AbbVie Inc.
ABBV · NYSE
Dec 2026
Next quarter
Expected to report Feb 3, 2027 — estimated from last year’s reporting date.
Consensus is $3.94 EPS for Dec 2026 across 2 estimates, ranging $3.86 to $4.01.
ABBV Sep 2026
- 2.14%
- $3.74
- $3.82
- —
- $17.40B
Reported results
- $17.40B
- 75.38%
- $6.27B
- 36.01%
- $4.22B
- $2.37
Highlights
- Quarterly beat: Adjusted diluted EPS of $3.82 topped the $3.74 consensus by 2.14% and was $0.07 above management’s guidance midpoint; revenue of $17.404 billion exceeded the company’s expectations by $200 million.
- Broad sales growth: Revenue rose 10.3% year over year, or 10.5% operationally, and 2.4% from Q2 FY2026’s $16.99 billion.
- Immunology leadership: Portfolio revenue increased 16.6% operationally to $9.165 billion as Skyrizi grew 22.9% to $5.776 billion and Rinvoq grew 24.3% to $2.706 billion; Humira fell 30.6% to $683 million.
- Neuroscience momentum: Revenue grew 19.5% operationally to $3.389 billion, led by Qulipta (+38.5% operationally), Ubrelvy (+26.9%) and Vyalev, which generated $286 million.
- GAAP earnings rebounded: GAAP diluted EPS was $2.37 versus $0.10 a year earlier, while adjusted EPS increased from $1.86 to $3.82; the year-ago comparison included $2.7 billion of acquired IPR&D and milestone expense.
- Outlook raised: AbbVie lifted 2026 adjusted EPS guidance to $13.95–$13.99 from $13.76–$13.96 and revenue guidance by $200 million to approximately $67.8 billion.
- Pipeline additions and data: AbbVie completed its Apogee acquisition; it also reported positive Phase 3 results for etentamig in multiple myeloma and Epkinly plus R-CHOP in frontline DLBCL, where progression or death risk fell 51%.
- Dividend increase: The quarterly dividend will rise 5.2%, from $1.73 to $1.82 per share, beginning with the payment in February 2027.
Analysis
AbbVie delivered a broad-based growth quarter, with adjusted diluted EPS of $3.82 beating the $3.74 consensus by 2.14% and coming in $0.07 above its own guidance midpoint. Revenue of $17.404 billion was up 10.3% year over year and 2.4% from Q2 FY2026. Adjusted EPS more than doubled from $1.86 a year earlier, while GAAP EPS rose to $2.37 from $0.10. The sharp GAAP and adjusted year-over-year comparisons partly reflect the prior-year quarter’s $2.7 billion acquired IPR&D and milestone charge; this quarter included a $216 million charge, an $0.11 per-share headwind to both EPS measures.
The defining driver was continued growth in the post-Humira immunology portfolio: Skyrizi and Rinvoq together generated $8.482 billion, offsetting Humira’s 30.6% operational decline. Neuroscience also grew strongly, up 19.5% operationally, while oncology was nearly flat and aesthetics declined. Management raised full-year revenue guidance by $200 million to about $67.8 billion and adjusted EPS guidance to $13.95–$13.99, despite including a $0.69 per-share year-to-date IPR&D impact. Alongside commercial execution, the quarter added pipeline breadth through the Apogee acquisition and positive late-stage oncology data.
Earnings and guidance
- Revenue: Third-quarter sales were $17.404 billion, up 10.3% reported and 10.5% operationally from $15.776 billion a year earlier; revenue increased from $16.99 billion in Q2.
- EPS: GAAP diluted EPS was $2.37 versus $0.10 in Q3 2025. Adjusted diluted EPS was $3.82 versus $1.86, including an $0.11 per-share acquired IPR&D and milestone expense in the current quarter. The prior-year quarter included $2.7 billion of the same expense category.
- Margins: Adjusted gross margin was 85.1% and adjusted operating margin was 48.7%; the latter included a 1.2-percentage-point impact from acquired IPR&D and milestone expense. GAAP operating margin was 36.0%.
- Full-year outlook: Adjusted EPS guidance rose to $13.95–$13.99 from $13.76–$13.96, including $0.69 per share of acquired IPR&D and milestone expense incurred through Q3. Revenue guidance increased by $200 million to about $67.8 billion. For Q4, AbbVie expects revenue of approximately $18.4 billion and adjusted EPS of $3.83–$3.87.
Immunology growth
- Portfolio: Immunology revenue grew 16.6% operationally to $9.165 billion. Skyrizi rose 22.9% to $5.776 billion and Rinvoq rose 24.3% to $2.706 billion; Humira declined 30.6% to $683 million amid biosimilar competition.
- Skyrizi opportunity: The FDA approved subcutaneous induction for Crohn’s disease. In the treatment-naive subgroup discussed on the call, week-16 results included 60% endoscopic response, 43% endoscopic remission and 74% clinical remission. Management expects access to build over the coming quarters and raised full-year Skyrizi sales guidance to $21.8 billion.
- Rinvoq: Management cited momentum in rheumatoid arthritis and IBD, with potential U.S. approvals in vitiligo and alopecia areata over the next several months. The two new indications are expected by the company to represent nearly $2 billion in peak sales.
Neuroscience expansion
- Portfolio growth: Neuroscience revenue increased 19.5% operationally to $3.389 billion. Vraylar generated $1.068 billion (+14.3%); Botox Therapeutic $1.080 billion (+9.8%); Ubrelvy $449 million (+26.9%); and Qulipta $398 million (+38.5% operationally).
- Parkinson’s: Vyalev generated $286 million, and management said it remained on track to exceed $1 billion in 2026 revenue. The FDA approved Juvmo, a selective D1/D5 receptor agonist; broader Medicare coverage is expected from 2028, so management anticipates a gradual launch.
- New indication potential: Qulipta met its primary and all eight ranked secondary endpoints in the Phase 3 LUNA study of menstrual migraine prevention. AbbVie expects to submit an application in Europe; Phase 3 results for Ubrelvy in menstrual migraine prevention are expected near year-end.
Oncology and aesthetics
- Oncology mix: Revenue grew 0.9% operationally to $1.696 billion. Venclexta rose 10.7% to $803 million and Elahere rose 31.2% operationally to $224 million, partly offsetting Imbruvica’s 26.1% decline to $522 million, which management attributed to IRA pricing and competitive pressure.
- Aesthetics: Revenue fell 1.8% operationally to $1.176 billion. Botox Cosmetic grew 4.1% operationally to $669 million, while Juvederm declined 11.8% to $222 million amid continued filler-market headwinds. Management noted signs of category stabilization.
Pipeline and acquisitions
- Apogee: AbbVie completed the acquisition, adding immunology assets including late-stage zumilokibart, an IL-13 antibody for atopic dermatitis, and APG273, a potential long-acting IL-13/TSLP combination for asthma. Phase 3 development of zumilokibart in atopic dermatitis is expected to start later this year.
- Etentamig: AbbVie submitted a U.S. application following positive Phase 3 CERVINO results in heavily pretreated multiple myeloma. The trial reported a 74% overall response rate and 60% progression-free survival measure versus investigator’s choice of standard therapies; management highlighted monthly dosing after one step-up dose.
- Epkinly: In frontline diffuse large B-cell lymphoma, the Phase 3 EPCORE DLBCL-2 trial showed a statistically significant progression-free-survival improvement with Epkinly plus R-CHOP, reducing the risk of progression or death by 51%. Regulatory submissions are anticipated next year.
- Immunology research: AbbVie reported positive Phase 3 topline results for lutikizumab in hidradenitis suppurativa, including a 31% HiSCR 75 response rate at week 16. Regulatory submissions are planned for the second half of 2027, following further extension data.
Capital returns
- Dividend: The board raised the quarterly dividend 5.2% to $1.82 per share, payable beginning February 16, 2027, to shareholders of record January 15.
- Cash generation: AbbVie reported $14 billion of free cash flow for the first nine months of 2026, including nearly $2.7 billion of Skyrizi royalty payments, and a September-end cash balance of $10.8 billion. After the Apogee transaction, it remained on track to reach a net leverage ratio of 2x within two to three years.
