AbbVie (ABBV)
Market Price (8/6/2026): $246.15 | Market Cap: $435.4 BilInvestor Relations Sector: Health Care | Industry: Biotechnology
AbbVie (ABBV)
Market Price (8/6/2026): $246.15Market Cap: $435.4 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 34% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 20 Bil, FCF LTM is 18 Bil Attractive yieldDividend Yield is 2.8% Stock buyback supportStock Buyback 3Y Total is 4.2 Bil Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x, P/EPrice/Earnings or Price/(Net Income) is 69x Key risksABBV key risks include [1] the steep decline of Humira sales due to biosimilar competition, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 34% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 20 Bil, FCF LTM is 18 Bil |
| Attractive yieldDividend Yield is 2.8% |
| Stock buyback supportStock Buyback 3Y Total is 4.2 Bil |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x, P/EPrice/Earnings or Price/(Net Income) is 69x |
| Key risksABBV key risks include [1] the steep decline of Humira sales due to biosimilar competition, Show more. |
Qualitative Assessment
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AbbVie (ABBV) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Strong Second-Quarter 2026 Financial Performance.
AbbVie reported robust financial results for its second fiscal quarter, which ended June 30, 2026. The company's adjusted diluted earnings per share (EPS) reached $3.65, surpassing the consensus analyst estimate of $3.61 by $0.04. Additionally, quarterly revenue increased by 10.2% year-over-year, totaling $16.99 billion, exceeding analysts' expectations of $16.78 billion.
2. Continued Growth of Key Immunology and Neuroscience Assets.
The growth was largely fueled by AbbVie's immunology and neuroscience portfolios. Immunology revenues climbed to $8.79 billion, with Skyrizi contributing $5.51 billion (up 24%) and Rinvoq generating $2.53 billion in sales. The neuroscience segment also showed strong performance, with revenues reaching $3.23 billion, driven by Vraylar ($1.07 billion) and Botox Therapeutic ($1.04 billion).
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AbbVie (ABBV) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Strong Second-Quarter 2026 Financial Performance.
AbbVie reported robust financial results for its second fiscal quarter, which ended June 30, 2026. The company's adjusted diluted earnings per share (EPS) reached $3.65, surpassing the consensus analyst estimate of $3.61 by $0.04. Additionally, quarterly revenue increased by 10.2% year-over-year, totaling $16.99 billion, exceeding analysts' expectations of $16.78 billion.
2. Continued Growth of Key Immunology and Neuroscience Assets.
The growth was largely fueled by AbbVie's immunology and neuroscience portfolios. Immunology revenues climbed to $8.79 billion, with Skyrizi contributing $5.51 billion (up 24%) and Rinvoq generating $2.53 billion in sales. The neuroscience segment also showed strong performance, with revenues reaching $3.23 billion, driven by Vraylar ($1.07 billion) and Botox Therapeutic ($1.04 billion).
3. Strategic Acquisition of Apogee Therapeutics.
AbbVie announced a definitive agreement to acquire Apogee Therapeutics for approximately $10.9 billion in equity value. This acquisition is anticipated to bolster AbbVie's immunology leadership and pipeline, with Apogee's assets holding "mega-blockbuster peak sales potential." Although the acquisition is expected to result in a $0.14 per share dilution to AbbVie's 2026 adjusted diluted EPS (with the close anticipated in fiscal Q3 2026), the long-term strategic value and pipeline enhancement were viewed positively by the market.
4. Effective Management of Humira Biosimilar Impact.
Despite the ongoing impact of biosimilar competition on Humira, which saw global net revenues decline by 35.9% to $756 million in fiscal Q2 2026, AbbVie has successfully transitioned revenue generation to its next-generation immunology drugs, Skyrizi and Rinvoq. These products are projected to surpass Humira's peak sales by 2027. Furthermore, effective July 1, 2026, AbbVie began phasing out Humira from its patient assistance program, directing patients towards biosimilars or other AbbVie treatments, indicating a strategic and managed transition.
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Stock Movement Drivers
Fundamental Drivers
The 17.3% change in ABBV stock from 4/30/2026 to 8/5/2026 was primarily driven by a 41.8% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 209.83 | 246.20 | 17.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 61,160 | 64,386 | 5.3% |
| Net Income Margin (%) | 6.9% | 9.8% | 41.8% |
| P/E Multiple | 87.8 | 69.0 | -21.4% |
| Shares Outstanding (Mil) | 1,769 | 1,769 | 0.0% |
| Cumulative Contribution | 17.3% |
Market Drivers
4/30/2026 to 8/5/2026| Return | Correlation | |
|---|---|---|
| ABBV | 17.3% | |
| Market (SPY) | 7.1% | -36.1% |
| Sector (XLV) | 12.4% | 73.8% |
Fundamental Drivers
The 12.1% change in ABBV stock from 1/31/2026 to 8/5/2026 was primarily driven by a 144.8% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 219.61 | 246.20 | 12.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 59,644 | 64,386 | 8.0% |
| Net Income Margin (%) | 4.0% | 9.8% | 144.8% |
| P/E Multiple | 162.7 | 69.0 | -57.6% |
| Shares Outstanding (Mil) | 1,769 | 1,769 | 0.0% |
| Cumulative Contribution | 12.1% |
Market Drivers
1/31/2026 to 8/5/2026| Return | Correlation | |
|---|---|---|
| ABBV | 12.1% | |
| Market (SPY) | 11.5% | -7.9% |
| Sector (XLV) | 6.5% | 62.6% |
Fundamental Drivers
The 34.3% change in ABBV stock from 7/31/2025 to 8/5/2026 was primarily driven by a 34.0% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 183.33 | 246.20 | 34.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57,367 | 64,386 | 12.2% |
| Net Income Margin (%) | 7.3% | 9.8% | 34.0% |
| P/E Multiple | 77.3 | 69.0 | -10.7% |
| Shares Outstanding (Mil) | 1,768 | 1,769 | -0.1% |
| Cumulative Contribution | 34.3% |
Market Drivers
7/31/2025 to 8/5/2026| Return | Correlation | |
|---|---|---|
| ABBV | 34.3% | |
| Market (SPY) | 22.8% | -5.1% |
| Sector (XLV) | 27.5% | 61.1% |
Fundamental Drivers
The 82.6% change in ABBV stock from 7/31/2023 to 8/5/2026 was primarily driven by a 119.3% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 134.86 | 246.20 | 82.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 56,741 | 64,386 | 13.5% |
| Net Income Margin (%) | 13.4% | 9.8% | -26.7% |
| P/E Multiple | 31.5 | 69.0 | 119.3% |
| Shares Outstanding (Mil) | 1,770 | 1,769 | 0.1% |
| Cumulative Contribution | 82.6% |
Market Drivers
7/31/2023 to 8/5/2026| Return | Correlation | |
|---|---|---|
| ABBV | 82.6% | |
| Market (SPY) | 74.1% | 17.1% |
| Sector (XLV) | 28.1% | 60.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ABBV Return | 32% | 24% | -0% | 19% | 33% | 9% | 183% |
| Peers Return | 30% | 20% | -3% | 7% | 20% | 17% | 127% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| ABBV Win Rate | 75% | 67% | 50% | 67% | 67% | 50% | |
| Peers Win Rate | 55% | 63% | 38% | 47% | 58% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ABBV Max Drawdown | -12% | -22% | -20% | -19% | -21% | -16% | |
| Peers Max Drawdown | -18% | -16% | -25% | -22% | -24% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JNJ, PFE, MRK, BMY, LLY. See ABBV Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/5/2026 (YTD)
How Low Can It Go
| Event | ABBV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -13.0% | -18.8% |
| % Gain to Breakeven | 14.9% | 23.1% |
| Time to Breakeven | 11 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.0% | -6.7% |
| % Gain to Breakeven | 15.0% | 7.1% |
| Time to Breakeven | 30 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.5% | -33.7% |
| % Gain to Breakeven | 46.0% | 50.9% |
| Time to Breakeven | 59 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.0% | -19.2% |
| % Gain to Breakeven | 22.0% | 23.8% |
| Time to Breakeven | 412 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.3% | -3.7% |
| % Gain to Breakeven | 14.1% | 3.9% |
| Time to Breakeven | 10 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -29.8% | -12.2% |
| % Gain to Breakeven | 42.4% | 13.9% |
| Time to Breakeven | 284 days | 62 days |
In The Past
AbbVie's stock fell -13.0% during the 2025 US Tariff Shock. Such a loss loss requires a 14.9% gain to breakeven.
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| Event | ABBV | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -31.5% | -33.7% |
| % Gain to Breakeven | 46.0% | 50.9% |
| Time to Breakeven | 59 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -29.8% | -12.2% |
| % Gain to Breakeven | 42.4% | 13.9% |
| Time to Breakeven | 284 days | 62 days |
In The Past
AbbVie's stock fell -13.0% during the 2025 US Tariff Shock. Such a loss loss requires a 14.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About AbbVie (ABBV)
AbbVie Inc. is a global biopharmaceutical company dedicated to the discovery, development, manufacturing, and sale of advanced pharmaceutical products. The company focuses on addressing complex and serious health conditions through innovative therapies, operating across multiple therapeutic areas worldwide.
Its extensive product portfolio includes leading treatments in immunology, such as HUMIRA, SKYRIZI, and RINVOQ for autoimmune and inflammatory diseases like psoriasis and rheumatoid arthritis. In oncology, key products like IMBRUVICA and VENCLEXTA target various blood cancers. AbbVie also offers significant therapies for neuroscience (e.g., Ubrelvy for migraines, Duopa/Duodopa for Parkinson's disease), eye care (e.g., Lumigan/Ganfort, Alphagan for glaucoma, Restasis for dry eye), and virology (MAVYRET for hepatitis C). Other notable products include CREON for pancreatic insufficiency, Synthroid for hypothyroidism, and Lupron for conditions like prostate cancer and endometriosis.
AbbVie serves a diverse global market, providing its specialized medicines to patients through healthcare providers, hospitals, clinics, and pharmacies across numerous countries. Its primary customers are patients worldwide suffering from chronic and severe diseases, with therapies prescribed by a broad range of medical specialists including rheumatologists, oncologists, neurologists, and ophthalmologists, underscoring its focus on specialized and high-impact medical needs.
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Like a diversified pharmaceutical giant, similar to Pfizer.
Like Johnson & Johnson, but purely focused on prescription drugs.
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- HUMIRA: A therapy administered as an injection for autoimmune and intestinal Behçet's diseases.
- SKYRIZI: Treats moderate to severe plaque psoriasis in adults.
- RINVOQ: A JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis.
- IMBRUVICA: Treats adult patients with chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL).
- VENCLEXTA: A BCL-2 inhibitor used to treat adults with CLL or SLL.
- MAVYRET: Treats patients with chronic HCV genotype 1-6 infection.
- CREON: A pancreatic enzyme therapy for exocrine pancreatic insufficiency.
- Synthroid: Used in the treatment of hypothyroidism.
- Linzess/Constella: Treats irritable bowel syndrome with constipation and chronic idiopathic constipation.
- Lupron: Used for advanced prostate cancer, endometriosis, central precocious puberty, and anemia caused by uterine fibroids.
- Botox therapeutic: A therapeutic product with various medical applications.
- ORILISSA: A nonpeptide small molecule gonadotropin-releasing hormone antagonist for women with moderate to severe endometriosis pain.
- Duopa and Duodopa: A levodopa-carbidopa intestinal gel to treat Parkinson's disease.
- Lumigan/Ganfort: Reduces elevated intraocular pressure in patients with open angle glaucoma or ocular hypertension.
- Ubrelvy: Treats migraine with or without aura in adults.
- Alphagan/Combigan: An alpha-adrenergic receptor agonist for the reduction of intraocular pressure in patients with open angle glaucoma.
- Restasis: A calcineurin inhibitor immunosuppressant to increase tear production.
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AbbVie (ABBV) primarily sells its pharmaceutical products to other companies within the healthcare supply chain, rather than directly to individuals. Its major customers are pharmaceutical wholesalers and distributors, who then supply the drugs to pharmacies, hospitals, and other healthcare providers.
The principal customer companies are:
- AmerisourceBergen Corporation (NYSE: ABC)
- Cardinal Health, Inc. (NYSE: CAH)
- McKesson Corporation (NYSE: MCK)
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Robert A. Michael, Chairman of the Board and Chief Executive Officer
Robert A. Michael was appointed Chief Executive Officer in 2024 and will assume the additional role of Chairman of the Board effective July 1, 2025. He has more than 30 years of experience, including leadership roles across pharmaceuticals, aesthetics, diagnostics, diabetes care, and nutrition. Prior to becoming CEO, Mr. Michael served as President and Chief Operating Officer of AbbVie. His previous roles at AbbVie also include Vice Chairman and President (2022), Vice Chairman, Finance and Commercial Operations (2021), and Chief Financial Officer (2018). Mr. Michael began his career with Abbott as a member of the financial development program and has been integral to AbbVie's success since its inception, including establishing its first financial planning organization and developing its diversified business strategy. Information regarding founding or managing other companies, selling companies they were previously involved with to an acquirer, or a pattern of managing companies backed by private equity firms is not available.
Scott T. Reents, Executive Vice President, Chief Financial Officer
Scott T. Reents was appointed Senior Vice President, Chief Financial Officer, effective June 23, 2022. He is responsible for the company's global financial operations. Mr. Reents joined Abbott in 2008 and has been with AbbVie since its separation in 2013. Prior to his current role, he served as Vice President, Tax and Treasury (2019-2022) and Vice President, Tax (2013-2019). Before joining Abbott, Mr. Reents worked in finance organizations at Pfizer and Pharmacia, and began his career at Deloitte. Information regarding founding or managing other companies, selling companies they were previously involved with to an acquirer, or a pattern of managing companies backed by private equity firms is not available.
Jeffrey R. Stewart, Executive Vice President, Chief Commercial Officer
Jeffrey R. Stewart serves as Executive Vice President, Chief Commercial Officer, a position he has held since his appointment in 2018. He leads the global commercial organization for AbbVie. Mr. Stewart joined Abbott in 1992 as part of TAP, a former U.S. joint venture with Takeda Chemical Industries. He held various leadership positions in Abbott's U.S. and international pharmaceutical businesses, including Divisional Vice President, Immunology; Divisional Vice President, Primary Care; General Manager, Virology; and General Manager, United Kingdom. Prior to AbbVie's separation from Abbott in 2013, he was Vice President, Abbott Proprietary Pharmaceutical Division, United States.
Azita Saleki-Gerhardt, Ph.D., Executive Vice President, Chief Operations Officer
Dr. Azita Saleki-Gerhardt is Executive Vice President, Chief Operations Officer, responsible for leading a global team in supply and distribution of all AbbVie products, as well as several enterprise services. She joined Abbott in 1993 as a research scientist and held key leadership positions in science and technology and quality assurance. In 2011, she became President, Global Pharmaceutical Operations at Abbott. Following AbbVie's spin-off from Abbott in 2013, Dr. Saleki-Gerhardt was appointed to lead Operations at AbbVie. She has significant experience in complex acquisitions and leading large international business operations.
Roopal Thakkar, M.D., Executive Vice President, Research & Development, Chief Scientific Officer
Dr. Roopal Thakkar was appointed Executive Vice President, Research & Development and Chief Scientific Officer in July 2024. He leads AbbVie's global R&D organization, which includes over 14,000 team members across all phases of discovery and development. A physician by training, Dr. Thakkar joined Abbott/AbbVie in 2003 and has held various positions in clinical development and regulatory affairs. His previous roles include Senior Vice President and Chief Medical Officer for Global Therapeutics, where he led strategic acquisitions and clinical development programs across multiple therapeutic areas.
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Key Risks to AbbVie (ABBV)
- Humira Biosimilar Erosion: The most significant risk to AbbVie's business is the ongoing and substantial decline in sales of its blockbuster drug, Humira, due to biosimilar competition. Humira's U.S. patent exclusivity ended in 2023, leading to multiple biosimilar launches. The company has experienced significant revenue decreases for Humira, with sales falling by nearly 50% in the first quarter of 2025 and 40% year-over-year in the first three months of 2024 in the U.S.. This "patent cliff" creates considerable margin pressure and necessitates a successful transition to next-generation immunology drugs like Skyrizi and Rinvoq to offset the revenue loss.
- Pipeline Challenges and Long-Term Growth Sustainability: While AbbVie's newer immunology drugs, Skyrizi and Rinvoq, are performing well and are expected to largely replace Humira's revenue, there are concerns about the perceived "lighter" late-stage pipeline compared to its biopharma peers. Many pipeline projects are focused on label expansions rather than entirely new drug approvals, raising questions about the company's ability to sustain long-term growth and find future blockbuster drugs beyond its current immunology and neuroscience portfolios.
- Regulatory and Pricing Pressures: AbbVie faces ongoing threats from evolving regulatory landscapes and market pressures, particularly concerning drug pricing. Cost-containment efforts by governments and private organizations, coupled with potential changes in healthcare policy, such as the Inflation Reduction Act in the U.S., could significantly impact the company's pricing power and revenue streams for its pharmaceutical products.
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The entry of biosimilar versions of HUMIRA in the U.S. market represents a clear emerging threat to AbbVie's revenue and market share for its flagship product.
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AbbVie (symbol: ABBV) operates in diverse pharmaceutical markets with several key products. The addressable market sizes for its main products or the therapeutic areas they target are detailed below:
- HUMIRA (adalimumab): Used for autoimmune and intestinal Behçet's diseases. The global Humira market size was valued at approximately USD 9.10 billion in 2024. However, due to patent expirations and the entry of biosimilars, the market for branded Humira is projected to decline to about USD 4.11 billion by 2030, with a CAGR of -11.29% from 2025 to 2030. The broader global autoimmune disease therapeutics market was valued at USD 168.6 billion in 2025 and is forecast to reach USD 226.2 billion by 2035. The global autoimmune disease diagnostics market, which indicates the scale of diagnosed patients, was estimated at USD 6.07 billion in 2025 and is projected to reach USD 9.58 billion by 2033.
- SKYRIZI: Treats moderate to severe plaque psoriasis in adults. The global psoriasis treatment market was estimated at USD 28.1 billion in 2024 and is expected to grow to USD 68.4 billion by 2034. Another source indicates the global psoriasis market size was valued at USD 31.68 billion in 2024 and is projected to reach USD 64.06 billion by 2032. North America accounted for the largest revenue share in the psoriasis treatment market in 2025.
- RINVOQ: A JAK inhibitor for moderate to severe active rheumatoid arthritis. The global rheumatoid arthritis therapeutics market size was estimated at USD 25.76 billion in 2024 and is projected to reach USD 41.42 billion by 2033. Another estimate valued the global rheumatoid arthritis drugs market at USD 60 billion, based on a five-year historical analysis. North America dominated the rheumatoid arthritis therapeutics market with the largest revenue share of 52.21% in 2024.
- IMBRUVICA / VENCLEXTA: These are used for conditions like chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL). Market sizes specific to these individual products or their direct addressable markets (CLL/SLL treatment market) were not explicitly found in the search results.
- MAVYRET: Treats chronic HCV genotype 1-6 infection. The global hepatitis C market size accounted for USD 7.95 billion in 2024 and is anticipated to reach around USD 10.62 billion by 2034. Another report valued the global hepatitis C market at USD 18.0 billion in 2023, expecting it to reach USD 47.1 billion by 2034. North America led the global market with the highest market share in 2024.
- CREON: A pancreatic enzyme therapy for exocrine pancreatic insufficiency (EPI). The global exocrine pancreatic insufficiency market size was valued at USD 3.2 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2030. Another source states the global exocrine pancreatic insufficiency therapeutics market size was USD 2.55 billion in 2026 and is projected to reach USD 3.51 billion by 2034. North America dominated the market in 2023.
- Synthroid: Used in the treatment of hypothyroidism. Market size information for Synthroid or the hypothyroidism treatment market was not explicitly found in the search results.
- Linzess/Constella: Treats irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC). Market size information for these products or their specific addressable markets was not explicitly found in the search results.
- Lupron: For the palliative treatment of advanced prostate cancer, endometriosis and central precocious puberty, and patients with anemia caused by uterine fibroids. Market size information specific to Lupron or its diverse indications was not explicitly found in the search results.
- Botox therapeutic: The global botulinum toxin market, which includes therapeutic applications, was estimated at USD 13.2 billion in 2025 and is projected to reach USD 27.9 billion by 2033. Therapeutic applications held approximately 60% of the global market share in 2023. North America leads the global market, holding over 46.9% of the revenue share in 2023. The global therapeutic neurotoxin market size was valued at USD 6.34 billion in 2025 and is projected to reach USD 13.39 billion by 2034.
- ORILISSA: A nonpeptide small molecule gonadotropin-releasing hormone antagonist for women with moderate to severe endometriosis pain. Market size information specific to Orilissa or the endometriosis pain market was not explicitly found in the search results.
- Duopa and Duodopa: Levodopa-carbidopa intestinal gel to treat Parkinson's disease. The global Parkinson's disease treatment market size was estimated at USD 5.65 billion in 2024 and is expected to reach USD 7.58 billion by 2030. Another source states the global Parkinson's disease drugs market size is likely to be valued at US$ 7.6 billion in 2025 and is estimated to reach US$ 13.3 billion in 2032. North America Parkinson's Disease Drugs Market is anticipated to account for approximately 45.6% of the share in 2025.
- Lumigan/Ganfort / Alphagan/Combigan: These ophthalmic solutions are for the reduction of elevated intraocular pressure (IOP) in patients with open angle glaucoma (OAG) or ocular hypertension. Market size information for these specific products or the glaucoma/ocular hypertension market was not explicitly found in the search results.
- Ubrelvy: Treats migraine with or without aura in adults. The global migraine market size was valued at USD 3.95 billion in 2024 and is projected to reach USD 5.45 billion by 2032. Another estimate for the global migraine market size is expected to be worth around US$ 6.95 billion in 2024 and projected to reach US$ 18.86 billion by 2034. North America led the migraine market in 2024, achieving over 42.5% share. The migraine market across the seven major markets (7MM: US, France, Germany, Italy, Spain, UK, and Japan) is poised to grow from $9.2 billion in 2023 to $16.4 billion in 2033.
- Restasis: A calcineurin inhibitor immunosuppressant to increase tear production (for dry eye). The global dry eye disease market size was estimated to be valued at USD 7.33 billion in 2024 and is expected to surpass USD 13.26 billion by 2031. Other estimates for the global dry eye syndrome treatment market size include USD 6.29 billion in 2024, projected to reach USD 9.20 billion by 2030, and USD 5.0 billion in 2024, expected to reach USD 8.0 billion by 2033. North America currently dominates the market, holding a significant market share of over 55.0% in 2024.
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AbbVie (ABBV) anticipates several key drivers for future revenue growth over the next two to three years, building upon its diversified portfolio and pipeline investments.
Here are 5 expected drivers of AbbVie's future revenue growth:
- Strong Performance of Immunology Drugs (Skyrizi and Rinvoq): AbbVie expects its next-generation immunology drugs, Skyrizi and Rinvoq, to be the primary growth engines, significantly offsetting the impact of Humira's biosimilar erosion. These drugs are approved for major indications previously covered by Humira, as well as new areas like atopic dermatitis and inflammatory bowel disease. The combined sales of Skyrizi and Rinvoq are projected to exceed $31 billion in 2026, surpassing earlier long-term guidance.
- Growth in the Neuroscience Franchise: The neuroscience portfolio is poised for substantial expansion, with key products such as Vraylar, Botox Therapeutic, and the recently launched Vyalev. Vyalev is expected to achieve blockbuster status in 2026, contributing to the neuroscience franchise's anticipated global sales of $12.5 billion in the same year. Oral CGRP inhibitors like Ubrelvy and Qulipta, used for migraine treatment, are also forecast to surpass $5 billion in peak sales.
- Expansion and Development in Oncology: Despite near-term challenges for Imbruvica due to pricing changes from the Inflation Reduction Act, AbbVie is actively strengthening its oncology segment. The company's portfolio includes newer assets like Epkinly and Elahere, and it continues to invest in strategic acquisitions and pipeline developments, including bispecific antibodies and antibody-drug conjugates (ADCs). These efforts are expected to contribute multi-billion incremental revenue to the oncology franchise between 2026 and 2028.
- Rebound in the Aesthetics Business: The aesthetics segment, notably driven by products such as Botox, is anticipated to experience a rebound in sales. Management expects high single-digit growth for Botox Therapeutic sales in 2026, contributing positively to the company's overall revenue.
- Strategic Acquisitions and Robust Pipeline Investment: AbbVie's ongoing commitment to research and development (R&D) and opportunistic strategic acquisitions are crucial for long-term growth and diversification. The company has invested significantly in new business development, including platforms for CAR T therapy, next-generation psychedelics, novel trispecific antibodies, and treatments for obesity, ensuring a robust pipeline that extends growth beyond existing assets.
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Share Repurchases
- AbbVie repurchased $1.6 billion in shares in 2023, $1.1 billion in 2022, and $1.3 billion in 2024.
- On February 16, 2023, AbbVie's board of directors authorized a $5.0 billion increase to the existing stock repurchase authorization, bringing the total authorization to $20.0 billion.
- The remaining stock repurchase authorization was $3.5 billion as of December 31, 2024.
Share Issuance
- AbbVie's shares outstanding were 1.773 billion in 2024, showing a 0% decline from 2023.
- The number of shares outstanding was 1,765,537 thousand in 2023, 1,767,880 thousand in 2022, and 1,767,880 thousand in 2021.
Outbound Investments
- AbbVie acquired ImmunoGen for $10.1 billion in February 2024 (agreement in November 2023) to strengthen its oncology portfolio and accelerate its entry into the ovarian cancer treatment market.
- The company acquired Cerevel Therapeutics for $8.7 billion in August 2024 (agreement in December 2023) to significantly strengthen its neuroscience pipeline.
- AbbVie acquired Capstan Therapeutics for approximately $2.1 billion in July 2025, adding a potential first-in-class in vivo tLNP anti-CD19 CAR-T therapy to its immunology pipeline and Capstan's proprietary tLNP platform technology.
Capital Expenditures
- AbbVie's capital expenditures were $1.214 billion in 2025, $974 million in 2024, $777 million in 2023, $695 million in 2022, and $787 million in 2021.
- The company made a significant investment in U.S. manufacturing capabilities.
- AbbVie announced in January 2026 a deal with the Trump administration to invest $100 billion in its U.S. operations over the next 10 years.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 187.26 |
| Mkt Cap | 376.4 |
| Rev LTM | 65,077 |
| Op Inc LTM | 19,434 |
| FCF LTM | 12,778 |
| FCF 3Y Avg | 13,526 |
| CFO LTM | 18,698 |
| CFO 3Y Avg | 16,062 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.6% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | 6.2% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 30.2% |
| Op Inc Chg 3Y Avg | 44.9% |
| Op Mgn LTM | 27.5% |
| Op Mgn 3Y Avg | 23.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 27.7% |
| CFO/Rev 3Y Avg | 27.7% |
| FCF/Rev LTM | 22.1% |
| FCF/Rev 3Y Avg | 21.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 376.4 |
| P/S | 5.6 |
| P/Op Inc | 21.8 |
| P/EBIT | 23.9 |
| P/E | 34.7 |
| P/CFO | 20.0 |
| Total Yield | 5.4% |
| Dividend Yield | 2.7% |
| FCF Yield 3Y Avg | 5.3% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.3% |
| 3M Rtn | 14.6% |
| 6M Rtn | 10.6% |
| 12M Rtn | 49.6% |
| 3Y Rtn | 50.2% |
| 1M Excs Rtn | -4.4% |
| 3M Excs Rtn | 8.2% |
| 6M Excs Rtn | 0.4% |
| 12M Excs Rtn | 28.0% |
| 3Y Excs Rtn | -18.4% |
Comparison Analyses
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA217906 | EMBLAVEO | avibactam sodium | powder | 2072025 | -2.3% | 5.8% | 21.2% | 35.6% | 35.6% |
| NDA216962 | VYALEV | foscarbidopa | solution | 10162024 | -9.2% | -8.2% | 23.3% | 36.9% | 36.9% |
| NDA218347 | RINVOQ LQ | upadacitinib | solution | 4262024 | 17.1% | 19.7% | 20.8% | 33.2% | 66.2% |
| NDA214028 | VUITY | pilocarpine hydrochloride | solution/drops | 10282021 | 25.3% | 45.2% | 39.8% | 36.9% | 166.5% |
| NDA215206 | QULIPTA | atogepant | tablet | 9282021 | 26.7% | 54.5% | 40.2% | 53.6% | 175.6% |
| NDA215110 | MAVYRET | glecaprevir | pellets | 6102021 | -6.7% | 9.3% | 28.5% | 28.8% | 157.3% |
| NDA213388 | ORIAHNN (COPACKAGED) | elagolix sodium,estradiol,norethindrone acetate | capsule | 5292020 | 2.9% | 16.1% | 28.3% | 77.3% | 239.1% |
| NDA211911 | DURYSTA | bimatoprost | implant | 3042020 | 0.5% | 5.2% | 21.3% | 80.9% | 247.6% |
| NDA211765 | UBRELVY | ubrogepant | tablet | 12232019 | -27.6% | 10.9% | 20.2% | 61.8% | 258.1% |
| NDA211675 | RINVOQ | upadacitinib | tablet, extended release | 8162019 | 39.6% | 50.1% | 55.9% | 100.4% | 409.0% |
| ... | |||||||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA217906 | EMBLAVEO | avibactam sodium | powder | 2072025 | -2.3% | 5.8% | 21.2% | 35.6% | 35.6% |
| NDA216962 | VYALEV | foscarbidopa | solution | 10162024 | -9.2% | -8.2% | 23.3% | 36.9% | 36.9% |
| NDA218347 | RINVOQ LQ | upadacitinib | solution | 4262024 | 17.1% | 19.7% | 20.8% | 33.2% | 66.2% |
| NDA214028 | VUITY | pilocarpine hydrochloride | solution/drops | 10282021 | 25.3% | 45.2% | 39.8% | 36.9% | 166.5% |
| NDA215206 | QULIPTA | atogepant | tablet | 9282021 | 26.7% | 54.5% | 40.2% | 53.6% | 175.6% |
| NDA215110 | MAVYRET | glecaprevir | pellets | 6102021 | -6.7% | 9.3% | 28.5% | 28.8% | 157.3% |
| NDA213388 | ORIAHNN (COPACKAGED) | elagolix sodium,estradiol,norethindrone acetate | capsule | 5292020 | 2.9% | 16.1% | 28.3% | 77.3% | 239.1% |
| NDA211911 | DURYSTA | bimatoprost | implant | 3042020 | 0.5% | 5.2% | 21.3% | 80.9% | 247.6% |
| NDA211765 | UBRELVY | ubrogepant | tablet | 12232019 | -27.6% | 10.9% | 20.2% | 61.8% | 258.1% |
| NDA211675 | RINVOQ | upadacitinib | tablet, extended release | 8162019 | 39.6% | 50.1% | 55.9% | 100.4% | 409.0% |
| NDA210450 | ORILISSA | elagolix sodium | tablet | 7232018 | -4.7% | 2.4% | -20.3% | 21.5% | 286.1% |
| NDA209394 | MAVYRET | glecaprevir | tablet | 8032017 | 29.1% | 66.2% | 40.8% | 0.3% | 403.3% |
| NDA209512 | NORVIR | ritonavir | powder | 6072017 | 13.1% | 39.5% | 49.4% | 21.9% | 424.4% |
| NDA208624 | VIEKIRA XR | dasabuvir sodium | tablet, extended release | 7222016 | -3.6% | -2.3% | 21.5% | 49.8% | 481.6% |
| NDA206302 | BYVALSON | nebivolol hydrochloride | tablet | 6032016 | -0.5% | -6.9% | 7.5% | 62.0% | 476.0% |
| NDA208573 | VENCLEXTA | venetoclax | tablet | 4112016 | 11.1% | 10.2% | 15.0% | 71.8% | 546.1% |
| NDA204370 | VRAYLAR | cariprazine hydrochloride | capsule | 9172015 | -4.9% | -5.8% | 9.8% | 57.5% | 544.0% |
| NDA207931 | TECHNIVIE | ombitasvir | tablet | 7242015 | -25.4% | -11.9% | -2.6% | 18.3% | 466.2% |
| NDA206940 | VIBERZI | eluxadoline | tablet | 5272015 | -5.6% | -9.0% | -4.7% | 5.6% | 476.4% |
| NDA206333 | KYBELLA | deoxycholic acid | solution | 4292015 | 8.6% | -17.5% | -3.3% | 8.2% | 491.7% |
| NDA206494 | AVYCAZ | avibactam sodium | powder | 2252015 | 12.1% | 5.8% | -4.0% | 10.2% | 546.0% |
| NDA203952 | DUOPA | carbidopa | suspension | 1092015 | -5.0% | 6.9% | -12.6% | 4.0% | 499.7% |
| NDA206439 | NAMZARIC | donepezil hydrochloride | capsule, extended release | 12232014 | -6.6% | 10.5% | -6.0% | 2.8% | 513.1% |
| NDA206619 | VIEKIRA PAK (COPACKAGED) | dasabuvir sodium | tablet | 12192014 | -10.1% | 4.2% | -15.0% | -1.4% | 482.7% |
| NDA021883 | DALVANCE | dalbavancin hydrochloride | powder | 5232014 | 3.1% | 26.7% | 25.2% | 18.3% | 642.3% |
| NDA204168 | FETZIMA | levomilnacipran hydrochloride | capsule, extended release | 7252013 | 9.3% | 12.3% | 24.3% | 64.0% | 828.9% |
| NDA204412 | DELZICOL | mesalamine | capsule, delayed release | 2012013 | 21.3% | 24.2% | 37.2% | 73.5% | 1,025.7% |
| NDA202211 | OXYTROL FOR WOMEN | oxybutynin | film, extended release | 1252013 | 23.0% | 21.3% | 31.7% | 77.5% | 1,013.1% |
| NDA202811 | LINZESS | linaclotide | capsule | 8302012 | |||||
| NDA021359 | RECTIV | nitroglycerin | ointment | 6212011 | |||||
| NDA022567 | VIIBRYD | vilazodone hydrochloride | tablet | 1212011 | |||||
| NDA200327 | TEFLARO | ceftaroline fosamil | powder | 10292010 | |||||
| NDA022184 | LUMIGAN | bimatoprost | solution/drops | 8312010 | |||||
| NDA022134 | LASTACAFT | alcaftadine | solution/drops | 7282010 | |||||
| NDA022525 | NAMENDA XR | memantine hydrochloride | capsule, extended release | 6212010 | |||||
| NDA022548 | ZYMAXID | gatifloxacin | solution/drops | 5182010 | |||||
| NDA022417 | NORVIR | ritonavir | tablet | 2102010 | |||||
| NDA022117 | SAPHRIS | asenapine maleate | tablet | 8132009 | |||||
| NDA022427 | ACUVAIL | ketorolac tromethamine | solution/drops | 7222009 | |||||
| NDA022315 | OZURDEX | dexamethasone | implant | 6172009 | |||||
| BLA020725 | CREON | pancrelipase (amylase | capsule, delayed release | 4302009 | |||||
| NDA022204 | GELNIQUE | oxybutynin chloride | gel | 1272009 | |||||
| NDA022256 | SAVELLA | milnacipran hydrochloride | tablet | 1142009 | |||||
| NDA022369 | LATISSE | bimatoprost | solution/drops | 12242008 | |||||
| NDA022224 | TRILIPIX | choline fenofibrate | capsule, delayed release | 12152008 | |||||
| NDA022206 | RAPAFLO | silodosin | capsule | 10082008 | |||||
| NDA021830 | ASACOL HD | mesalamine | tablet, delayed release | 5292008 | |||||
| NDA021398 | COMBIGAN | brimonidine tartrate | solution/drops | 10302007 | |||||
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Skyrizi | 17,562 | 11,718 | 7,763 | 5,165 | 2,939 |
| Rinvoq | 8,304 | 5,971 | 3,969 | 2,522 | 1,651 |
| Humira | 4,540 | 8,993 | 14,404 | 21,237 | 20,694 |
| Botox Therapeutic | 3,769 | 3,283 | 2,991 | 2,719 | 2,451 |
| Vraylar | 3,621 | 3,267 | 2,759 | 2,038 | 1,728 |
| Imbruvica | 2,869 | 3,347 | 3,596 | 4,568 | 5,408 |
| Venclexta | 2,792 | 2,583 | 2,288 | 2,009 | 1,820 |
| All other | 2,627 | 3,032 | 3,035 | 4,137 | 5,019 |
| Botox Cosmetic | 2,602 | 2,720 | 2,682 | 2,615 | 2,232 |
| Creon | 1,512 | 1,383 | 1,268 | 1,278 | 1,191 |
| Mavyret | 1,317 | 1,311 | 1,430 | 1,541 | 1,710 |
| Ubrelvy | 1,271 | 1,006 | 815 | 680 | 552 |
| Other Aesthetics | 1,265 | 1,279 | 1,234 | 1,290 | 1,466 |
| Qulipta | 1,036 | 658 | 408 | 158 | 0 |
| Other Eye Care | 1,009 | 1,071 | 1,239 | 747 | 751 |
| Juvederm Collection | 993 | 1,177 | 1,378 | 1,428 | 1,535 |
| Linzess | 907 | 954 | 1,108 | 1,035 | 1,038 |
| Elahere | 690 | 479 | 0 | 0 | |
| Ozurdex | 493 | 494 | 472 | 428 | 418 |
| Vyalev | 482 | 99 | 3 | ||
| Lumigan/Ganfort | 410 | 429 | 432 | 514 | 579 |
| Duodopa | 381 | 447 | 468 | 458 | 511 |
| Epkinly | 271 | 146 | 31 | 0 | 0 |
| Other Neuroscience | 207 | 239 | 273 | 475 | 685 |
| Alphagan/Combigan | 197 | 248 | 272 | 346 | 529 |
| Other Oncology | 33 | 0 | 0 | ||
| Restasis | 666 | 1,290 | |||
| Total | 61,160 | 56,334 | 54,318 | 58,054 | 56,197 |
Price Behavior
| Market Price | $246.20 | |
| Market Cap ($ Bil) | 435.8 | |
| First Trading Date | 01/02/2013 | |
| Distance from 52W High | -6.5% | |
| 50 Days | 200 Days | |
| DMA Price | $238.80 | $221.84 |
| DMA Trend | up | up |
| Distance from DMA | 3.1% | 11.0% |
| 3M | 1YR | |
| Volatility | 28.9% | 26.1% |
| Downside Capture | -143.06 | -28.60 |
| Upside Capture | -31.74 | 6.20 |
| Correlation (SPY) | -34.5% | -3.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.97 | -0.73 | -0.71 | -0.11 | -0.08 | 0.28 |
| Up Beta | -1.77 | -1.28 | -1.16 | 0.19 | 0.11 | 0.33 |
| Down Beta | -0.01 | 0.23 | 0.16 | 0.05 | -0.18 | 0.42 |
| Up Capture | -94% | -41% | -31% | -6% | 7% | 8% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 22 | 32 | 61 | 126 | 399 |
| Down Capture | -115% | -164% | -175% | -61% | -49% | 16% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 21 | 31 | 65 | 125 | 353 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABBV | |
|---|---|---|---|---|
| ABBV | 28.9% | 26.1% | 0.94 | - |
| Sector ETF (XLV) | 25.1% | 15.6% | 1.24 | 61.2% |
| Equity (SPY) | 23.1% | 12.9% | 1.34 | -4.0% |
| Gold (GLD) | 25.4% | 28.3% | 0.79 | -0.8% |
| Commodities (DBC) | 29.5% | 19.8% | 1.19 | -14.5% |
| Real Estate (VNQ) | 14.4% | 13.7% | 0.74 | 31.5% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | -1.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABBV | |
|---|---|---|---|---|
| ABBV | 20.1% | 23.5% | 0.74 | - |
| Sector ETF (XLV) | 6.1% | 15.0% | 0.23 | 58.3% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 22.1% |
| Gold (GLD) | 18.2% | 18.6% | 0.79 | 2.3% |
| Commodities (DBC) | 8.1% | 19.6% | 0.31 | 3.3% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 29.7% |
| Bitcoin (BTCUSD) | 9.9% | 53.0% | 0.37 | -0.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABBV | |
|---|---|---|---|---|
| ABBV | 19.1% | 25.9% | 0.70 | - |
| Sector ETF (XLV) | 10.0% | 16.6% | 0.49 | 63.4% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 40.5% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 0.7% |
| Commodities (DBC) | 7.1% | 18.0% | 0.31 | 12.4% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 35.6% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 3.8% |
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Returns Analyses
Earnings Returns History
Updated 8/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/31/2026 | -2.5% | ||
| 4/29/2026 | 3.1% | 4.3% | 10.6% |
| 2/4/2026 | -3.8% | -1.4% | 3.0% |
| 10/31/2025 | -4.5% | -4.0% | -1.7% |
| 7/31/2025 | -0.2% | 3.7% | 9.8% |
| 4/25/2025 | 3.2% | 7.2% | 1.6% |
| 1/31/2025 | 4.7% | 9.9% | 20.4% |
| 10/30/2024 | 6.4% | 6.5% | -3.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 16 |
| # Negative | 12 | 10 | 8 |
| Median Positive | 3.4% | 5.0% | 4.6% |
| Median Negative | -4.0% | -3.7% | -4.1% |
| Max Positive | 6.4% | 16.1% | 29.6% |
| Max Negative | -8.0% | -7.8% | -14.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/31/2026 | -2.5% | ||
| 4/29/2026 | 3.1% | 4.3% | 10.6% |
| 2/4/2026 | -3.8% | -1.4% | 3.0% |
| 10/31/2025 | -4.5% | -4.0% | -1.7% |
| 7/31/2025 | -0.2% | 3.7% | 9.8% |
| 4/25/2025 | 3.2% | 7.2% | 1.6% |
| 1/31/2025 | 4.7% | 9.9% | 20.4% |
| 10/30/2024 | 6.4% | 6.5% | -3.4% |
| 7/25/2024 | 3.4% | 5.2% | 11.4% |
| 4/26/2024 | -4.6% | -3.9% | -6.1% |
| 2/2/2024 | 0.6% | 4.3% | 5.6% |
| 10/27/2023 | -4.3% | -1.3% | -4.2% |
| 7/27/2023 | 4.9% | 5.3% | 3.3% |
| 4/27/2023 | -8.0% | -7.8% | -14.3% |
| 2/9/2023 | 2.8% | 4.5% | 3.5% |
| 10/28/2022 | -3.8% | -5.9% | 3.2% |
| 7/29/2022 | -4.2% | -7.2% | -8.9% |
| 4/29/2022 | -6.0% | -2.6% | -4.0% |
| 2/2/2022 | 1.2% | 4.8% | 9.8% |
| 10/29/2021 | 4.6% | 6.7% | 6.6% |
| 7/30/2021 | -2.2% | -3.2% | 0.6% |
| 4/30/2021 | 0.6% | 4.7% | 2.1% |
| 2/3/2021 | 3.4% | 1.9% | 2.1% |
| 10/30/2020 | 5.5% | 16.1% | 29.6% |
| 7/31/2020 | -1.2% | -3.6% | -1.9% |
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 16 |
| # Negative | 12 | 10 | 8 |
| Median Positive | 3.4% | 5.0% | 4.6% |
| Median Negative | -4.0% | -3.7% | -4.1% |
| Max Positive | 6.4% | 16.1% | 29.6% |
| Max Negative | -8.0% | -7.8% | -14.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/02/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 8/1/2026Latest: Q2 2026 Earnings Reported 7/31/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Diluted EPS | 13.9 | 14 | 14.1 | -0.3% | Lowered | Guidance: 14 for 2026 | |
Prior: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Diluted EPS | 14.1 | 14.2 | 14.3 | 0.9% | Raised | Guidance: 14.5 for 2026 | |
Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Diluted EPS | 14.4 | 14.5 | 14.6 | 36.1% | Higher New | Guidance: 10.6 for 2025 | |
Q3 2025 Earnings Reported 10/31/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted Diluted EPS | 10.6 | 10.6 | 10.7 | 1.4% | Raised | Guidance: 10.5 for 2025 | |
| 2026 Dividend Increase | 0.06 | ||||||
Insider Activity
Updated 7/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Purdue, David Ryan | SVP, Controller | Direct | Sell | 3062026 | 233.56 | 5,230 | 1,221,519 | 619,868 | Form |
| 2 | Siatis, Perry C | EVP, GC AND SECRETARY | Direct | Sell | 3032026 | 234.39 | 18,668 | 4,375,549 | 1,082,637 | Form |
| 3 | Siatis, Perry C | EVP, GC AND SECRETARY | Direct | Sell | 2272026 | 230.00 | 22,381 | 5,147,630 | 8,771,510 | Form |
| 4 | Saleki-Gerhardt, Azita | EVP, CHIEF OPERATIONS OFFICER | Direct | Sell | 8142025 | 198.42 | 42,370 | 8,407,055 | 35,178,279 | Form |
| 5 | Donoghoe, Nicholas | EVP, CHIEF BUS/STRAT OFFICER | Direct | Sell | 8072025 | 198.51 | 13,295 | 2,639,253 | 11,562,738 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Purdue, David Ryan | SVP, Controller | Direct | Sell | 3062026 | 233.56 | 5,230 | 1,221,519 | 619,868 | Form |
| 2 | Siatis, Perry C | EVP, GC AND SECRETARY | Direct | Sell | 3032026 | 234.39 | 18,668 | 4,375,549 | 1,082,637 | Form |
| 3 | Siatis, Perry C | EVP, GC AND SECRETARY | Direct | Sell | 2272026 | 230.00 | 22,381 | 5,147,630 | 8,771,510 | Form |
| 4 | Saleki-Gerhardt, Azita | EVP, CHIEF OPERATIONS OFFICER | Direct | Sell | 8142025 | 198.42 | 42,370 | 8,407,055 | 35,178,279 | Form |
| 5 | Donoghoe, Nicholas | EVP, CHIEF BUS/STRAT OFFICER | Direct | Sell | 8072025 | 198.51 | 13,295 | 2,639,253 | 11,562,738 | Form |
Investor Activity (13F)
Updated Aug 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Bruce & Co., Inc. | $26.6 Mil | 7.6% | 41 | Hold | 13F |
| Westchester Capital Management, Inc. | $22.5 Mil | 4.5% | 45 | Hold | 13F |
| Hamlin Capital Management, LLC | $181.9 Mil | 4.4% | 30 | TRIM -10.6% | 13F |
| Raub Brock Capital Management LP | $17.3 Mil | 4.4% | 43 | TRIM -11.0% | 13F |
| Brandywine Trust Co | $22.9 Mil | 4.1% | 31 | Hold | 13F |
| Atle Fund Management AB | $10.4 Mil | 3.4% | 39 | Hold | 13F |
| Cambridge Financial Group, Inc. | $8.1 Mil | 3.0% | 33 | Hold | 13F |
| Blackhill Capital Inc | $57.2 Mil | 2.9% | 49 | ADD +6.5% | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $9.8 Mil | 2.4% | 46 | ADD +66.2% | 13F |
| Boothe Investment Group, Inc. | $6.7 Mil | 2.2% | 40 | Hold | 13F |
| Colrain Capital LLC | $5.4 Mil | 2.1% | 26 | ADD +16.5% | 13F |
| Legacy CG, LLC | $6.1 Mil | 1.7% | 45 | Hold | 13F |
| KCM Capital Inc | $7.6 Mil | 1.4% | 31 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Hamlin Capital Management, LLC | $181.9 Mil | 4.4% | 30 | TRIM -10.6% | 13F |
| Blackhill Capital Inc | $57.2 Mil | 2.9% | 49 | ADD +6.5% | 13F |
| Bruce & Co., Inc. | $26.6 Mil | 7.6% | 41 | Hold | 13F |
| Brandywine Trust Co | $22.9 Mil | 4.1% | 31 | Hold | 13F |
| Westchester Capital Management, Inc. | $22.5 Mil | 4.5% | 45 | Hold | 13F |
| Raub Brock Capital Management LP | $17.3 Mil | 4.4% | 43 | TRIM -11.0% | 13F |
| Atle Fund Management AB | $10.4 Mil | 3.4% | 39 | Hold | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $9.8 Mil | 2.4% | 46 | ADD +66.2% | 13F |
| Cambridge Financial Group, Inc. | $8.1 Mil | 3.0% | 33 | Hold | 13F |
| KCM Capital Inc | $7.6 Mil | 1.4% | 31 | Hold | 13F |
| Boothe Investment Group, Inc. | $6.7 Mil | 2.2% | 40 | Hold | 13F |
| Legacy CG, LLC | $6.1 Mil | 1.7% | 45 | Hold | 13F |
| Colrain Capital LLC | $5.4 Mil | 2.1% | 26 | ADD +16.5% | 13F |
ABBV Trade Sentinel
High Conviction
CONVICTION RATIONALE
Conviction is high because AbbVie has successfully navigated its Humira patent cliff. The new growth platform, led by Skyrizi and Rinvoq, is delivering accelerating company-level revenue and a 10.4 percentage point expansion in operating margins. This powerful momentum is supported by $18.2 billion in free cash flow, funding both shareholder returns and pipeline investment.
STOCK ARCHETYPE
Patent-Protected Franchise(Patient Volume) x (Net Price per Treatment) Mix shift from products facing price erosion (Humira, Imbruvica) to high-growth, patent-protected products (Skyrizi, Rinvoq, Vraylar) and operating leverage from growing revenues on a relatively fixed cost base.
INVESTMENT THESIS
Yes, the transition is succeeding with new drugs driving accelerating revenue and significant margin expansion.
- Trailing-twelve-month revenue growth accelerated to 10.4% year-over-year.
- Operating margin expanded by 10.4 percentage points from 23.5% to 33.9% YoY.
- Skyrizi and Rinvoq grew 24.0% and 23.7% respectively in Q2 2026.
- The Neuroscience portfolio grew 19.8% in Q2 2026, providing a second major growth pillar.
- Company raised full-year 2026 revenue guidance by $300 million to $67.6 billion.
PRIMARY RISK
Decelerating growth rates for key products, intensifying competition, and escalating government-mandated price cuts could compress future earnings power faster than analysts currently expect.
- Imbruvica sales declined 29.4% in Q2, partly due to IRA pricing pressure.
- Botox, Vraylar, and Linzess are all selected for future government price setting.
- Skyrizi's YoY growth rate has moderated to 24.0% from 31.9% two quarters prior.
- Juvederm sales fell 6.6% operationally amid headwinds in dermal filler markets.
| KPI | Status | Rationale |
|---|---|---|
| Global Skyrizi Net Revenues | $5.505 billion for the second quarter of 2026 - Decelerating | Year-over-year growth remains very strong but has moderated from 31.9% to 24%. Management attributes the continued strength to market share gains in psoriasis and IBD. The company notes it has achieved market share leadership in over 30 countries for psoriasis and is capturing a leading share of new patient starts in IBD in the U.S. |
| Global Rinvoq Net Revenues | $2.525 billion for the second quarter of 2026 - Stable | Year-over-year growth remains robust in the 20-30% range. Management highlights momentum in gastroenterology and growth potential from new dermatology indications, vitiligo and alopecia areata, which were recently approved in Europe as of July 2026. |
| Skyrizi U.S. Psoriasis In-Play Share | 4x higher than any other biologic or oral treatment (Q2 2026) | Indicates dominant market capture of new and switching patients, reflecting strong physician preference and a superior product profile. |
| Skyrizi U.S. IBD Frontline Share | Leading share of total new patient starts (Q2 2026) | Demonstrates physician preference for Skyrizi as a first-line treatment in the fastest-growing part of the immunology market, a key indicator for future growth. |
| Combined Peak Sales for Rinvoq in Vitiligo and Alopecia Areata | Anticipated to approach $2 billion (Future Peak) | Quantifies the expected contribution from two new, near-term growth indications for Rinvoq, which is meaningfully above prior expectations. |
Margin Expansion vs. Mandated Price Cuts
BULL VIEW
The mix shift to higher-margin Skyrizi and Rinvoq creates such powerful operating leverage that it can easily absorb targeted price cuts on older assets.
CORE TENSION
Can the 10.4 ppt operating margin expansion from the new portfolio offset confirmed IRA price cuts on Imbruvica and future cuts on Vraylar and Botox?
PREVAILING SENTIMENT
The latest evidence favors the bull view. The 10.4% TTM revenue growth drove a 10.4 ppt margin expansion, showing the mix shift's power is currently overwhelming pricing headwinds.
BEAR VIEW
The IRA creates a permanent structural headwind, and as more of the portfolio is captured, it will inevitably halt and then reverse margin expansion.
| Timeline | Event & Metric To Watch |
|---|---|
in the third quarter | a recently discussed product Myeloma Trial Analysis Watch: An interim analysis is planned for progression free survival from the a recently discussed product monotherapy ThirdLinePlus trial in multiple myeloma. |
in the third quarter | Tavapadon Parkinson's Approval Decision Watch: An FDA approval decision is expected for tavapadon for the treatment of Parkinson's disease. |
10/13/2026 | Peer Immunology Data Watch: JNJ's reported growth and management commentary for a recently discussed product, specifically in Crohn's disease and ulcerative colitis. |
10/29/2026 | Accelerated Legacy Product Decline Watch: Reported Q3 revenue for Humira and Imbruvica versus consensus and management's implied guidance. |
10/29/2026 | Company Earnings Report Watch: AbbVie is scheduled to report its next quarterly earnings. |
later this fall | Skyrizi Subcutaneous Induction PDUFA Watch: An FDA approval decision is expected for Skyrizi subcutaneous induction in Crohn's disease. |
later this year | Hidradenitis Suppurativa Trial Data Watch: Phase 3 trial data for both Rinvoq and lutikizumab in hidradenitis suppurativa is expected. |
later this year | Rinvoq Vitiligo US Decision Watch: A US regulatory decision is anticipated for Rinvoq for the treatment of vitiligo. |
later this year | a recently discussed product Colorectal Cancer Data Watch: Phase 2 data is expected from a study evaluating a recently discussed product combinations versus chemotherapy in second-line colorectal cancer. |
in the fourth quarter | a recently discussed product Phase Two Start Watch: Phase 2 studies for a recently discussed product in schizophrenia and psychosis programs are expected to begin. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-31 | Reports Q2 Earnings, Lowers Guidance Details: AbbVie reported Q2 net revenues of $16.990 billion, up 10.2%. It lowered its 2026 adjusted diluted EPS guidance to $13.87 - $14.07 to include a $0.14 dilutive impact from the proposed Apogee acquisition. | -4.8% $257.41 -> $245.10 |
2026-07-29 | Multiple European Approvals Details: The European Commission approved Rinvoq for non-segmental vitiligo and severe alopecia areata, Boey for glabellar lines, and Tepkinly in combination for relapsed or refractory follicular lymphoma. | -2.2% $263.20 -> $257.41 |
2026-06-16 | Juvederm Label Expanded Details: The FDA approved Skinvive by Juvederm for the improvement of neck appearance, making it the first hyaluronic acid injectable approved to reduce horizontal neck lines. | -0.2% $220.02 -> $219.67 |
2026-05-27 | Decnupaz ADC Approved Details: The U.S. FDA approved Decnupaz (pivekimab sunirine-pvzy), the company's first antibody-drug conjugate (ADC) for blood cancer, for adult patients with blastic plasmacytoid dendritic cell neoplasm (BPDCN). | +2.6% $211.61 -> $217.08 |
2026-04-23 | Boey Toxin US Application Rejected Details: The FDA issued a Complete Response Letter (CRL) for the trenibotulinumtoxinE (Boey) application for glabellar lines, citing manufacturing process issues. No new clinical studies were requested. | -0.9% $199.08 -> $197.31 |
2026-03-02 | Positive Skyrizi Crohn's Data Details: AbbVie announced positive topline results from the Phase 3 AFFIRM study, where Skyrizi subcutaneous induction met its co-primary endpoints at week 12 in Crohn's disease. | +0.8% $228.54 -> $230.30 |
2026-02-20 | Venclexta Combination Approved Details: The FDA approved the combination of Venclexta and acalabrutinib for previously untreated patients with Chronic Lymphocytic Leukemia (CLL), based on the Phase 3 AMPLIFY trial. | +2.3% $220.93 -> $225.98 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: ABBV trades at roughly 28% annualized options-implied volatility versus about 13% for the S&P 500 (2.2x the market), around the 85th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
JNJ - Johnson & Johnson
Direct CompetitorOffers greater scale, with revenue 1.5 times that of AbbVie, and a more diversified business model that includes medical devices and consumer health, providing different sources of stability.
LLY - Eli Lilly
Hyper-Growth PeerProvides exposure to the high-growth obesity and diabetes markets, with trailing-twelve-month revenue growth of 47.4%, far exceeding AbbVie's growth rate.
AbbVie is a case study in successfully navigating a major patent cliff, having transitioned from dependence on Humira to a diversified growth platform powered by next-generation immunology drugs and a rapidly expanding neuroscience franchise.
The company has effectively replaced its legacy blockbuster, Humira, with the dual immunology drivers Skyrizi and Rinvoq, which are growing and capturing leading market share. This is complemented by another 19.8 percent growth engine in Neuroscience, with leadership positions in psychiatry, migraine, and Parkinson's. The focus is now on extending this growth runway through pipeline execution, including new indications, combination therapies, and novel platforms like ADCs in oncology.
Positive clinical data for pipeline assets, particularly immunology combinations (Skyrizi + alpha-4 beta-7) and key oncology programs (tmAbA); stronger-than-expected uptake for new Rinvoq indications (vitiligo, alopecia); and continued market share gains for Skyrizi against new competition.
Unexpected pipeline failures, faster-than-expected market share erosion for Skyrizi or Rinvoq, or significantly deeper price cuts from IRA negotiations on key growth products.
Quarterly fluctuations in the aesthetics market, which are sensitive to macroeconomic conditions and consumer discretionary spending but are not core to the primary growth thesis.
Repricing Catalyst
Upcoming U.S. regulatory decisions for Rinvoq in vitiligo and alopecia areata, and the potential approval of a subcutaneous induction option for Skyrizi in Crohn's disease, which management expects to drive an acceleration in sales.
Neuroscience
$207M TTM (0% of Total)What It Is
Sells therapies for neurologic and psychiatric disorders, including Vraylar (psychiatry), Botox Therapeutic (chronic migraine), Ubrelvy and Qulipta (migraine), and Vyalev (Parkinson's disease). Products are sold to wholesalers, distributors, and healthcare providers.
Who Pays & How
Wholesalers, distributors, and government agencies purchase these products, which are reimbursed by payers to treat difficult neurologic diseases. Physicians prescribe them to manage conditions like schizophrenia, bipolar disorder, migraine, and Parkinson's disease.
Competition
Oncology
$33M TTM (0% of Total)What It Is
Sells therapies for complex and difficult-to-treat cancers, including Imbruvica and Venclexta for blood cancers, and Elahere and Epkinly, which are antibody-drug conjugates (ADCs) for solid tumors and blood cancers. Products are sold to wholesalers, distributors, and healthcare facilities.
Who Pays & How
Wholesalers, distributors, and government agencies purchase these products, which are reimbursed by payers for use in treating various cancers. Oncologists prescribe these targeted therapies to improve patient outcomes.
Competition
Aesthetics
$1.3B TTM (2% of Total)What It Is
Sells a portfolio of facial injectables, including Botox Cosmetic and the Juvederm Collection of dermal fillers, directly to physicians and other licensed healthcare providers.
Who Pays & How
Physicians and licensed healthcare providers purchase these products for use in aesthetic procedures. End-consumers ultimately pay for these treatments, which are typically discretionary and not reimbursed by insurance.
Competition
AbbVie — Investor Video Playlist
Industry Resources
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