ABBV

AbbVie Inc.

Next est. report 2026-10-30 · BMO

Archetypes '26: U.S. InfluencerBeauty '26: Medical AestheticsGLP-1 Long '24: Improved Looks GLP-1 Long '24: Pharma MedTech Short '25: Heavy China ExposureReturn to Office '24: White Collar Personal Care

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Overview

AbbVie Inc. is a global biopharmaceutical company discovering, developing, and selling advanced medicines. Its main areas are immunology (around 51.5% of revenu

AbbVie Inc. is a global biopharmaceutical company discovering, developing, and selling advanced medicines. Its main areas are immunology (around 51.5% of revenue), neuroscience (around 18.7%), oncology (around 9.7%), and aesthetics (around 7.5%). Key immunology products like SKYRIZI and RINVOQ are bolstered by the Apogee Therapeutics acquisition. AbbVie sells to patients via healthcare systems, clinics, and medical spas worldwide.

Search Keywords Brand Product

SKYRIZI
RINVOQ
HUMIRA
Vraylar
Botox Therapeutic
Ubrelvy
Qlipta
Vialev
Tevapadone
VENCLEXTA
IMBRUVICA
Decnapaz
Epkinly
Elahere
Amrelis
Bowie
Botox Cosmetic
Juvederm
tmAbA
etansamig
bretasilocin
Trenibot
BBB-1.76 thousand
lutikizumab
ABBV 85.9 thousand
ABBV 295
biopharmaceutical
immunology
neuroscience
oncology
aesthetics
migraine treatment
Parkinson's disease
blood cancer
dermatology
inflammatory diseases
Alzheimer's disease
schizophrenia
multiple myeloma
hidradenitis suppurativa
vitiligo
alopecia areata
Crohn's disease
ulcerative colitis
psoriasis
atopic dermatitis
obesity drugs
ADC therapy
oral CGRP
JAK inhibitor
D1/D5 dopamine agonist
5-HT2A serotonergic pathway

Search Keywords Event Phrases

AbbVie earnings
Apogee Therapeutics acquisition
World Lung conference
UEGW conference

Search Keywords Policy Regulatory

IRA pricing
Medicare negotiation
drug pricing

What They Do (Plain English & Analogies): AbbVie is like a pharmaceutical powerhouse, constantly searching for, developing, and selling new medicines to treat serious and complex diseases worldwide. Imagine them as a team of highly specialized doctors and scientists who create advanced treatments for conditions ranging from autoimmune diseases (where the body mistakenly attacks itself, like a friendly fire incident) and cancers, to brain disorders like Parkinson's and migraines, and even aesthetic products like wrinkle relaxers. They focus on innovation to bring life-changing solutions to patients, with a strong emphasis on immunology, neuroscience, oncology, and aesthetics. For example, they make treatments for conditions like psoriasis and Crohn's disease (SKYRIZI, RINVOQ), Parkinson's (Vialev, Tevapadone), various cancers (VENCLEXTA, Decnapaz), and cosmetic injectables (Botox, Juvederm, Bowie).
Very Brief History: AbbVie Inc. was formed in 2012 as a corporate spin-off from Abbott Laboratories, becoming a public company in January 2013. A significant milestone in its evolution was the acquisition of Allergan in 2019, which substantially bolstered its presence in aesthetics and neuroscience. The company continues to grow through strategic acquisitions, such as the planned acquisition of Apogee Therapeutics in 2026, to further strengthen its pipeline.
"Street Stereotype": AbbVie is generally perceived by investors and analysts as a large pharmaceutical company successfully navigating the significant revenue loss from its former blockbuster drug, HUMIRA, through the robust growth of its next-generation immunology drugs (SKYRIZI and RINVOQ) and a rapidly expanding neuroscience portfolio. The street also views AbbVie as strategically investing in its pipeline and external innovation to drive long-term growth, with a keen eye on new therapeutic areas like obesity and advanced oncology treatments.
Subsidiaries On Linked In*: AbbVie Bioresearch Center Inc. — Research-focused entity
AbbVie Biotherapeutics Inc. — Biotherapeutics development
AbbVie Endocrinology Inc. — Endocrinology focus
AbbVie US LLC — U.S. operational entity
Allergan Sales, LLC — Sales arm for Allergan products
Knoll Pharmaceutical Company — Historical pharmaceutical entity
Pharmacyclics LLC — Oncology-focused entity
ImmunoGen Switzerland GmbH — Swiss entity, likely related to ImmunoGen acquisition
Pharmacyclics Switzerland GmbH — Swiss entity, likely related to Pharmacyclics
DJS Antibodies Ltd. — UK-based, acquired for immunology pipeline
Customer Sectors & Example Clients: AbbVie's customers are primarily in the healthcare sector, including hospitals, clinics, and pharmacies that administer or dispense their pharmaceutical products. For their aesthetics portfolio, customers include dermatologists, plastic surgeons, and medical spas, as well as individual patients. The company also engages with government entities and specialty pharmacies globally. Due to the nature of the pharmaceutical industry, specific client company names are not publicly disclosed.
New Customers / Segments They'Re Targeting: AbbVie is actively targeting new patient populations through expanded indications for existing drugs and new pipeline assets. This includes patients with vitiligo and alopecia areata (with RINVOQ approvals in Europe and forthcoming US decisions), individuals with blastic plasmacytoid dendritic cell neoplasm (BPDCN) with Decnapaz, and those with acute migraine (QLIPTA in Europe). They are also pursuing new opportunities in hidradenitis suppurativa with RINVOQ and lutikizumab, essential tremor with Trenibot, Alzheimer's disease with BBB-1.76 thousand, and obesity with ABBV 295. In oncology, they are expanding into new solid tumor types with tmAbA and multiple myeloma with etansamig. The new aesthetic toxin, Bowie, is aimed at patients looking for a short-duration treatment to 'preview' cosmetic toxins, potentially expanding the overall toxin market.
Supply Chain And Sourcing Geographies: AbbVie operates a robust and diversified global supply chain with manufacturing facilities in the US and Europe. Their global operations headquarters and a flagship manufacturing facility are located in Lake County, Illinois, USA. They are also investing $1.4 billion to build a new pharmaceutical manufacturing campus in Durham, North Carolina, with construction beginning in 2026. AbbVie purchases goods and services globally and works with overseas suppliers, requiring them to implement security processes and procedures, participating in programs like CTPAT in the U.S.
Sales Geographies And Expansion Plans: AbbVie sells its products in over 170 countries worldwide, spanning five world regions. The United States represents the largest portion of its revenue, accounting for 95.17% in fiscal year 2025. The company is expanding market penetration and indications within existing global markets, particularly with recent European approvals for QLIPTA, Epkinly, and Bowie, and anticipated US regulatory decisions for RINVOQ in vitiligo and alopecia areata. They also expect robust momentum for their Parkinson's portfolio (including Tevapadone) in international markets.
How Key Themes May Help/Hurt: The 'Archetypes '26: U.S. Influencer' theme is highly beneficial for AbbVie, particularly for its Allergan Aesthetics portfolio. Products like Botox, Juvederm, and the newly approved Bowie directly cater to the aesthetic procedures that are often funded by or promoted within the influencer economy. The demand for 'improved looks' driven by social media and influencer culture creates a strong tailwind for these products. The introduction of Bowie, a short-acting toxin, is specifically designed to allow patients to 'preview' aesthetic treatments, potentially lowering the barrier to entry and expanding the overall toxin market, which aligns perfectly with the theme's focus on appearance and self-enhancement. Additionally, the broader 'GLP-1 Long '24: Improved Looks' theme, while not explicitly mentioned in the transcript in direct relation to aesthetics, suggests that weight loss from GLP-1 drugs could drive demand for complementary aesthetic procedures, further benefiting AbbVie's aesthetics segment.

3 Main Long-Term Bull Details

Dominant and Expanding Immunology Franchise: SKYRIZI and RINVOQ continue to significantly outperform expectations, with double-digit sales growth and strong market share gains across psoriasis, IBD, and new indications like vitiligo and alopecia areata. The planned acquisition of Apogee Therapeutics further bolsters this leading immunology portfolio, adding differentiated assets with significant sales potential for long-term growth into the 2030s and beyond.
Robust and Diversifying Neuroscience Portfolio: The neuroscience portfolio is delivering strong results, with Vraylar, Botox Therapeutic, Ubrelvy, and Qlipta all showing double-digit growth. The anticipated US approval and launch of Tevapadone for Parkinson's disease is expected to be a substantial commercial opportunity, with the collective Parkinson's portfolio projected to exceed $5 billion in peak sales. The migraine portfolio is also on track to achieve more than $5 billion in peak sales, and early-stage pipeline assets in Alzheimer's and schizophrenia offer future growth drivers.
Strategic Pipeline Advancement and Business Development: AbbVie is making excellent progress advancing its pipeline, including new approvals like Decnapaz (first ADC in hematology) and Bowie (new aesthetic toxin). The company has ample financial capacity for more business development and remains focused on adding both early and late-stage opportunities across its core disease areas, ensuring new sources of growth to support performance in the 2030s and beyond.

3 Main Long-Term Bear Details

Accelerated Erosion of Legacy Blockbusters: AbbVie continues to face substantial and accelerating erosion of its legacy blockbusters. HUMIRA global sales were down 36.1% operationally in Q2 2026 due to biosimilar competition, and IMBRUVICA sales were down 29.4% due to IRA pricing and competitive share pressure. These declines pose a persistent drag on overall revenue growth and require significant offsetting growth from newer assets.
Challenged Aesthetics Market: The aesthetics market, particularly Juvederm, continues to experience headwinds, with global sales down 6.6% operationally in Q2 2026. While Botox Cosmetic showed modest growth, the overall market remains challenged by global economic factors, requiring continued investment to stimulate growth and defend market share.
Competitive Intensity and Pricing Pressures: Despite strong performance from SKYRIZI and RINVOQ, the immunology market remains highly competitive with new entrants. The company anticipates low single-digit pricing headwinds for these key growth drivers, and the selection of Botox for Medicare negotiation highlights broader regulatory and pricing risks across the portfolio, potentially impacting future profitability.

Competitors And Differentiation: AbbVie faces competition across its therapeutic areas. In immunology, HUMIRA faces biosimilar competition, while SKYRIZI and RINVOQ compete with other biologics and oral treatments for psoriasis and IBD, such as J&J's Icotyde and Tremfya, and Entyvio. AbbVie differentiates SKYRIZI through its high and durable skin clearance, superior efficacy in head-to-head trials, simple quarterly dosing, and strong long-term data in psoriatic arthritis. RINVOQ is positioned with high efficacy in IBD and strong demand across its indications. In neuroscience, their migraine portfolio (Botox Therapeutic, Ubrelvy, Qlipta) competes with other CGRP inhibitors. Tevapadone differentiates itself in Parkinson's as the first selective D1/D5 agonist with strong efficacy for motor symptoms and low rates of dyskinesia, sedation, edema, and impulse control disorder. In oncology, VENCLEXTA competes with other CLL treatments, and IMBRUVICA faces competitive share pressure. New ADCs like Decnapaz and tmAbA aim to differentiate through specific targets and efficacy profiles in various cancers. In aesthetics, Bowie aims to differentiate as a rapid-onset, short-duration toxin, complementing their existing Botox Cosmetic and Juvederm portfolio.
Recent Performance & What The Market'S Focused On: AbbVie delivered an excellent second quarter in 2026, with adjusted earnings per share of $3.65, exceeding guidance, and total net revenues of nearly $17 billion, beating expectations by $300 million and reflecting robust sales growth of 10.2%. Based on this momentum, the company raised its full-year revenue guidance by $300 million to approximately $67.6 billion. The market is focused on the continued strong performance of SKYRIZI and RINVOQ, which delivered double-digit sales growth above 20%, and the neuroscience portfolio, also growing above 20%. Key areas of market focus also include the advancement of AbbVie's compelling pipeline, including the recent approvals of Decnapaz, QLIPTA, Epkinly, and Bowie, as well as the planned acquisition of Apogee Therapeutics to bolster its immunology portfolio. Investors are also closely watching the ongoing impact of biosimilar competition on HUMIRA sales and competitive dynamics affecting IMBRUVICA, along with the performance of the aesthetics segment.

Revenue Segments And Estimated Mix: Global Immunology — Mix: ~51.6%; Source: FY26 guidance based on Q2 2026 earnings call; Trend: Expected sales of ~$34.9 billion, driven by market growth and share gains for SKYRIZI and RINVOQ, despite continued HUMIRA biosimilar impact. Q2 2026 total immunology revenues were nearly $8.8 billion, up 14.6% operationally.
Global Neuroscience — Mix: ~18.8%; Source: FY26 guidance based on Q2 2026 earnings call; Trend: Expected sales of $12.7 billion, reflecting robust double-digit growth. Q2 2026 total neuroscience revenues were more than $3.2 billion, up approximately 20% operationally.
Global Oncology — Mix: ~9.6%; Source: FY26 guidance based on Q2 2026 earnings call and prior guidance; Trend: Expected sales of ~$6.5 billion, with VENCLEXTA growth partially offset by IMBRUVICA competitive headwinds and IRA pricing. Q2 2026 total oncology revenues were more than $1.6 billion, down 2.4% operationally.
Global Aesthetics — Mix: ~7.4%; Source: FY26 guidance based on Q2 2026 earnings call and prior guidance; Trend: Expected sales of ~$5 billion, reflecting modest market growth for Botox Cosmetic and continued headwinds for Juvederm. Q2 2026 total aesthetics sales were nearly $1.3 billion, down 0.9% operationally.
Product Brands: HUMIRA
SKYRIZI
RINVOQ
IMBRUVICA
VENCLEXTA
MAVYRET
CREON
Synthroid
Linzess/Constella
Lupron
Botox Therapeutic
ORILISSA
Duopa
Duodopa
Lumigan/Ganfort
Ubrelvy
Alphagan/Combigan
Restasis
Vraylar
Qlipta
Vialev
Epkinly
Elahere
Amrelis
tmAbA
etansamig
ABBV 932
bretasilocin
miraclodene
ABBV 295
Trenibot
ABBV 3A2
ABBV 319
ABBV 619
ABBV 706
ABBV 969
gemmibot A
GUBamy
BOTOX Cosmetic
Juvederm
CoolSculpting
Decnapaz
Bowie
Tevapadone
BBB-1.76 thousand
lutikizumab
ABBV 85.9 thousand

Bull / Bear Details

AbbVie's strong Q2 2026 performance, driven by robust double-digit growth in immunology (SKYRIZI, RINVOQ) and neuroscience, and strategic pipeline advancements

Thesis

AbbVie's strong Q2 2026 performance, driven by robust double-digit growth in immunology (SKYRIZI, RINVOQ) and neuroscience, and strategic pipeline advancements including the Apogee acquisition, are effectively offsetting legacy product erosion. While HUMIRA and IMBRUVICA declines persist, and aesthetics faces headwinds, the accelerated growth from new assets and a promising late-stage pipeline, coupled with raised full-year guidance, strengthens the bull case as of August 29, 2026.

Bull case

SKYRIZI and RINVOQ continue to significantly outperform expectations, driving robust double-digit sales growth and leading to raised full-year revenue guidance. New European approvals for RINVOQ in vitiligo and alopecia areata now project combined peak sales of $2 billion, meaningfully above prior estimates. The planned acquisition of Apogee Therapeutics further bolsters the leading immunology portfolio, ensuring durable growth well into the 2030s despite biosimilar competition for legacy assets.
AbbVie's neuroscience portfolio is a powerful growth engine, with total revenues up approximately 20% operationally. Vraylar sales increased by 19%, while the migraine franchise (Botox Therapeutic, Ubrellvi, Qlipta) delivered double-digit growth, collectively projected to exceed $5 billion in peak sales. Vialev is on track for blockbuster status this year, contributing to the Parkinson's franchise's anticipated peak sales of over $5 billion, further strengthened by the upcoming tevapadone approval.
The company's diversified and advancing pipeline, coupled with strategic business development, secures long-term growth. Recent approvals include Decnapaz (first ADC in hematology) and Bowie (aesthetics toxin). Promising late-stage assets like tmAbA in oncology (Breakthrough Therapy Designation in CRC, strong ovarian data) and etansamig in multiple myeloma, alongside early-stage neuroscience programs, demonstrate AbbVie's capacity to generate new revenue streams. Ample financial capacity supports further innovative acquisitions.

Bear case

AbbVie continues to face substantial erosion from its legacy blockbusters. HUMIRA global sales were down 36.1% operationally in Q2 2026 due to biosimilar competition, aligning with expectations but representing a significant revenue headwind. IMBRUVICA also experienced a sharp 29.4% decline, impacted by IRA pricing and competitive share pressure, which persistently drags on the overall oncology portfolio's growth trajectory.
The aesthetics market remains challenged by global economic headwinds, impacting key dermal filler markets. Juvederm global sales declined by 6.6% operationally, reflecting these persistent pressures. While Botox Cosmetic showed modest growth, the overall aesthetics segment experienced a slight operational decline. Despite investments to stimulate growth, sustained market challenges could continue to constrain revenue and require ongoing significant promotional spending.
Increasing competitive intensity and anticipated pricing pressures, particularly in immunology, pose ongoing headwinds, with low single-digit concessions around rebates being standard. The initial ramp-up for the highly anticipated Parkinson's drug, tevapadone, is expected to be modest due to delays in Medicare formulary inclusion. Furthermore, the planned Apogee Therapeutics acquisition introduces an anticipated $0.14 dilution to full-year EPS guidance and increased net interest expense.

Bull / Bear Case

Bear Case: AbbVie continues to face significant headwinds from the erosion of its legacy blockbusters. HUMIRA global sales were down 36.1% operationally in Q2 2026 due to biosimilar competition, and IMBRUVICA sales declined 29.4% due to IRA pricing and competitive pressures, persistently dragging on overall revenue growth. The aesthetics market remains challenged by global economic headwinds, with Juvederm sales down 6.6% operationally, requiring ongoing investment to stimulate growth. Additionally, increasing competitive intensity and anticipated pricing pressures in immunology, along with low single-digit rebate concessions, pose ongoing risks. The initial ramp-up for the highly anticipated Parkinson's drug, tevapadone, is expected to be modest due to delays in Medicare formulary inclusion, and the Apogee acquisition introduces an anticipated $0.14 dilution to full-year EPS guidance and increased net interest expense.
Bull Case: AbbVie's Q2 2026 performance exceeded expectations, driven by robust double-digit sales growth from its immunology portfolio (SKYRIZI up 24%, RINVOQ up 23.7%) and neuroscience portfolio (up 20%), leading to a raised full-year revenue guidance. Key immunology assets are expanding with new European approvals for RINVOQ in vitiligo and alopecia areata, projecting combined peak sales of $2 billion, and the strategic acquisition of Apogee Therapeutics further bolsters this segment for long-term growth into the 2030s. The neuroscience pipeline is also a strong growth engine, with Vraylar and the migraine franchise delivering double-digit growth, and the anticipated US approval of tevapadone for Parkinson's expected to achieve blockbuster status. Diversified pipeline advancements, including new oncology ADCs and aesthetics innovations like Bowie, coupled with ample financial capacity for further business development, secure future revenue streams.
More Compelling & Why: Bear. The current P/E ratio of approximately 74x is significantly above AbbVie's 10-year median of 25.98x and the biotech industry average of 16.4x, indicating the stock is modestly overvalued. The strongest argument for the bear case is this stretched valuation, which suggests that much of the future growth from new assets is already priced in, leaving little margin for error amidst persistent legacy product erosion. My view would flip to bull if the P/E ratio normalized closer to its 5-year average of 58.76x or if new pipeline assets demonstrated significantly accelerated revenue contributions beyond current expectations, justifying the premium.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
FDA approval of SKYRIZI subcutaneous induction for Crohn's disease	This approval would simplify administration and reimbursement for a key growth driver, accelerating SKYRIZI sales by expanding its market reach and physician preference in IBD.	FDA approval decision for SKYRIZI subcutaneous induction in Crohn's disease, expected later this fall (Q4 2026).	Bullish if FDA approval is received as anticipated in Q4 2026, leading to a meaningful acceleration in SKYRIZI sales.	AbbVie press releases, FDA announcements, Q3/Q4 2026 earnings calls.	FDA website (drug approvals section), Google Trends: 'SKYRIZI Crohn's approval', 'SKYRIZI subcutaneous'.	IQVIA: SKYRIZI prescription data (new patient starts, market share in Crohn's disease).
Positive interim analysis for etansamig in multiple myeloma	A positive interim analysis for progression-free survival from the etansamig monotherapy ThirdLinePlus trial could lead to a regulatory submission later this year, potentially bringing a new oncology treatment to market.	Results of the interim analysis for progression-free survival from the etansamig monotherapy ThirdLinePlus trial, planned for Q3 2026.	Bullish if the interim analysis is positive, leading to a regulatory submission for etansamig in multiple myeloma in late 2026.	AbbVie press releases, medical conference presentations (e.g., ASH), Q3 2026 earnings call.	ClinicalTrials.gov (study status updates), medical news sites (e.g., OncLive, Medscape Oncology).	EvaluatePharma: Etansamig trial data and market forecasts; KOL surveys on etansamig.
US regulatory decisions for RINVOQ in vitiligo and alopecia areata	These approvals would significantly expand RINVOQ's addressable market, with combined peak sales for these two indications alone now anticipated to approach $2 billion, meaningfully above prior expectations.	US regulatory decisions for RINVOQ in vitiligo (anticipated later this year, Q4 2026) and alopecia areata (anticipated early next year, Q1 2027).	Bullish if US approvals are received as anticipated for both indications, confirming the expanded sales potential.	AbbVie press releases, FDA announcements, Q3/Q4 2026 and Q1 2027 earnings calls.	FDA website (drug approvals section), Google Trends: 'RINVOQ vitiligo', 'RINVOQ alopecia areata'.	IQVIA: RINVOQ prescription data (new patient starts, market share in dermatology indications).
Completion of the acquisition of Apogee Therapeutics	This acquisition adds multiple differentiated assets in dermatology, respiratory, and inflammatory diseases, bolstering AbbVie's immunology pipeline and securing new growth drivers for the 2030s and beyond.	Confirmation of the Apogee Therapeutics acquisition closing in Q3 2026.	Bullish if the transaction closes as expected in Q3 2026, confirming the strategic strengthening of the immunology pipeline.	AbbVie press releases, SEC filings (e.g., 8-K), Q3 2026 earnings call.	Financial news outlets (e.g., Reuters, Bloomberg) for M&A updates.	Merger arbitrage data, M&A intelligence platforms.
FDA approval and subsequent launch of tevapadone for Parkinson's disease	Tevapadone is a novel D1/D5 dopamine agonist with blockbuster potential, significantly strengthening AbbVie's neuroscience portfolio and contributing to long-term growth.	FDA approval decision for tevapadone in Parkinson's disease in Q3 2026, followed by details on its commercial launch.	Bullish if FDA approval is received in Q3 2026 and launch proceeds as planned, with tevapadone achieving blockbuster sales this year.	AbbVie press releases, FDA announcements, Q3 2026 earnings call.	FDA website (drug approvals section), Google Trends: 'tevapadone Parkinson's', 'AbbVie Parkinson's drug'.	Symphony Health Solutions: Tevapadone prescription data; IQVIA: Parkinson's drug market share.

Key Reported Metrics, Reratings Triggers & Results3 rows

HUMIRA's performance is crucial due to ongoing biosimilar competition. Its decline rate directly impacts the need for growth from newer drugs to offset the reve

Upcoming print · 2026-10-30

Key reported metrics
Metric	Last period	Why it matters
HUMIRA Operational Sales Growth	-36.1%	HUMIRA's performance is crucial due to ongoing biosimilar competition. Its decline rate directly impacts the need for growth from newer drugs to offset the revenue erosion. Investors will watch if the decline is in line with or worse than expectations.
SKYRIZI Operational Sales Growth	24%	SKYRIZI is a primary growth driver for AbbVie's immunology portfolio, essential for offsetting Humira's decline and demonstrating the success of the company's diversified product strategy. Its continued strong growth is crucial for the bull case.
Total Net Revenues	$17 billion (10.2% y/y growth)	This is the top-line indicator of AbbVie's overall financial health and growth trajectory, especially as it navigates the impact of Humira's loss of exclusivity and relies on new growth drivers. Investors will watch for continued robust growth.

Last reported · 2026-07-31

Key reported metrics			Rerating thresholds			Earnings results
Metric	Last period	Why it matters	What's needed for rerating	Rerating context	Earnings date	Actual reported	Hit target?	Notes
Global Skyrizi Net Revenues	32.5%	Skyrizi is a primary growth driver for AbbVie's immunology portfolio, essential for offsetting Humira's decline and demonstrating the success of the company's diversified product strategy.	Global Skyrizi Net Revenues for Q1 2026 falling below the analyst consensus of approximately $4.4 billion. Additionally, a year-over-year growth rate for Skyrizi in Q1 2026 significantly below the 20% projected for the combined Skyrizi and Rinvoq franchise for the full year 2026.	A miss on Skyrizi's revenue or a significant deceleration in its growth rate would signal that competitive pressures, particularly from new oral psoriasis treatments like J&J's Icotyde, or pricing headwinds are impacting this key growth driver more than anticipated. This would undermine AbbVie's post-Humira growth narrative and strengthen the bear thesis regarding the erosion of its immunology franchise.	2026-07-31	$5.5 billion (24% y/y operational sales growth)	Yes	SKYRIZI total sales reached $5.5 billion, significantly exceeding the analyst consensus of approximately $4.4 billion. The operational sales growth of 24% was also well above the 20% projected for the combined SKYRIZI and RINVOQ franchise. Management highlighted that SKYRIZI's performance 'once again exceed[ed] our expectations' and contributed to the decision to raise the full-year revenue guidance.
Global Humira Net Revenues	-25.9%	Humira's performance is crucial due to ongoing biosimilar competition. Its decline rate directly impacts the need for growth from newer drugs to offset the revenue erosion.	For a lower rerating (strengthening the short thesis), Global Humira Net Revenues for Q1 2026 would need to fall below the Zacks Consensus Estimate of $697 million. This would indicate a decline greater than the -25.9% reported in Q4 2025, or a revised full-year 2026 guidance below the anticipated $2.9 billion.	A worse-than-expected decline in Humira net revenues signals an accelerated erosion of this legacy blockbuster due to biosimilar competition. This directly impacts AbbVie's overall revenue and profitability, highlighting a more challenging transition away from its former top-selling drug and reinforcing concerns about the company's ability to offset these losses with new growth drivers.	2026-07-31	$706 million (-36.1% y/y operational sales growth)	No	Global HUMIRA sales were $706 million, which was above the Zacks Consensus Estimate of $697 million. However, the operational sales decline of 36.1% was greater than the -25.9% reported in Q4 2025, which was a condition for a lower rerating. Management noted that the decline was 'in line with our expectations,' reflecting ongoing biosimilar competition.
Total Net Revenues	10.0%	Total revenue indicates AbbVie's overall financial health and growth trajectory, especially as it navigates the impact of Humira's loss of exclusivity. Investors watch this for top-line performance.	Total Net Revenues growth for Q1 2026 falls below the analyst consensus of 10.8% year-over-year, or AbbVie revises its full-year 2026 revenue growth guidance below 9.5%.	A miss on Total Net Revenues growth would signal that the strong performance of key immunology assets like SKYRIZI and RINVOQ is not sufficiently offsetting the accelerating erosion of legacy blockbusters such as HUMIRA and IMBRUVICA, along with persistent challenges in the aesthetics market. This would validate the existing bearish thesis, indicating that AbbVie's transition strategy is facing more significant headwinds than anticipated, impacting future profitability and competitive positioning.	2026-07-31	$17 billion (10.2% y/y growth)	No	AbbVie reported total net revenues of nearly $17 billion, reflecting 10.2% year-over-year sales growth. While this growth rate was slightly below the analyst consensus of 10.8% mentioned in the rerating trigger, management stated that results once again exceeded their expectations and they raised the full-year revenue guidance by $300 million to approximately $67.6 billion. This positive revision to full-year guidance suggests an overall strong performance and outlook, despite the quarterly growth being just under the specific rerating threshold.

Key Questions

Can AbbVie sustain its strong overall revenue growth and meet its raised full-year guidance for 2026, demonstrating that the robust performance of its diverse p

Can AbbVie sustain its strong overall revenue growth and meet its raised full-year guidance for 2026, demonstrating that the robust performance of its diverse portfolio is effectively offsetting the anticipated declines from HUMIRA and IMBRUVICA?

Question 2: Will the upcoming FDA approval of SKYRIZI's subcutaneous induction for Crohn's disease and the US regulatory decisions for RINVOQ in vitiligo and alopecia areata drive a significant acceleration in sales for these key immunology assets, confirming their expanded long-term peak sales potential?
Question 3: How effectively will the strategic acquisition of Apogee Therapeutics and the initial launches of new assets like Bowie in aesthetics and tevapadone in Parkinson's contribute to AbbVie's diversified growth strategy and mitigate persistent headwinds in the aesthetics market?

Earnings Transcript Summary2 rows

2026-07-31 · 2026Q2 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Sustaining strong execution and portfolio growth: Management highlighted excellent execution across the business, including double-digit sales growth from its diverse portfolio, with results exceeding expectations and leading to raised full-year revenue guidance. 2. Advancing a compelling pipeline and strategic business development: The company emphasized significant progress in advancing its pipeline, including recent approvals and the planned acquisition of Apogee Therapeutics to bolster its immunology portfolio and add new sources of growth for the 2030s and beyond. 3. Leveraging key growth drivers and expanding indications: Management underscored the very strong performance of SKYRIZI, RINVOQ, and the neuroscience portfolio, each delivering growth above 20%, and discussed the significant sales potential from new indications and upcoming approvals for these assets.	Call Takeaway & ToneThe overall takeaway of the call was highly positive and confident. AbbVie delivered an excellent second quarter, exceeding expectations with robust revenue growth driven by strong performances from SKYRIZI, RINVOQ, and the neuroscience portfolio. Management raised full-year revenue guidance, emphasized significant progress in pipeline advancement, and highlighted the strategic acquisition of Apogee Therapeutics to further strengthen its immunology portfolio. The tone was consistently upbeat, underscoring strong commercial execution, a compelling pipeline, and substantial financial flexibility for future growth and business development, despite ongoing biosimilar competition for HUMIRA and IMBRUVICA.	Prior Quarter'S Y/Y Growth By SegmentImmunology: Q4 2025 growth not specified as a single y/y percentage, but combined SKYRIZI and RINVOQ sales increased by more than $8 billion year-over-year for the full year 2025. SKYRIZI: 31.9% operational growth in Q4 2025. RINVOQ: 28.6% operational growth in Q4 2025. HUMIRA: -26.1% operational decline in Q4 2025. Neuroscience: 17.3% operational growth in Q4 2025. Oncology: -2.5% operational decline in Q4 2025. VENCLEXTA: 6.4% operational growth in Q4 2025. IMBRUVICA: -20.8% decline in Q4 2025. Aesthetics: -1.2% operational decline in Q4 2025. BOTOX Cosmetic: 3.8% operational growth in Q4 2025. Juvederm: -10.8% operational decline in Q4 2025.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. SKYRIZI's subcutaneous induction approval and combination therapy data: Analysts inquired about the confidence in FDA approval for SKYRIZI subcutaneous induction in Crohn's disease and the timing of data for the alpha-4 beta-7 combination. Management expressed high confidence in the approval due to strong data and a well-known asset, with the review proceeding as planned. They indicated that the combination data would be presented in the fall if possible, or next year. 2. SKYRIZI's performance in psoriasis amidst new competition and HS readouts: Analysts questioned the impact of new competitors like Ico on SKYRIZI's psoriasis dynamics and the growth opportunity, as well as confidence in upcoming Phase III data for lutikizumab and RINVOQ in hidradenitis suppurativa (HS). Management stated no material change in SKYRIZI's momentum, with new competitor share largely sourced from other orals, and NBRx trends growing, viewing it as a market-expanding opportunity. For HS, they outlined robust study designs for both assets, with lutikizumab targeting earlier lines and RINVOQ for later lines, aiming for a successful dual offering strategy. 3. Tevapadone launch expectations and the CNS pipeline, specifically Aliada for Alzheimer's: Analysts asked about the anticipated launch trajectory for tevapadone in Parkinson's and the differentiation of the brain-shuttle asset (Aliada) in Alzheimer's. Management described tevapadone as a unique product with impressive efficacy and safety, but expected a modest initial ramp due to Medicare formulary timing. For Aliada, they highlighted its extended half-life, superior CSF penetration, targeting of pyroglutamated abeta, and potential for monthly subcutaneous dosing, aiming for a simplified patient experience and combination approaches.	Revenue SegmentsTotal net revenues: 10.2% growth. Immunology: 14.6% operational sales growth. SKYRIZI: 24% operational sales growth. RINVOQ: 23.7% operational sales growth. HUMIRA: -36.1% operational sales growth. Neuroscience: approximately 20% operational sales growth. Vraylar: approximately 19% sales growth. Botox Therapeutic, Ubrellvi, and Qlipta: each delivered double-digit sales growth. Oncology: -2.4% operational sales decline. VENCLEXTA: 9.6% operational sales growth. IMBRUVICA: -29.4% sales decline. Elahere, Epkinly, and Amrelis: double-digit sales growth. Aesthetics: -0.9% operational sales decline. Botox Cosmetic: 3.4% operational sales growth. Juvederm: -6.6% operational sales decline.

2026-02-04 · 2025Q4 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Sustaining strong growth through key immunology assets (SKYRIZI and RINVOQ) and diversifying the portfolio: Management emphasized that SKYRIZI and RINVOQ combined sales already exceeded their 2027 long-term guidance and are expected to grow robustly into the 2030s. They also highlighted the strong performance and future potential of neuroscience (Vialev, migraine franchise) and oncology assets as underappreciated growth drivers. 2. Advancing and expanding the pipeline through internal R&D and strategic business development: Management detailed significant investments in R&D (nearly $1 billion increase in 2025) across 90 clinical programs and over $5 billion in new business development, including promising mechanisms and technologies in immunology, neuroscience, and oncology (e.g., in vivo CAR T, bradicilacin, PD-1 VEGF bispecific). 3. Commitment to patient access, affordability, and innovation in the US: Robert Michael mentioned a voluntary agreement with the US government to offer low prices in Medicaid, expand direct-to-patient cash pay options, and commit $100 billion in US R&D and capital investments over the next decade, balancing affordability with protecting innovation.	Call Takeaway & ToneThe overall takeaway of the call was highly positive and confident. Management expressed strong satisfaction with 2025 performance, exceeding financial commitments and delivering record net sales despite HUMIRA erosion. They provided an optimistic outlook for 2026, forecasting robust sales growth driven by SKYRIZI and RINVOQ, and highlighted the underappreciated potential of their neuroscience and oncology pipelines. The tone was consistently upbeat, emphasizing strong execution, pipeline advancement, strategic business development, and a solid financial position to drive sustained long-term growth.	Prior Quarter'S Y/Y Growth By SegmentIn Q3 2025, AbbVie's immunology portfolio increased by 11.9% on a reported basis. Specifically, SKYRIZI global net revenues increased by 46.8%, and RINVOQ global net revenues increased by 35.3%. HUMIRA global net revenues decreased by 55.4%. The neuroscience portfolio saw a 20.2% increase. The oncology portfolio experienced a 0.3% decrease on a reported basis, or 1.3% on an operational basis. IMBRUVICA revenues fell by 14.8%, while VENCLEXTA increased by 7.1% on a reported basis, or 4.9% on an operational basis. The aesthetics portfolio decreased by 3.7%.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Psychedelic in development (bradicilacin) opportunity: David Risinger asked for more details on the psychedelic. Roopal Thakkar responded that it's a potential breakthrough therapy working through the 5-HT2A serotonergic pathway, offering a short-acting hallucination period, immediate and durable efficacy, and high remission rates, differentiating it from other medications. 2. Immunology franchise (SKYRIZI in IBD and long-term potential of SKYRIZI/RINVOQ): Christopher Schott questioned SKYRIZI's new start share amidst Tremfya's entry in IBD and if the market fully understands the long-term potential of SKYRIZI and RINVOQ. Jeffrey Stewart stated stable and high new patient capture rates for SKYRIZI in IBD, especially frontline (80% in Crohn's), and overall IL-23 category expansion. Robert Michael added that the combined guidance for SKYRIZI and RINVOQ already exceeds 2027 estimates, and their longer-term growth into the 2030s is underappreciated by the Street. 3. External innovation/BD lens and RINVOQ/Lutekizumab Phase III HS data: Terence Flynn inquired about AbbVie's business development strategy (size/risk profile of deals) and expectations for upcoming HS data. Robert Michael explained their focus on early-stage opportunities for growth in the next decade but confirmed willingness to invest in differentiated late-stage assets in core areas. Roopal Thakkar outlined expectations for RINVOQ to overperform in HS (treatment failure population) and Lutekizumab to show high efficacy in naive patients, aiming for a similar 'pair' strategy as in IBD.	Revenue SegmentsImmunology total revenues approximately $8.6 billion (not specified y/y, but SKYRIZI and RINVOQ combined sales increased by more than $8 billion year-over-year for the full year 2025). SKYRIZI total sales were $5 billion, reflecting operational growth of 31.9%. RINVOQ total sales were nearly $2.4 billion, reflecting operational growth of 28.6%. HUMIRA global sales were more than $1.2 billion, down 26.1% on an operational basis. Neuroscience full-year revenues were more than $10.7 billion, reflecting absolute sales growth of nearly $1.8 billion. In the quarter, total revenues were more than $2.9 billion, up 17.3% on an operational basis. VENCLEXTA global sales were $710 million, up 6.4% on an operational basis. IMBRUVICA was down 20.8%. Oncology total revenues were nearly $1.7 billion in the quarter, down 2.5% on an operational basis. Aesthetics global sales were nearly $1.3 billion in the quarter, down 1.2% on an operational basis. BOTOX Cosmetic global revenues were $717 million, up 3.8% on an operational basis. Juvederm global sales were $249 million, down 10.8% on an operational basis.

Transcript Tidbits2 rows

2026-07-31

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
About Expanding Eligible MarketAbbVie received US approval for Decnapaz, its first ADC in hematology, for a rare form of blood cancer. European approvals were granted for QLIPTA to treat acute migraine, Epkinly for second-line follicular lymphoma, and Bowie, a first-in-class short-acting toxin in aesthetics. RINVOQ also received European approvals for vitiligo and alopecia areata, with US regulatory decisions anticipated, and the combined peak sales for these two indications alone are now expected to approach $2 billion, which is meaningfully above prior expectations. The acquisition of Apogee Therapeutics will add multiple differentiated assets in dermatology, respiratory, and other related inflammatory diseases with significant sales potential, bolstering AbbVie's immunology portfolio. SKYRIZI continues to see substantial room for continued growth globally, having achieved market share leadership in over 30 countries. The company is preparing for the potential US approval of SKYRIZI's subcutaneous induction dosing option for Crohn's later this fall. QLIPTA's acute indication expansion in international markets supports the long-term outlook for oral CGRPs to collectively achieve more than $5 billion of peak sales. Tevapadone, a novel selective D1/D5 dopamine agonist for Parkinson's disease, is expected to receive US approval in the third quarter and achieve blockbuster sales this year, contributing to the Parkinson's portfolio's projected collective peak sales of more than $5 billion. Bowie is expected to meaningfully expand the toxin market in aesthetics. In oncology, tmAbA received breakthrough therapy designation for colorectal cancer, and plans are underway to advance it in ovarian cancer, with a focus on c Met selected patients for a highly distinctive and differentiated approach. Etansamig is being planned for a Phase 3 trial in newly diagnosed patients with relapsed-refractory light chain amyloidosis.	About CompetitionHUMIRA global sales were down 36.1% operationally due to biosimilar competition, which was in line with expectations. SKYRIZI continues to capture robust in-play share of new and switching patients in psoriasis at a rate impressively four times higher than any other biologic or oral treatment in the U.S. AbbVie does not expect a material impact to SKYRIZI's robust outlook in psoriasis from existing or new therapies, including the launch of Eiko, as most of ICO's share is sourced from other orals, and SKYRIZI's NBRx trends have actually grown since ICO's launch. Competitive dynamics in the IL-23 category for IBD remain in line with expectations. RINVOQ's profile is competitively positioned for both vitiligo and alopecia areata. IMBRUVICA sales were down 29.4% due to IRA pricing and competitive share pressure. In the aesthetics market, AbbVie, as the industry leader, continues to invest to support long-term growth despite headwinds. Tevapadone is highlighted as a 'very, very unique product' with 'nothing else like it in the marketplace' due to its selective D1/D5 agonist profile and low rates of side effects. For ADCs, AbbVie notes its existing market presence with Elahere, Amrelis, and Decnapaz, with Amrelis already gaining experience in second-line lung cancer. The company aims for differentiation with tmAbA through a biomarker-directed approach in oncology. Bretasilocin is differentiated by its short experience time, visual and rich experience (vs. intense/unpleasant for others), and antagonistic action at 5-HT2B, which avoids cardiovascular toxicity and could allow for chronic use. Regarding head-to-head studies against SKYRIZI, AbbVie observes that 'the data gap closes over time'.	About The Broader IndustryThe IBD market is experiencing robust growth, with the IL-23 category seeing very robust growth in both Crohn's disease and ulcerative colitis. The aesthetics market globally is facing 'continued headwinds in key dermal filler markets' and 'modest market growth globally' for Botox Cosmetic. AbbVie views the psoriasis market as 'market expanding' rather than a zero-sum game with new competitive launches. The immunology markets are described as 'amazingly resilient and very expansive once these technologies come in'. The company acknowledges that the ramp-up for tevapadone will be modest initially due to the timing of approval and the process for inclusion in Medicare formularies. The potential impact of GLP-1 usage on inflammation and pain in hidradenitis suppurativa (HS) was discussed, with AbbVie considering combining its amylin asset with lutikizumab. It is believed that approaching Alzheimer's disease will likely require a combination approach. In immunology, the business is described as 'volume driven', with 'low single digit concessions around rebates and price concessions as the standard' in payer negotiations.	Where Things Are HeadedAbbVie is raising its full-year revenue guidance by $300 million, bringing the total increase to $600 million since the start of the year. The planned acquisition of Apogee Therapeutics is expected to be a major growth driver for AbbVie over the long term, supporting performance in the 2030s and beyond. The company has ample financial capacity for more business development, focusing on early and late-stage opportunities in core disease areas. AbbVie's long-term outlook remains very strong, with outstanding execution across the business. The potential approval of SKYRIZI's subcutaneous induction dosing option for Crohn's disease later this fall is expected to drive a meaningful acceleration in sales, particularly in early 2027. US regulatory decisions for RINVOQ in vitiligo are anticipated later this year, and for alopecia areata early next year. The long-term outlook for oral CGRPs (including QLIPTA) is to collectively achieve more than $5 billion of peak sales. Tevapadone is expected to launch in Q3, contributing to the Parkinson's portfolio's projected peak sales of more than $5 billion. Phase 3 programs for the SKYRIZI combination trial in IBD are anticipated to kick off in the first half of 2028. In neuroscience, multiple new trials were initiated, including a Phase 2 study for Trenibot in essential tremor and a Phase 1b study for BBB-1.76 thousand in Alzheimer's disease, with Phase 2 studies for schizophrenia and psychosis programs expected in Q4. In oncology, tmAbA's Phase 3 trial in colorectal cancer is actively recruiting, with data from a Phase 2 study in second-line CRC expected later this year, and plans to advance it in ovarian cancer. Regulatory submission for etansamig in multiple myeloma could occur later this year if the Q3 interim analysis is positive, and a Phase 3 study in newly diagnosed patients for relapsed-refractory light chain amyloidosis is being planned. AbbVie looks forward to potentially bringing Bowie, the short-acting toxin, to the U.S. The company anticipates additional important data readouts, regulatory submissions, and approvals throughout the remainder of 2026. SKYRIZI's composition of matter patent expires in 2033, with later expiring IP in the mid-2030s and beyond, and regulatory data protection until 2031.	Updates On ThemeU.S.	Broader Themes EmergingBroader themes emerging include the advancement of therapeutic modalities such as antibody-drug conjugates (ADCs) with AbbVie's 'emerging ADC portfolio' and bispecific antibodies in immunology and oncology. The development of long-acting biologics, as seen with the Apogee Therapeutics acquisition, is also a key trend. In neuroscience, there's a focus on selective dopamine agonists like tevapadone, and novel approaches for Alzheimer's disease including blood-brain barrier crossing antibodies and siRNA platforms. The development of next-generation psychedelics, such as bretasilocin, for mental health conditions represents an emerging therapeutic area. The strategic integration and growing understanding of GLP-1 related therapies, including amylin analogs, are being explored for their impact across immunology, obesity, and indirectly, aesthetic demand. Additionally, the increasing use of biomarker-directed approaches in oncology for individualized patient care is a significant trend.	Bullish-Leaning Quotes (Short)AbbVie delivered another excellent quarter. With results once again exceeding our expectations. Based on this momentum, we are raising our full year revenue guidance by 300 million. This transaction is an excellent fit with our strategy to build and advance a compelling pipeline with new sources of growth. We have ample financial capacity for more business development. Our long term outlook remains very strong. SKYRIZI total sales were $5.5 billion up 24% on an operational basis once again exceeding our expectations. We do not expect a material impact to our robust outlook in psoriasis from existing or new therapies. RINVOQ, which is also performing above our expectations. Overall, we continue to demonstrate outstanding commercial execution. AbbVie continues to deliver outstanding performance and we are carrying significant momentum into the second half of 26. We do expect a meaningful acceleration for SKYRIZI because of this. We do have later expiring IP granted and in process that embodies SKYRIZI's significant innovation.	Bearish-Leaning Quotes (Short)HUMIRA global sales were $706 million down 36.1% on an operational basis, reflecting biosimilar competition and in line with our expectations. Juvederm global sales were $245 million down 6.6% operationally reflecting continued headwinds in key dermal filler markets. IMBRUVICA. Which was down 29.4% as expected. Due to IRA pricing and competitive share pressure. We do see that the ramp will be modest at first, and I will tell you why. it is not the profile of the medication. it is largely because based on the timing of the approval, we will not be immediately added into the Medicare formularies.	HiringAbbVie's recently expanded US derm field force will support the launches of RINVOQ in vitiligo and alopecia areata.

2026-02-04

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketAbbVie obtained several new product and indication approvals in 2025, including RINVOQ for GCA, EMERALIS for nonsquamous, non-small cell lung cancer, and Epkinle for second-line follicular lymphoma. Regulatory applications for RINVOQ in nonsegmental vitiligo were recently submitted, with an approval decision in the US anticipated in the fourth quarter, and for alopecia areata in Europe and Japan, with a US submission planned for the second quarter. The IBD market is robust with high single-digit growth, driven by increasing biologic penetration and rapidly expanding lines of therapy. Vialev is expected to achieve blockbuster status in 2026 as a transformational treatment for Parkinson's, and the Parkinson's franchise, including BioLeb, Duopa, and Tivapadon, is projected to achieve peak sales in excess of $5 billion. The migraine franchise is also expected to exceed $5 billion in peak sales. The aesthetics market is described as highly underpenetrated, with efforts to stimulate growth through new promotional programs and injector training. Trinibot e, a fast-acting short-duration toxin, is expected to be approved in the US later this year. Essential tremor is identified as the most common movement disorder with considerable need for effective therapies. Menstrual migraine is a distinct subtype affecting nearly 15% of women with migraine, with a clear need for more effective treatment. AbbVie is also developing ABBV 295, a long-acting amylin analog for obesity. The vitiligo opportunity for RINVOQ is sized at roughly just above half a billion at peak, noting it is the only systemic agent.	About CompetitionAbbVie faces headwinds from continued HUMIRA erosion and IMBRUVICA IRA pricing. HUMIRA global sales were down 26.1% operationally due to biosimilar competition, and access is expected to decrease further in 2026 as more plans move to exclusive biosimilar contracts. SKYRIZI's total prescription share in the US biologic psoriasis market is over 45% and accelerating, with in-play capture rates of new and switching patients exceeding 55%, four times higher than the next closest competitor. In PSA derm, SKYRIZI is capturing roughly one out of every four in-play patients on biologic across all lines of therapy in the US, differentiating it from emerging options where PSA efficacy is unproven. Despite in-class competition for most of 2025, SKYRIZI's capture rates in IBD remain impressive, especially in the frontline setting, where it has an in-play capture rate of approximately 75% overall for IBD and 80% in Crohn's disease. IMBRUVICA sales were down 20.8% due to continued competitive dynamics. The aesthetics market's category growth is anticipated to remain challenged in 2026 due to economic headwinds. AbbVie is confident in SKYRIZI's leadership in IBD despite growing competition, noting that it's not a zero-sum game with other IL-23s and anticipating a head-to-head study readout versus Entyvio. Regarding migraine, AbbVie asserts its leading position with UBRELVY in acute migraine and QLIPTA as the number one branded drug in episodic oral CGRP for prevention, making it difficult to reconcile competitor claims of high new prescriber share. For RINVOQ in vitiligo, AbbVie believes its strong efficacy and tolerability profile, along with growing familiarity in dermatology, will allow it to compete against potential IL-15 directed therapies. In obesity, AbbVie believes that a substantial number of patients will cycle off existing incretins due to tolerability issues, creating an opportunity for differentiated assets.	About The Broader IndustryThe IBD market is described as very robust with high single-digit growth, driven by increasing biologic penetration and rapidly expanding lines of therapy. The aesthetics market globally continues to be impacted by economic headwinds. AbbVie reached a voluntary agreement with the US government that aims to balance affordability and access while protecting the US innovation ecosystem. This agreement includes offering low prices in Medicaid, expanding direct-to-patient cash pay options for select products, and committing $100 billion in US R&D and capital investments over the next decade. Botox was selected for Medicare negotiation, which AbbVie found disappointing given its plasma-derived nature, but stated it was conservatively planned for and does not impact long-term growth guidance. The drug pricing deal with the US government provides exemption from tariffs and future pricing mandates, including avoidance of demonstration projects.	Where Things Are HeadedAbbVie is entering 2026 with substantial momentum and is well-positioned for another year of strong growth, anticipating total sales growth of 9.5%. The company expects to deliver high single-digit revenue growth through 2029. Key catalysts across core therapeutic areas are anticipated over the next 24 months, including pivotal data for three additional RINVOQ indications and initial data for the Crohn's combination platform with SKYRIZI in immunology. In neuroscience, key readouts are expected for next-generation assets 932, bretacelacin, and miraclodene. Oncology expects registrational data for etentamig and mid-to-late-stage readouts for tmAbA in several solid tumors. Vialev is expected to achieve blockbuster revenue in 2026, and the Parkinson's franchise, including BioLeb, Duopa, and Tivapadon, is projected to achieve peak sales in excess of $5 billion. The migraine franchise is also expected to exceed $5 billion in peak sales. Next-generation psychiatry assets (962, bradisilacin, emriclidine) are being developed to potentially replace the $5 billion peak of Vraylar at its LOE in 2030. The oncology ADC tmAbA has the potential to be a multibillion-dollar opportunity in CRC alone, with other solid tumors also under consideration. AbbVie has no significant LOEs until the next decade, providing capacity to invest in internal and external innovation. The company is focused on early-stage opportunities to drive growth in the middle part of the next decade, but is also willing to invest in differentiated late-stage assets in its core areas and obesity. The sales impact of Trinibot e is expected to largely accrue to Botox, with significant effects appearing towards the end of 2026 and heavily gating into 2027 and 2028. Phase one data for the long-acting amylin analog ABBV 295 in obesity will be available this year, guiding a phase two program expected to begin near the end of 2026.	Updates On ThemeHeavy	Broader Themes EmergingEmerging themes include advanced therapeutic modalities such as in vivo CAR T platforms in immunology and oncology, and siRNA platforms with applicability across immunology, neuroscience, and oncology. The development of next-generation psychedelics, specifically bradicilacin for depression, also represents an emerging therapeutic area.	Bullish-Leaning Quotes (Short)Our fourth quarter performance closes out another excellent year for AbbVie, and I am very pleased with the significant progress we made in 2025. We are entering 2026 with substantial momentum and remain well-positioned to deliver another year of strong growth. SKYRIZI and RINVOQ, with combined sales of more than $31 billion, already surpassing our 2027 long-term guidance by half a billion. Given the strong outlook of our diverse portfolio, we are well-positioned to deliver high single-digit revenue growth through 2029. Violet will already achieve our peak sales guidance this year. We have many opportunities to deliver upside to street long-term estimates. With no significant LOEs until the next decade, we have plenty of capacity to invest in both internal and external innovation to drive very strong long-term growth.	Bearish-Leaning Quotes (Short)Despite nearly $16 billion of US HUMIRA erosion since the LOE. Headwinds from continued HUMIRA erosion and IMBRUVICA IRA pricing. HUMIRA access will decrease further throughout 2026 as more plans move to exclusive biosimilar contracts. IMBRUVICA IRA price pricing will unfavorably impact our oncology portfolio growth in 2026. Economic headwinds have continued to impact market conditions globally, and we anticipate category growth will remain challenged in 2026. We're obviously disappointed that it was selected [Botox for Medicare negotiation] given that it's a plasma-derived product and should have been excluded. The competition is growing very rapidly. And it looks like it's inevitable. It will make an important impact on SKYRIZI.

Notes2 rows

Date	Comment	Comment Type	Comment Sentiment	Link	Price Reaction
2026-02-04	AbbVie reported strong Q4 2025 results, exceeding financial commitments, and issued robust 2026 guidance driven by key immunology and neuroscience assets. Despite this positive messaging and pipeline advancements, the stock underperformed the broader market post-earnings, reflecting investor concerns over ongoing HUMIRA erosion, aesthetics challenges, and competitive dynamics for growth drivers.	Earnings Transcript	Neutral		-0.99% (vs SPY: -1.15%)
2026-07-31	AbbVie's Q2 2026 results exceeded revenue and EPS estimates, driven by strong immunology (SKYRIZI, RINVOQ) and neuroscience growth, leading to raised revenue guidance. However, the market reacted negatively, with shares falling over 2.5% and underperforming SPY, due to a slightly lowered full-year EPS outlook reflecting dilution from the Apogee acquisition, contradicting the company's otherwise positive outlook.	Earnings Transcript	Negative		-2.51% (vs SPY: -4.66%)

Upcoming Events6 rows

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
ABBV_f4ed1dbb	later this fall	2026-09-01	2026-11-30	US regulatory approval decision for SKYRIZI subcutaneous induction dosing option in Crohn's disease.	This approval would provide a convenient subcutaneous induction option for Crohn's patients, supported by strong efficacy data, which is expected to accelerate SKYRIZI's capture rate in the IBD market.	Ticker	2026-07-31	earnings_transcript
ABBV_b765bcfd	third quarter	2026-07-01	2026-09-30	FDA approval decision for tevapadone, a novel selective D1/D5 dopamine agonist, for Parkinson's disease.	This approval would enable the launch of a new, highly effective treatment for motor symptoms in Parkinson's, contributing significantly to AbbVie's neuroscience portfolio and its projected $5 billion peak sales for the Parkinson's franchise.	Ticker	2026-07-31	earnings_transcript
ABBV_c5da1469	later this year	2026-10-01	2026-12-31	US regulatory approval decision for RINVOQ for the treatment of vitiligo.	This approval would mark RINVOQ as the first systemic treatment for vitiligo, significantly expanding its market potential and contributing to the anticipated combined peak sales of $2 billion for vitiligo and alopecia areata indications.	Ticker	2026-07-31	earnings_transcript
ABBV_ced91140	by Q3 or so	2026-07-01	2026-09-30	Data from two additional cohorts of a Phase 2 study evaluating bradicilacin in major depressive disorder (MDD).	This data will inform the development strategy and Phase 3 plans, with bradicilacin having the potential to be a groundbreaking new treatment in depression due to its strong efficacy and short-acting profile.	Ticker	2026-02-04	earnings_transcript
ABBV_800b4101	an approval decision is anticipated in the third quarter for tevapadon in Parkinson's disease.	2026-07-01	2026-09-30	US commercial approval decision for tevapadon in Parkinson's disease.	Approval would add a new, potentially multibillion-dollar asset to AbbVie's neuroscience portfolio, offering a new treatment option for Parkinson's disease.	Ticker	2026-02-04	earnings_transcript
ABBV_47f622ef	data from both trials expected in the second half of this year.	2026-07-01	2026-12-31	Data readout from Phase 3 studies evaluating QLIPTA and UBRELVY for menstrual migraine prevention.	Positive data could lead to label expansions for these leading migraine products, addressing a distinct and difficult-to-treat subtype of migraine and further driving sales.	Ticker	2026-02-04	earnings_transcript