira, the company has suffered a setback. However, AbbVie has been wise in diversifying its revenue streams through many other successful drugs and strategic acquisitions, expanding its product portfolio.
