AbbVie Inc. (NYSE:ABBV)

The share price of the company demonstrates an overall upward trajectory over the analyzed period, increasing from $38.50 in March 2013 to $192.87 by February 2025. Notable fluctuations occur throughout the years, with marked increases between February 2017 and February 2018, where the share price nearly doubled from $61.77 to $118.60. Subsequently, the price experiences some volatility but generally trends upwards, reaching levels above $150 from 2022 onward, indicating strong market valuation growth.

The book value per share (BVPS) exhibits considerable volatility compared to the share price. Initially, BVPS started modestly at $2.13 in 2013 and increased slightly until early 2018, reaching $3.21. However, significant negative values are recorded in 2019 and 2020, at approximately -$5.73 and -$5.52 respectively, indicating possible accounting write-downs or substantial losses that impacted equity negatively. Following this downturn, BVPS rebounds sharply, peaking at $9.75 in 2023 before declining again to $1.88 by 2025. This pattern suggests instability in the book value, potentially reflecting changes in equity structure, asset valuation adjustments, or extraordinary items affecting the balance sheet.

The price-to-book value ratio (P/BV) shows an inconsistent pattern closely influenced by the volatility of BVPS. Early in the period, the ratio remains relatively high, around 18.0 in 2013 and 2014, then spikes dramatically to over 56.0 in 2015, reflecting the low BVPS at that time. During 2016 and 2017, the ratio stabilizes somewhat in the low 20s but climbs again to 36.95 in 2018. The data is missing for 2019 and 2020 but resumes in 2021 with values ranging from 14.18 to 16.53, indicating a recalibration in market valuation relative to book value. However, significant increases in P/BV occur in the most recent years, reaching 102.4 by 2025, suggesting that the market price is very high compared to the book value. This may reflect strong investor confidence or expectations of future growth despite low or declining book value.

Overall, the share price trend indicates positive market sentiment and possibly strong operational performance or growth prospects. In contrast, the BVPS volatility and occasional negative values point to underlying challenges or accounting impacts affecting the company's net asset base. The P/BV ratio underscores the disparity between market valuation and book value, emphasizing investor willingness to value the company at a premium relative to its stated equity base, especially in recent periods.