Finding a good group of stocks to invest in for the long haul can be part of a sound strategy in getting your portfolio to be worth $1 million. The more you invest, the easier it'll be to reach that target. One way to maximize your odds for success is by investing in stocks that are both growing and pay dividends.

One potential option is drugmaker AbbVie (ABBV -1.10%). Below, I'll look at whether it can be a key part of that strategy.

The company boasts a promising pipeline

Having a strong pipeline is critical for a company's growth to continue in the long haul. Patents run out, and businesses need to plan how to cover for inevitable declines in revenue as more competition enters the market. AbbVie is facing that situation today as its hugely successful rheumatoid arthritis drug Humira will lose patent protection next year.

However, with the help of AbbVie's pipeline, the company can help find ways to make up for those declines. It currently has close to two dozen phase 3 trials ongoing focused on multiple therapeutic areas, including oncology, immunology, neuroscience, aesthetics, and eye care. It also bolstered its business when it acquired Botox maker Allergan in 2020 for $63 billion. Not only did that add new products into the mix, but it also meant new growth opportunities for AbbVie.

Two of AbbVie's most promising products, Rinvoq and Skyrizi, are already generating strong numbers today and are still undergoing trials for more indications. Through the first three months of 2022, their sales totaled $1.4 billion and rose by 60% year over year. By comparison, Humira's revenue was $4.7 billion and declined by 3%. Management stated on a previous earnings call that the two drugs combined would reach higher peak annual revenue than Humira achieved. 

Its dividend can help further accelerate returns

Another feature that makes AbbVie attractive is its dividend. It yields 3.8%, which is far better than the S&P 500 average of 1.7%. The company has also been increasing its dividend payments. From quarterly payments of $0.64 back in 2017, the dividend has more than doubled to $2.20. 

It would take an investment of roughly $26,500 into AbbVie for you to collect $1,000 in dividend income each year. And if it would take another five years for that dividend to double, then you could be generating $2,000 each year. There are no guarantees when it comes to dividends, but as AbbVie is a Dividend King, it has a strong track record, and as long as the business continues generating strong results, those rate hikes are likely to continue.

There's certainly no cause for concern today: AbbVie reported more than $22 billion in free cash flow over the trailing 12 months (versus dividend payments of $9.5 billion). The business looks to be in fine shape, and that's not likely to change anytime soon.

Can an investment in AbbVie earn you $1 million?

Given the company's growth potential and high-yielding dividends, there's definitely a path for an investment in AbbVie to significantly rise in value over the years. Over the past decade, AbbVie's total returns (including dividends) have totaled 538% -- far higher than the S&P 500's returns of just 227%. It wouldn't be surprising for that trend to continue, as AbbVie has a bright future ahead and is generating tons of cash flow that can help it pursue more growth opportunities if it needs to do so to strengthen its pipeline.

The key question is how much investors would need to invest in the stock to get to $1 million. If the stock were to average a return of 10% (which is about the S&P average) for the next 25 years, a $93,000 investment would be needed to get to $1 million during that time frame. However, that may be too much exposure to one stock, and you may want to spread an investment that size across multiple growth stocks to balance your risk.

But the conclusion remains the same: AbbVie can help you get to the $1 million mark by retirement.