AbbVie’s operational momentum warrants an upgrade to Buy. Operating income more than doubled to $20.1 billion in 2025, driven by new product launches and a successful post-Humira transition, while free cash flow remained robust at $17.8 billion. A surge in institutional accumulation — 57 funds lifted the Smart Money score to 0.22 from near zero — signals growing conviction in the turnaround, and the recent EU approval of Aquipta for acute migraine adds another growth catalyst. The stock’s discounted position below its 200-day moving average creates a favorable entry point, even as headline GAAP earnings obscure the underlying cash generation.