The stock market is roaring back in 2023 following a downturn. However, the year hasn't been kind to every company. For instance, drugmakers AbbVie (ABBV -1.10%) and Axsome Therapeutics (AXSM 0.73%) have seen their shares lag the market since January.

Still, there is some good news for investors. Both companies have excellent prospects that could lead to equally excellent returns over the long run. For investors with a spare $5,000 that isn't being saved for emergencies or everyday bills, investing that money in these stocks could be a great move. 

1. AbbVie

AbbVie's shares are down by 7% since the year started as the company is dealing with arguably its most significant headwind since it became a stand-alone company in 2013. The drugmaker lost patent exclusivity for its blockbuster immunology drug, Humira. Considering how lucrative Humira was -- it peaked at annual sales of $21.2 billion -- many biosimilar specialists are trying to get a slice of the pie. AbbVie's shares should decline until next year, according to the company's CEO, Richard Gonzalez.

Although this issue is real, the market's reaction may be overdone. Here are two reasons why. First, it's not rare for pharmaceutical companies to go through periods of declining sales related to patent cliffs. The key is whether they have enough in their portfolios to eventually fill the gap created by patent losses. That brings up the second reason. AbbVie is replacing Humira with a pair of immunology products, Skyrizi and Rinvoq, whose sales have been growing rapidly, and there is still more to come.

The company has products in other areas, too, including bipolar depression medicine Vraylar, migraine treatment Qulipta, cancer drug Venclexta, its Botox franchise, and more. Further, management recently decided to remove the $2 billion cap it had imposed on itself for acquisitions. So, there could be a big-time move in the mergers and acquisitions space for AbbVie on the horizon aimed at strengthening its lineup and pipeline. Meanwhile, AbbVie's declining shares created an excellent entry point for patient investors.

In my view, the drugmaker will recover from its recent performances, making the stock worth buying and holding on to at current levels. And that's before you examine AbbVie's dividend profile. The company is a member of the exclusive club of Dividend Kings, having raised its payouts in 51 consecutive years when including its time spent as part of medical device giant Abbott Laboratories.

AbbVie's dividend is about as safe as they come, and that's one more reason to add the company's shares to your portfolio. Investors can add 33 shares of AbbVie to their portfolios with $5,000. 

2. Axsome Therapeutics 

Axsome Therapeutics is a mid-cap drugmaker that reached a significant milestone in 2022 when it earned approval for Auvelity, a treatment for major depressive disorder. Last year, it also acquired Sunosi, a narcolepsy therapy, from Jazz Pharmaceuticals. Axsome had no products on the market at the start of 2022, so it has made substantial progress since then.

And after rewarding that progress last year, investors have now cooled off in bidding up the company's shares. But that could be a mistake as Axsome Therapeutics is still looking forward to plenty of catalysts, some of which could send its stock price higher and, even more importantly, set a solid foundation for long-term success. On the clinical front, Axsome recently started a phase 3 study for Sunosi in treating ADHD.

The company plans to start a phase 2/3 trial for Auvelity in smoking cessation by the fourth quarter. Auvelity is also undergoing a second late-stage study targeting Alzheimer's disease agitation, the results of which it expects in the first half of next year. Auvelity has already aced one phase 3 study along those lines.

On the regulatory side, Axsome Therapeutics said during the first quarter that it was getting close to submitting an application for AXS-14 in treating fibromyalgia. This medicine could earn approval within a year if all goes well. Further, the company is planning to resubmit AXS-07 as a therapy for migraine to regulatory authorities in the U.S. at some point during the second half of the year.

While AXS-07 failed to earn approval last year, there were no safety or efficacy issues with it, only manufacturing ones. AXS-07 is almost certain to earn the green light this time around. And with that, Axsome Therapeutics will expand its lineup and should win new indications for its existing products in the next couple of years. In my view, the company's market capitalization of $3.6 billion does not do its long-term prospects justice.

Not that many mid-cap biotechs have this promising a lineup and pipeline that should yield positive news in the next 24 months. That's why Axsome Therapeutics shares look like a bargain right now. And $5,000 can get an investor 64 of them.