Branded Prescription Drugmakers

The thesis

Established prescription franchises offer a different earnings engine from AI infrastructure, with demand tied to ongoing treatment rather than data-center financing. AbbVie, Merck and Amgen combine positive recent momentum with more moderate forward earnings valuations, supporting a relative-resilience thesis during the technology reset. Over the coming quarter, commercial execution and pipeline progress could sustain outperformance versus QQQ, although pricing pressure, trial disappointments a