AbbVie (NYSE:ABBV) executives said the company closed 2025 with record revenue and earnings above initial expectations, citing strong performance from its “ex-Humira growth platform,” continued momentum for Skyrizi and Rinvoq, and expanding contributions from neuroscience and other franchises.
On the company’s fourth-quarter 2025 earnings call, Chairman and CEO Rob Michael said AbbVie delivered full-year adjusted earnings per share of $10, which he noted was $0.54 above the initial guidance midpoint (excluding the impact of acquired IPR&D expense). Total net revenues were $61.2 billion, beating initial guidance by more than $2 billion, and the company posted 8.6% sales growth for the year, reaching a new all-time high despite what Michael described as nearly $16 billion of U.S. Humira erosion since loss of exclusivity.
Quarterly results and 2026 financial outlook
For 2026, AbbVie guided to adjusted EPS of $14.37 to $14.57, excluding any acquired IPR&D expense that could be incurred during the year. The company expects total net revenues of approximately $67 billion, representing 9.5% growth, with foreign exchange expected to be a roughly 0.8% favorable tailwind to sales growth at current rates.
Reents also provided product-level assumptions embedded in the 2026 outlook, including:
- Immunology sales of $34.5 billion, including Skyrizi $21.5 billion, Rinvoq $10.1 billion, and Humira $2.9 billion.
- Neuroscience sales of $12.5 billion, including Vraylar $4.0 billion, Botox Therapeutic $4.1 billion, total oral CGRP $2.9 billion, and Vyalev $1.0 billion.
- Oncology sales of $6.5 billion, including Imbruvica $2.2 billion (including the impact of lower IRA-related pricing), Venclexta $3.0 billion, and Elahere $850 million.
- Aesthetics sales of $5.0 billion, including Botox Cosmetic $2.7 billion and Juvéderm $950 million.
For the first quarter of 2026, AbbVie guided to net revenues of approximately $14.7 billion and adjusted EPS of $2.97 to $3.01, again excluding acquired IPR&D expense.
Immunology: Skyrizi and Rinvoq continue to expand
Chief Commercial Officer Jeff Stewart said fourth-quarter immunology revenue was approximately $8.6 billion. Skyrizi sales were $5.0 billion (31.9% operational growth) and Rinvoq sales were nearly $2.4 billion (28.6% operational growth). For the full year, the two drugs generated approximately $25.9 billion combined, an increase of more than $8 billion year over year, according to Stewart.
In psoriasis, Stewart said Skyrizi’s total prescription share in the U.S. biologic market is now more than 45%, with in-play capture rates exceeding 55% across lines of therapy. In inflammatory bowel disease, Stewart described the category as “very robust,” highlighting approximately $6.4 billion in 2025 global Skyrizi sales for IBD and saying Skyrizi maintains an in-play capture rate of about 75% in frontline IBD overall, including approximately 80% in Crohn’s disease frontline.
On the call, management acknowledged intensifying competition in IBD but emphasized stable new patient starts and pointed to additional catalysts, including a planned readout from a head-to-head study versus Entyvio and efforts to address subcutaneous induction dynamics in Crohn’s disease.
Humira revenue in the quarter was more than $1.2 billion, down 26.1% operationally. Stewart said AbbVie expects Humira access to decrease further through 2026 as more plans shift to exclusive biosimilar contracts.
Reents said AbbVie expects low single-digit pricing headwinds for Skyrizi and Rinvoq in 2026 and over the next few years. He added that 2025 had some unusual pricing dynamics, including pricing favorability in the first half and unfavorability in the second half, and noted an especially unfavorable pricing comparison for Rinvoq in the first quarter of 2026 tied to rebate timing.
Neuroscience, migraine, and Parkinson’s disease ramp
AbbVie’s neuroscience business posted more than $10.7 billion in 2025 revenue, with Stewart citing nearly $1.8 billion in absolute sales growth. Fourth-quarter neuroscience revenue was more than $2.9 billion, up 17.3% operationally. Stewart highlighted quarterly sales of $1.0 billion for Vraylar, $990 million for Botox Therapeutic, $339 million for Ubrelvy, and $288 million for Qulipta.
Management also emphasized Parkinson’s disease as an emerging growth driver. Stewart said Vyalev generated $183 million in fourth-quarter sales, up about 33% sequentially, and that AbbVie now expects Vyalev to reach blockbuster revenue in 2026. Reents’ 2026 outlook includes $1 billion in Vyalev sales.
In migraine, executives said AbbVie holds leading positions with Ubrelvy in acute treatment and Qulipta in episodic oral CGRP prevention, and they highlighted ongoing primary care reach. Roopal Thakkar, the company’s R&D chief, said AbbVie’s Phase III Eclipse trial evaluating Qulipta for acute treatment met primary and key secondary endpoints, with approval decisions in Europe and Japan expected later in 2026. She also said data from Phase III trials evaluating Qulipta and Ubrelvy for menstrual migraine prevention are expected in the second half of 2026.
Pipeline and business development priorities
Michael said AbbVie increased adjusted R&D expense by nearly $1 billion in 2025 to support 90 clinical programs. He also outlined several recent approvals, including Rinvoq for GCA, Emrelis in non-squamous non-small cell lung cancer, and Epkinly in second-line follicular lymphoma.
Management repeatedly emphasized external innovation. Michael said the company invested more than $5 billion in business development during 2025 and referenced additional deals over the past two years. Among transactions and assets discussed were an in vivo CAR-T platform in immunology (Capstan), a next-generation psychedelic program in depression (Bretisilocin), ISB 2001 for multiple myeloma, ABBV-295 in obesity, and a next-generation siRNA platform from ADARx. Michael also highlighted a transaction with RemeGen to add a PD-1/VEGF bispecific antibody as a potential combination partner with AbbVie’s antibody-drug conjugates in solid tumors.
In response to an analyst question, Thakkar provided additional context on Bretisilocin, describing it as a short-acting 5-HT2A therapy with rapid onset and durable effect in early data, with additional readouts expected around Q3 before Phase III planning.
In oncology R&D, Thakkar discussed progress on the c-Met ADC Temab-A and plans for a Phase III study in colorectal cancer, as well as ongoing development for ABBV-706 in small cell lung cancer and Etentamig in multiple myeloma, including a Phase III enrollment completion expected in the near term and an objective response rate readout anticipated in the second half of 2026.
Policy and other updates: government agreement, aesthetics, and Medicare selection
Michael said AbbVie signed a three-year voluntary agreement with the U.S. government that includes offering low prices in Medicaid, expanding direct-to-patient cash-pay options for select products, and committing $100 billion in U.S. R&D and capital investments over the next decade. Later in the Q&A, Michael said the agreement provides exemptions during the term from tariffs and pricing mandates including demonstration projects.
In aesthetics, Stewart said fourth-quarter revenue was nearly $1.3 billion, down 1.2% operationally, with Botox Cosmetic up 3.8% operationally to $717 million and Juvéderm down 10.8% to $249 million. Stewart said AbbVie expects category growth to remain challenged in 2026 amid economic headwinds and outlined efforts to stimulate demand, including promotional programs and additional injector training. He said AbbVie expects U.S. approval of Trenibot E, a fast-acting, short-duration toxin, later in 2026 and described market-expansion and conversion dynamics that the company believes would increasingly benefit Botox over time, particularly in 2027 and beyond.
Management also addressed Botox Therapeutic being selected for Medicare negotiation. Michael said AbbVie was “disappointed,” adding that the company had planned conservatively given CMS spend levels and that the selection does not change AbbVie’s long-term growth guidance. Executives said they did not expect a meaningful pricing interaction between therapeutic and cosmetic Botox, citing the cash-pay component of the cosmetic market.
About AbbVie (NYSE:ABBV)
AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.
AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.
