AbbVie ( ABBV 0.29% ) , a pharmaceutical leader, has faced some challenges over the past three years. The company is managing some patent cliffs and clinical setbacks that worried investors and dinged its stock price. Despite all that, the stock still performed well over this period. Yet, there is an argument to be made that AbbVie remains attractively valued and will grow into its valuation over the next five years or so, delivering market-beating returns in the process.

Looking at some key metrics

Let's consider two metrics that help make a case for AbbVie's shares being undervalued at current levels. First, the stock trades at 16.8 times forward earnings . That's slightly lower than the 18.3 average for the healthcare sector , and the 22.6 average for the S&P 500 . AbbVie

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