AbbVie raises for 51st consecutive year with a 5% dividend hike in 2022
On October 28, 2022, biopharmaceutical company AbbVie (ticker symbol ABBV) announced a 5% dividend increase beginning with the next dividend payable in February 2023. This will mark the 51st consecutive year of dividend growth by ABBV.
AbbVie, a Dividend Aristocrat, announced that its board of directors declared an increase in the company's quarterly cash dividend from $1.41 per share to $1.48 per share beginning with the dividend payable on February 15, 2023 to shareholders of record as of January 13, 2023. This reflects an increase of approximately 5.0 percent, continuing AbbVie's strong commitment to returning cash to shareholders through a growing dividend.
ABBVIE DIVIDEND HISTORY | ANNUAL DIVIDEND GROWTH
- 2022: 5.0% dividend hike
- 2021: 8.5% dividend hike
- 2020: 10.2% dividend hike
- 2019: 10.3% dividend hike
- 2018: 50.7% dividend hike
Since the company's inception in 2013, AbbVie has increased its quarterly dividend by 270 percent. AbbVie is a member of the S&P Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.
"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," said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. "Based upon our performance and confidence in AbbVie's long-term outlook, we are once again meaningfully raising our dividend."
At a stock price of $144 the new dividend yield for AbbVie is 4% based on the new quarterly payment of $1.48 per share. With an estimated annual dividend of almost $10 billion AbbVie is one of the biggest dividend payers in the United States and worldwide. Last year AbbVie hiked its dividend by 8.5%. Other Dividend Aristocrats announcing a dividend hike recently are A.O. Smith and McDonald's.
AbbVie Inc. is a research-based biopharmaceutical company. AbbVie is engaged in research and development, manufacturing, commercialization and sale of medicines and therapies. AbbVie offers its products in various therapeutic categories, including Immunology products, which include Humira, Skyrizi and Rinvoq; Oncology products consists of Imbruvica and Venclexta; Aesthetics products include Botox Cosmetic, Juvederm Collection and other aesthetics; Neuroscience products, such as Botox Therapeutic, Vraylar, Duopa and Duodopa, and Ubrelvy; Eye care products consists of Lumigan, Alphagan and Restasis ; Women's health products incudes Lo Loestrin, Orilissa and other women's health; and Other key products, which includes Mavyret, Creon, Lupron, Linzess and Synthroid. AbbVie has been paying a dividend to shareholders every year since 2013, the year the company was separated from Abbott Labs. Based on the Abbott trackrecords AbbVie also is a Dividend Aristocrat.
