AbbVie Inc Earnings - Q3 2026 Analysis & Highlights
AbbVie reported strong third-quarter 2026 revenue and earnings, with growth led by immunology and neuroscience, while discussing pipeline milestones, its increased dividend, market access and competition, and higher full-year guidance.
Key financial results
Third-quarter net revenue was $17.4 billion, with operational growth of 10.5% and a 0.2% unfavorable foreign-exchange impact.
Adjusted EPS was $3.82, $0.07 above the guidance midpoint; acquired IPR&D expense reduced EPS by $0.11.
Adjusted gross margin was 85.1% of sales, adjusted operating margin was 48.7%—including a 1.2 percentage-point unfavorable impact from acquired IPR&D—and adjusted net interest expense was $688 million.
Adjusted R&D and G&A expenses were 13.9% and 21.2% of sales, respectively, and the adjusted tax rate was 13.6%.
Business segment results
Immunology: Revenue approached $9.2 billion, up 16.6% operationally. Skyrizi sales were nearly $5.8 billion, up 22.9%, and Rinvoq sales were $2.7 billion, up 24.3%; Humira sales were $683 million, down 30.6%.
Neuroscience: Revenue was nearly $3.4 billion, up 19.5% operationally. Vraylar sales were nearly $1.1 billion, up 14.3%; Botox Therapeutic revenue was approximately $1.1 billion, up 9.8%; Ubrelvy sales were $449 million, up 26.9%; and Qulipta revenue was $398 million, up more than 38%.
Vyalev Parkinson’s therapy sales were $286 million, with double-digit growth; AbbVie remained on track to exceed $1 billion in revenue for the year.
Oncology: Revenue was $1.7 billion, up 0.9% operationally. Venclexta sales were $803 million, up 10.7%; Imbruvica sales declined 26.1% amid IRA pricing and competitive share pressure.
Aesthetics: Revenue was nearly $1.2 billion, down 1.8% operationally. Botox Cosmetic sales were $669 million, up 4.1%, while Juvederm sales were $222 million, down 11.8%.
Capital allocation
AbbVie increased its quarterly cash dividend 5.2% to $1.82 per share, beginning with the dividend payable in February 2027.
The company had $10.8 billion in cash at the end of September and generated approximately $14 billion of free cash flow in the first nine months of the year, including nearly $2.7 billion in Skyrizi royalty payments.
After completing the Apogee acquisition, AbbVie remained on track to reach a 2x net leverage ratio over the next two to three years; management also said the company has capacity for further business development.
Industry trends and dynamics
Management described strong demand across the portfolio: Skyrizi continued to gain new-patient starts in psoriasis and IBD, while Rinvoq showed strong momentum in RA and IBD.
AbbVie said access to the newly approved Skyrizi subcutaneous Crohn’s induction regimen would take roughly 60 days or somewhat longer to ramp, and expected share acceleration into the first part of the year and second quarter.
Management said the aesthetics category had been pressured by economic uncertainty and lower consumer confidence, but it was beginning to see signs of stability.
AbbVie described 340B program growth and concerns about program abuse, and said it was too early to assess the financial impact of participating in the rebate pilot.
Competitive landscape
Management said recent oral competition had not materially affected Skyrizi’s in-play psoriasis patient share; the product continued to capture roughly one out of every two new or switching patients.
In IBD, Skyrizi was capturing about half of new patient starts in the class; management said the subcutaneous induction data compared favorably with its own IV induction and could strengthen its position against other induction therapies.
AbbVie said Rinvoq was gaining in-play patient share in RA and IBD, while Humira continued to face biosimilar competition.
In oncology, Venclexta’s combination use with BTK inhibitors was described as a preferred fixed-duration CLL treatment globally; Imbruvica faced competitive share pressure.
Management emphasized Skyrizi’s efficacy, durability, convenient quarterly psoriasis dosing, long-term safety, and joint-protection data as competitive strengths.
AbbVie described Epkinly plus R-CHOP as a relatively simple approach using a familiar regimen, and said its Phase 3 study showed a 51% reduction in the risk of disease progression or death versus R-CHOP alone.
Macroeconomic environment
Management cited economic uncertainty and lower consumer confidence as factors that had pressured aesthetics demand over recent quarters.
Foreign exchange reduced third-quarter revenue growth by 0.2%; at current rates, AbbVie expected an approximately 0.5% favorable impact from foreign exchange on full-year sales growth.
Management said the IRA price for Vraylar would begin in 2027 and cited IRA pricing as one factor in Imbruvica’s sales decline.
AbbVie said a federal district court had ruled in its favor on whether Botox was eligible for IRA selection, but noted the government could appeal and that it did not expect a price to be published while the matter proceeded.
Growth opportunities and strategies
AbbVie completed its acquisition of Apogee Therapeutics, adding assets in dermatology, respiratory and related inflammatory diseases; the lead asset, zumilokibart, was expected to enter Phase 3 development in atopic dermatitis later in 2026.
The company began a Phase 2b program evaluating Skyrizi combinations with ABBV-382 and an anti-TL1A antibody in Crohn’s disease and ulcerative colitis, and said co-formulation work was underway in preparation for Phase 3 trials.
AbbVie reported positive Phase 3 results for etentamig in heavily pretreated multiple myeloma and Epkinly plus R-CHOP in frontline DLBCL; it anticipated regulatory decisions or submissions in 2027.
The company highlighted Parkinson’s therapies Vyalev, Duopa and Juvmo as a franchise expected to deliver more than $5 billion in peak sales.
Management said it was pursuing differentiated business-development opportunities, primarily bolt-on additions in immunology, neuroscience and oncology, while also looking to expand in obesity.
AbbVie was developing ABBV-295, a long-acting amylin analog; study results supported potentially every-other-week or monthly dosing, and Phase 1b and Phase 2 studies in obese patients were underway.
Financial Guidance and Outlook
AbbVie raised 2026 adjusted EPS guidance by $0.11 at the midpoint to $13.95–$13.99 and increased expected full-year net revenue by $200 million to approximately $67.8 billion.
Full-year sales outlooks were raised to $34.9 billion for immunology, $13 billion for neuroscience, and $6.6 billion for oncology; the aesthetics outlook remained $5 billion.
Product assumptions included Skyrizi revenue of $21.8 billion, Rinvoq revenue of $10.3 billion, Vraylar sales of $4.2 billion, Botox Therapeutic sales of $4.2 billion, and total oral CGRP sales of $3.1 billion.
The outlook also included Venclexta sales of $3.1 billion and Imbruvica sales of $2.1 billion.
AbbVie forecast full-year adjusted gross margin above 84%, adjusted R&D expense of approximately $9.8 billion, adjusted G&A expense of approximately $14.5 billion, and adjusted operating margin of approximately 46.7%.
For the fourth quarter, the company expected net revenue of approximately $18.4 billion and adjusted EPS of $3.83–$3.87.
Management said it would provide formal 2027 guidance on the fourth-quarter call and expected to deliver top-tier growth again the following year.
