AbbVie (ABBV)
Market Price (11/5/2026): $295.2 | Market Cap: $521.8 BilInvestor Relations Sector: Health Care | Industry: Biotechnology
AbbVie (ABBV)
Market Price (11/5/2026): $295.2Market Cap: $521.8 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 36% 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 29%, CFO LTM is 20 Bil, FCF LTM is 19 Bil Attractive yieldDividend Yield is 2.3% Stock buyback supportStock Buyback 3Y Total is 4.2 Bil Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 50x 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 36% |
| 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 29%, CFO LTM is 20 Bil, FCF LTM is 19 Bil |
| Attractive yieldDividend Yield is 2.3% |
| Stock buyback supportStock Buyback 3Y Total is 4.2 Bil |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 50x |
| 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 20% since 7/31/2026 because of the following key factors:
1. Robust Fiscal Q3 2026 Earnings and Upbeat Full-Year Guidance.
AbbVie reported strong adjusted diluted EPS of $3.82 for fiscal Q3 2026, surpassing analyst estimates of $3.74 by $0.08, and net revenues of $17.404 billion, an increase of 10.3% year-over-year, which slightly exceeded forecasts. Following these results, management raised its full-year 2026 adjusted diluted EPS guidance to $13.95 - $13.99, an increase of $0.11 at the midpoint, and also lifted total net revenue guidance to approximately $67.8 billion. This company-specific performance demonstrated strong operational execution.
2. Continued Strength of Key Immunology Assets.
The immunology portfolio delivered significant growth in fiscal Q3 2026, with global net revenues rising 16.3% to $9.165 billion. This was primarily driven by strong sales of Skyrizi, which saw net revenues of $5.776 billion (up 22.7%), and Rinvoq, with net revenues of $2.706 billion (up 23.9%). These newer drugs continued to successfully offset the decline in Humira sales, which decreased by 31.2% to $683 million. This successful transition is a major company-specific growth driver.
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AbbVie (ABBV) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Robust Fiscal Q3 2026 Earnings and Upbeat Full-Year Guidance.
AbbVie reported strong adjusted diluted EPS of $3.82 for fiscal Q3 2026, surpassing analyst estimates of $3.74 by $0.08, and net revenues of $17.404 billion, an increase of 10.3% year-over-year, which slightly exceeded forecasts. Following these results, management raised its full-year 2026 adjusted diluted EPS guidance to $13.95 - $13.99, an increase of $0.11 at the midpoint, and also lifted total net revenue guidance to approximately $67.8 billion. This company-specific performance demonstrated strong operational execution.
2. Continued Strength of Key Immunology Assets.
The immunology portfolio delivered significant growth in fiscal Q3 2026, with global net revenues rising 16.3% to $9.165 billion. This was primarily driven by strong sales of Skyrizi, which saw net revenues of $5.776 billion (up 22.7%), and Rinvoq, with net revenues of $2.706 billion (up 23.9%). These newer drugs continued to successfully offset the decline in Humira sales, which decreased by 31.2% to $683 million. This successful transition is a major company-specific growth driver.
3. Increased Shareholder Returns Through Dividend Hike.
AbbVie's board of directors approved a 5.2% increase in the quarterly cash dividend, raising it from $1.73 per share to $1.82 per share. This company-specific action signals management's confidence in future cash flow and profitability, enhancing the stock's appeal to income-focused investors.
4. Strategic Acquisition Bolstering Immunology Pipeline.
The completion of the acquisition of Apogee Therapeutics, valued at approximately $10.9 billion, further strengthened AbbVie's immunology pipeline. This company-specific strategic move is expected to enhance long-term growth potential by adding diverse assets for dermatologic, respiratory, and other inflammatory and immunological diseases.
5. Positive Analyst Revisions and Elevated Price Targets.
Following the robust fiscal Q3 2026 results and outlook, several Wall Street analysts maintained or upgraded their ratings and significantly raised their price targets for AbbVie. For instance, Leerink Partners increased its price target from $309 to $342 (a 10.68% rise), and Morgan Stanley raised its target to $346 from $310. This positive market sentiment, driven by company-specific performance, contributed to the stock's upward trend.
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Stock Movement Drivers
Fundamental Drivers
The 18.2% change in ABBV stock from 7/31/2026 to 11/4/2026 was primarily driven by a 170.7% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 249.41 | 294.83 | 18.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 62,819 | 66,014 | 5.1% |
| Net Income Margin (%) | 5.8% | 15.7% | 170.7% |
| P/E Multiple | 121.4 | 50.4 | -58.5% |
| Shares Outstanding (Mil) | 1,770 | 1,769 | 0.1% |
| Cumulative Contribution | 18.2% |
Market Drivers
7/31/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| ABBV | 18.2% | |
| Market (SPY) | 2.6% | -9.0% |
| Sector (XLV) | 16.7% | 78.0% |
Fundamental Drivers
The 41.4% change in ABBV stock from 4/30/2026 to 11/4/2026 was primarily driven by a 126.7% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 208.55 | 294.83 | 41.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 61,160 | 66,014 | 7.9% |
| Net Income Margin (%) | 6.9% | 15.7% | 126.7% |
| P/E Multiple | 87.3 | 50.4 | -42.2% |
| Shares Outstanding (Mil) | 1,769 | 1,769 | 0.0% |
| Cumulative Contribution | 41.4% |
Market Drivers
4/30/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| ABBV | 41.4% | |
| Market (SPY) | 7.0% | -24.2% |
| Sector (XLV) | 30.5% | 76.2% |
Fundamental Drivers
The 39.3% change in ABBV stock from 10/31/2025 to 11/4/2026 was primarily driven by a 142.8% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 211.70 | 294.83 | 39.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 58,328 | 66,014 | 13.2% |
| Net Income Margin (%) | 6.5% | 15.7% | 142.8% |
| P/E Multiple | 99.5 | 50.4 | -49.3% |
| Shares Outstanding (Mil) | 1,768 | 1,769 | -0.1% |
| Cumulative Contribution | 39.3% |
Market Drivers
10/31/2025 to 11/4/2026| Return | Correlation | |
|---|---|---|
| ABBV | 39.3% | |
| Market (SPY) | 13.4% | -5.5% |
| Sector (XLV) | 33.2% | 65.4% |
Fundamental Drivers
The 130.7% change in ABBV stock from 10/31/2023 to 11/4/2026 was primarily driven by a 94.0% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 127.78 | 294.83 | 130.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 56,023 | 66,014 | 17.8% |
| Net Income Margin (%) | 15.5% | 15.7% | 1.1% |
| P/E Multiple | 26.0 | 50.4 | 94.0% |
| Shares Outstanding (Mil) | 1,767 | 1,769 | -0.1% |
| Cumulative Contribution | 130.7% |
Market Drivers
10/31/2023 to 11/4/2026| Return | Correlation | |
|---|---|---|
| ABBV | 130.7% | |
| Market (SPY) | 89.7% | 15.3% |
| Sector (XLV) | 59.5% | 61.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ABBV Return | 32% | 24% | -0% | 19% | 33% | 33% | 244% |
| Peers Return | 30% | 20% | -3% | 7% | 20% | 34% | 159% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| ABBV Win Rate | 75% | 67% | 50% | 67% | 67% | 64% | |
| Peers Win Rate | 55% | 63% | 38% | 47% | 58% | 71% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
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 11/4/2026 (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.
AI Analysis | Feedback
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.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 13.4% | 63.7% | 103.3% | CAH 490% · MCK 391% · COR 194% |
| Health Care Services | 20 | 44.0% | 33.3% | 11.6% | HIMS 220% · RDNT 148% · DGX 96% |
| Managed Health Care | 8 | 44.6% | 5.6% | 0.6% | OSCR 107% · HQY 59% · ELV 11% |
| Health Care Facilities | 25 | 16.9% | 18.4% | -3.0% | THC 302% · NHC 241% · EHC 202% |
| Health Care Equipment | 50 | 14.4% | 18.7% | -15.0% | UFPT 408% · GKOS 348% · PLSE 147% |
| Pharmaceuticals | 60 | -5.1% | 8.2% | -35.2% | LQDA 999% · KNSA 546% · LLY 448% |
| Health Care Supplies | 11 | 34.9% | 23.0% | -36.1% | LNTH 267% · HAE 76% · MMSI 33% |
| Life Sciences Tools & Services | 108 | -6.2% | -10.3% | -74.1% | AXGN 288% · NTRA 253% · MEDP 189% |
| Biotechnology ← | 364 | -21.1% | -31.5% | -81.7% | ELVN 1112% · TRVI 1046% · DNTH 930% |
| Health Care Technology | 21 | -23.4% | -56.5% | -82.3% | VEEV -3% · DOCS -52% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| What Happens To AbbVie Stock If SKYRIZI Slows Down? | 09/16/2026 | |
| Five-Year Tally: AbbVie Stock Delivers $62 Bil Gain | 09/02/2026 | |
| Does AbbVie Stock Have More Upside? | 08/26/2026 | |
| AbbVie Stock's Uncoupled Performance | 08/21/2026 | |
| ... | 08/19/2026 | |
| The Sharpest Exchanges From ABBV's Earnings Call | 08/13/2026 | |
| AbbVie stock vs Regeneron Pharmaceuticals stock: Which Is A Better Investment? | 08/05/2026 | |
| AbbVie Stock Looks Strong. One Number Says Be Careful. | 08/01/2026 | |
| Should You Pay Attention To AbbVie Stock's Momentum? | 07/25/2026 | |
| AbbVie Stock Traded Its Old Story for New Growth. Here Is The Price. | 07/08/2026 | |
| ARTICLES | ||
| 29 Large Cap Stocks Hit 52-Week Highs On Friday | 10/31/2026 | |
| 6 Large Cap Stocks Just Made New 52-Week Highs | 10/09/2026 | |
| 7 S&P 500 Stocks Just Made New 52-Week Highs | 10/08/2026 | |
| 5 Large Cap Stocks Just Made New 52-Week Highs | 09/29/2026 | |
| What Is AbbVie No Longer Telling You? | 09/23/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 213.53 |
| Mkt Cap | 447.0 |
| Rev LTM | 66,696 |
| Op Inc LTM | 20,186 |
| FCF LTM | 13,266 |
| FCF 3Y Avg | 13,504 |
| CFO LTM | 19,396 |
| CFO 3Y Avg | 17,795 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.3% |
| Rev Chg 3Y Avg | 5.1% |
| Rev Chg Q | 6.4% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 17.9% |
| Op Inc Chg 3Y Avg | 18.8% |
| Op Mgn LTM | 27.7% |
| Op Mgn 3Y Avg | 24.4% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 27.0% |
| CFO/Rev 3Y Avg | 27.4% |
| FCF/Rev LTM | 19.1% |
| FCF/Rev 3Y Avg | 21.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 447.0 |
| P/S | 6.1 |
| P/Op Inc | 24.0 |
| P/EBIT | 30.8 |
| P/E | 44.8 |
| P/CFO | 22.7 |
| Total Yield | 4.3% |
| Dividend Yield | 2.3% |
| FCF Yield 3Y Avg | 4.8% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.5% |
| 3M Rtn | 18.9% |
| 6M Rtn | 29.4% |
| 12M Rtn | 49.1% |
| 3Y Rtn | 79.3% |
| 1M Excs Rtn | 13.1% |
| 3M Excs Rtn | 19.8% |
| 6M Excs Rtn | 26.6% |
| 12M Excs Rtn | 38.2% |
| 3Y Excs Rtn | 1.0% |
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 |
| NDA220415 | JUVMO | tavapadon | tablet | 9252026 | 12.2% | 12.2% | 12.2% | 12.2% | 12.2% |
| NDA217906 | EMBLAVEO | avibactam sodium | powder | 2072025 | -2.3% | 5.8% | 21.2% | 63.3% | 63.3% |
| NDA216962 | VYALEV | foscarbidopa | solution | 10162024 | -9.2% | -8.2% | 23.3% | 59.7% | 65.0% |
| NDA218347 | RINVOQ LQ | upadacitinib | solution | 4262024 | 17.1% | 19.7% | 20.8% | 33.2% | 100.3% |
| NDA214028 | VUITY | pilocarpine hydrochloride | solution/drops | 10282021 | 25.3% | 45.2% | 39.8% | 36.9% | 221.1% |
| NDA215206 | QULIPTA | atogepant | tablet | 9282021 | 26.7% | 54.5% | 40.2% | 53.6% | 232.0% |
| NDA215110 | MAVYRET | glecaprevir | pellets | 6102021 | -6.7% | 9.3% | 28.5% | 28.8% | 210.0% |
| NDA213388 | ORIAHNN (COPACKAGED) | elagolix sodium,estradiol,norethindrone acetate | capsule | 5292020 | 2.9% | 16.1% | 28.3% | 77.3% | 308.6% |
| NDA211911 | DURYSTA | bimatoprost | implant | 3042020 | 0.5% | 5.2% | 21.3% | 80.9% | 318.8% |
| NDA211765 | UBRELVY | ubrogepant | tablet | 12232019 | -27.6% | 10.9% | 20.2% | 61.8% | 331.5% |
| ... | |||||||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA220415 | JUVMO | tavapadon | tablet | 9252026 | 12.2% | 12.2% | 12.2% | 12.2% | 12.2% |
| NDA217906 | EMBLAVEO | avibactam sodium | powder | 2072025 | -2.3% | 5.8% | 21.2% | 63.3% | 63.3% |
| NDA216962 | VYALEV | foscarbidopa | solution | 10162024 | -9.2% | -8.2% | 23.3% | 59.7% | 65.0% |
| NDA218347 | RINVOQ LQ | upadacitinib | solution | 4262024 | 17.1% | 19.7% | 20.8% | 33.2% | 100.3% |
| NDA214028 | VUITY | pilocarpine hydrochloride | solution/drops | 10282021 | 25.3% | 45.2% | 39.8% | 36.9% | 221.1% |
| NDA215206 | QULIPTA | atogepant | tablet | 9282021 | 26.7% | 54.5% | 40.2% | 53.6% | 232.0% |
| NDA215110 | MAVYRET | glecaprevir | pellets | 6102021 | -6.7% | 9.3% | 28.5% | 28.8% | 210.0% |
| NDA213388 | ORIAHNN (COPACKAGED) | elagolix sodium,estradiol,norethindrone acetate | capsule | 5292020 | 2.9% | 16.1% | 28.3% | 77.3% | 308.6% |
| NDA211911 | DURYSTA | bimatoprost | implant | 3042020 | 0.5% | 5.2% | 21.3% | 80.9% | 318.8% |
| NDA211765 | UBRELVY | ubrogepant | tablet | 12232019 | -27.6% | 10.9% | 20.2% | 61.8% | 331.5% |
| NDA211675 | RINVOQ | upadacitinib | tablet, extended release | 8162019 | 39.6% | 50.1% | 55.9% | 100.4% | 513.3% |
| NDA210450 | ORILISSA | elagolix sodium | tablet | 7232018 | -4.7% | 2.4% | -20.3% | 21.5% | 365.2% |
| NDA209394 | MAVYRET | glecaprevir | tablet | 8032017 | 29.1% | 66.2% | 40.8% | 0.3% | 506.4% |
| NDA209512 | NORVIR | ritonavir | powder | 6072017 | 13.1% | 39.5% | 49.4% | 21.9% | 531.8% |
| NDA208624 | VIEKIRA XR | dasabuvir sodium | tablet, extended release | 7222016 | -3.6% | -2.3% | 21.5% | 49.8% | 600.8% |
| NDA206302 | BYVALSON | nebivolol hydrochloride | tablet | 6032016 | -0.5% | -6.9% | 7.5% | 62.0% | 594.0% |
| NDA208573 | VENCLEXTA | venetoclax | tablet | 4112016 | 11.1% | 10.2% | 15.0% | 71.8% | 678.5% |
| NDA204370 | VRAYLAR | cariprazine hydrochloride | capsule | 9172015 | -4.9% | -5.8% | 9.8% | 57.5% | 675.9% |
| NDA207931 | TECHNIVIE | ombitasvir | tablet | 7242015 | -25.4% | -11.9% | -2.6% | 18.3% | 582.2% |
| NDA206940 | VIBERZI | eluxadoline | tablet | 5272015 | -5.6% | -9.0% | -4.7% | 5.6% | 594.4% |
| NDA206333 | KYBELLA | deoxycholic acid | solution | 4292015 | 8.6% | -17.5% | -3.3% | 8.2% | 613.0% |
| NDA206494 | AVYCAZ | avibactam sodium | powder | 2252015 | 12.1% | 5.8% | -4.0% | 10.2% | 678.3% |
| NDA203952 | DUOPA | carbidopa | suspension | 1092015 | -5.0% | 6.9% | -12.6% | 4.0% | 622.6% |
| NDA206439 | NAMZARIC | donepezil hydrochloride | capsule, extended release | 12232014 | -6.6% | 10.5% | -6.0% | 2.8% | 638.7% |
| NDA206619 | VIEKIRA PAK (COPACKAGED) | dasabuvir sodium | tablet | 12192014 | -10.1% | 4.2% | -15.0% | -1.4% | 602.0% |
| NDA021883 | DALVANCE | dalbavancin hydrochloride | powder | 5232014 | 3.1% | 26.7% | 25.2% | 18.3% | 794.4% |
| NDA204168 | FETZIMA | levomilnacipran hydrochloride | capsule, extended release | 7252013 | 9.3% | 12.3% | 24.3% | 64.0% | 1,019.2% |
| NDA204412 | DELZICOL | mesalamine | capsule, delayed release | 2012013 | 21.3% | 24.2% | 37.2% | 73.5% | 1,256.3% |
| NDA202211 | OXYTROL FOR WOMEN | oxybutynin | film, extended release | 1252013 | 23.0% | 21.3% | 31.7% | 77.5% | 1,241.2% |
| 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 | |||||
Clinical Pipeline
| Drug Candidate | Indication | Phase 3 Trials | Est. Primary Completion |
|---|---|---|---|
| Upadacitinib | Autoimmune and inflammatory diseases | 17 | Aug 2026 |
| Venetoclax | Hematologic malignancies | 5 | Aug 2026 |
| ABBV-444 | Dry eye disease | 1 | Aug 2026 |
| HArmonyCa Lidocaine Injectable Gel | Mid-face volume deficit | 1 | Aug 2026 |
| Risankizumab | Psoriasis, Crohn's disease, and ulcerative colitis | 10 | Sep 2026 |
| Surabgene Lomparvovec (ABBV-RGX-314) | Macular degeneration and diabetic retinopathy | 4 | Oct 2026 |
| Lutikizumab (ABBV-154) | Hidradenitis suppurativa | 1 | Dec 2026 |
| Cariprazine | Pediatric bipolar depression | 1 | Mar 2027 |
| Mirvetuximab Soravtansine | Platinum-sensitive ovarian cancer | 1 | Apr 2027 |
| Ubrogepant | Acute treatment of migraine | 3 | May 2027 |
| ... |
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 | $294.83 | |
| Market Cap ($ Bil) | 521.6 | |
| First Trading Date | 01/02/2013 | |
| Distance from 52W High | -0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $269.65 | $235.45 |
| DMA Trend | up | up |
| Distance from DMA | 9.3% | 25.2% |
| 3M | 1YR | |
| Volatility | 20.9% | 25.5% |
| Downside Capture | -50.60 | -37.03 |
| Upside Capture | 52.63 | 7.15 |
| Correlation (S&P 500) | -10.3% | -6.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.51 | -0.28 | -0.38 | -0.57 | -0.15 | 0.24 |
| Up Beta | 1.37 | 0.11 | -0.62 | -1.07 | -0.03 | 0.31 |
| Down Beta | -0.81 | -1.12 | -1.06 | -0.36 | -0.20 | 0.42 |
| Up Capture | 65% | 45% | 26% | -2% | 1% | 7% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 16 | 28 | 39 | 71 | 132 | 406 |
| Down Capture | -138% | -80% | -81% | -155% | -62% | -15% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 6 | 15 | 25 | 55 | 119 | 345 |
[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 | 43.5% | 25.5% | 1.36 | - |
| Sector ETF (XLV) | 33.1% | 16.7% | 1.53 | 65.8% |
| Equity (SPY) | 13.2% | 12.9% | 0.68 | -5.4% |
| Gold (GLD) | 1.0% | 28.8% | 0.03 | -2.3% |
| Commodities (DBC) | 35.9% | 21.2% | 1.34 | -12.1% |
| Real Estate (VNQ) | 14.3% | 14.1% | 0.70 | 30.7% |
| Bitcoin (BTCUSD) | -28.2% | 43.4% | -0.65 | -5.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABBV | |
|---|---|---|---|---|
| ABBV | 26.6% | 23.4% | 0.96 | - |
| Sector ETF (XLV) | 9.3% | 15.3% | 0.40 | 59.9% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 20.9% |
| Gold (GLD) | 17.3% | 19.1% | 0.73 | 2.2% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 1.9% |
| Real Estate (VNQ) | 1.8% | 18.9% | -0.01 | 30.2% |
| Bitcoin (BTCUSD) | 5.5% | 51.5% | 0.29 | -0.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABBV | |
|---|---|---|---|---|
| ABBV | 21.8% | 26.0% | 0.78 | - |
| Sector ETF (XLV) | 12.5% | 16.8% | 0.61 | 63.6% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 39.9% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 0.3% |
| Commodities (DBC) | 7.4% | 18.1% | 0.33 | 12.0% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 35.5% |
| Bitcoin (BTCUSD) | 61.0% | 66.2% | 1.01 | 3.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/30/2026 | 1.4% | ||
| 7/31/2026 | -2.5% | -5.3% | -0.7% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 15 |
| # Negative | 11 | 10 | 8 |
| Median Positive | 3.2% | 4.8% | 3.5% |
| Median Negative | -4.2% | -3.9% | -4.1% |
| Max Positive | 6.4% | 9.9% | 20.4% |
| Max Negative | -8.0% | -7.8% | -14.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/30/2026 | 1.4% | ||
| 7/31/2026 | -2.5% | -5.3% | -0.7% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 15 |
| # Negative | 11 | 10 | 8 |
| Median Positive | 3.2% | 4.8% | 3.5% |
| Median Negative | -4.2% | -3.9% | -4.1% |
| Max Positive | 6.4% | 9.9% | 20.4% |
| Max Negative | -8.0% | -7.8% | -14.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 10/31/2026Latest: Q3 2026 Earnings Reported 10/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Quarterly Cash Dividend | Reported | 1.82 | ||||||
| 2026 Adjusted Diluted EPS | Reported | 13.95 | 13.97 | 13.99 | Raised | Guidance: 13.97 for 2026 | ||
| 2027 Dividend Growth | Reported | 5.2% | ||||||
Prior: Q2 2026 Earnings Reported 7/31/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Diluted EPS | Reported | 13.87 | 13.97 | 14.07 | -0.3% | Lowered | Guidance: 14.01 for 2026 | |
Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Diluted EPS | Reported | 14.08 | 14.18 | 14.28 | 0.9% | Raised | Guidance: 14.47 for 2026 | |
Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Diluted EPS | Reported | 14.37 | 14.47 | 14.57 | 36.1% | Higher New | Guidance: 10.63 for 2025 | |
Insider Activity
Updated 8/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Donoghoe, Nicholas | EVP, CHIEF BUS/STRAT OFFICER | Direct | Sell | 8182026 | 250.00 | 32,710 | 8,177,500 | 18,607,500 | Form |
| 2 | Purdue, David Ryan | SVP, Controller | Direct | Sell | 3062026 | 233.56 | 5,230 | 1,221,519 | 619,868 | Form |
| 3 | Siatis, Perry C | EVP, GC AND SECRETARY | Direct | Sell | 3032026 | 234.39 | 18,668 | 4,375,549 | 1,082,637 | Form |
| 4 | Siatis, Perry C | EVP, GC AND SECRETARY | Direct | Sell | 2272026 | 230.00 | 22,381 | 5,147,630 | 8,771,510 | Form |
| 5 | Saleki-Gerhardt, Azita | EVP, CHIEF OPERATIONS OFFICER | Direct | Sell | 8142025 | 198.42 | 42,370 | 8,407,055 | 35,178,279 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Donoghoe, Nicholas | EVP, CHIEF BUS/STRAT OFFICER | Direct | Sell | 8182026 | 250.00 | 32,710 | 8,177,500 | 18,607,500 | Form |
| 2 | Purdue, David Ryan | SVP, Controller | Direct | Sell | 3062026 | 233.56 | 5,230 | 1,221,519 | 619,868 | Form |
| 3 | Siatis, Perry C | EVP, GC AND SECRETARY | Direct | Sell | 3032026 | 234.39 | 18,668 | 4,375,549 | 1,082,637 | Form |
| 4 | Siatis, Perry C | EVP, GC AND SECRETARY | Direct | Sell | 2272026 | 230.00 | 22,381 | 5,147,630 | 8,771,510 | Form |
| 5 | Saleki-Gerhardt, Azita | EVP, CHIEF OPERATIONS OFFICER | Direct | Sell | 8142025 | 198.42 | 42,370 | 8,407,055 | 35,178,279 | Form |
| 6 | 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 Nov 5, 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
Constructive
CONVICTION RATIONALE
Conviction is constructive, anchored by the proven success of the Skyrizi and Rinvoq growth engine, which delivered a combined $6 billion of growth in 2026. This performance is offsetting legacy declines and is supported by excellent cash generation and a pipeline with multiple stated multi-billion dollar opportunities. The primary watch item is intensifying competition in immunology.
STOCK ARCHETYPE
Patented Pharmaceutical FranchiseVolume (number of prescriptions) x Net Price per unit The mix shift from the declining, lower-margin Humira to the high-growth, patent-protected, and high-margin Skyrizi and Rinvoq franchises, coupled with operating leverage from a global commercial infrastructure.
INVESTMENT THESIS
Yes, the transition is succeeding, with the new immunology platform demonstrating dominant market share and robust growth.
- Skyrizi Q3 2026 sales grew 22.9% operationally to nearly $5.8 billion.
- Rinvoq Q3 2026 sales grew 24.3% operationally to $2.7 billion.
- Skyrizi captures roughly 1 of every 2 new or switching psoriasis patients.
- Full-year 2026 revenue guidance was raised to approximately $67.8 billion.
- Trailing-twelve-month operating margin expanded to 36.0% from 24.1% a year prior.
PRIMARY RISK
Growth could be capped by intensifying competition in immunology from peers like Johnson & Johnson, combined with government-set IRA pricing pressure on other key products.
- Peer Johnson & Johnson claims its drug is the #1 IL-23 inhibitor in new-to-brand share in IBD.
- Imbruvica revenues declined 26.1% in Q3 due to IRA pricing and competitive pressure.
- Botox and Vraylar have been selected for future government price setting.
- The company anticipates a 'low single-digit sort of rebate concession' in immunology for 2027.
- Juvederm sales were down 11.8% operationally, reflecting market headwinds.
| KPI | Status | Rationale |
|---|---|---|
| Skyrizi Global Net Revenue Growth | 22.9% operational growth in Q3 2026 - Decelerating | Skyrizi's year-over-year growth rate is decelerating from a very high base, a natural progression as the product scales. However, sequential dollar growth remains robust, driven by strong prescription trends and market share gains in both psoriasis and IBD. A recent FDA approval for a subcutaneous induction regimen in Crohn's disease is expected to further strengthen its competitive position. |
| Rinvoq Global Net Revenue Growth | 24.3% operational growth in Q3 2026 - Accelerating | Rinvoq's growth is accelerating, with strong momentum in both Rheumatoid Arthritis (RA) and Inflammatory Bowel Disease (IBD). Future growth is expected to be supported by upcoming indication expansions in dermatology for vitiligo and alopecia areata, which management projects will contribute nearly $2 billion in peak sales. |
| Skyrizi Psoriasis Patient Share Capture | Roughly 1 out of every 2 new or switching patients (Q3 2026) | Indicates dominant market positioning and strong physician preference for Skyrizi in the competitive psoriasis market, even with new oral competitors. |
| Skyrizi IBD New Patient Start Share | Captures half of the new patient starts in the class (Q3 2026) | Demonstrates strong uptake and physician preference in the inflammatory bowel disease (IBD) market, a key growth area for the drug. |
| Net Leverage Ratio | 2.99 times trailing-twelve-month EBITDA (as of 9/30/2026) | Market rewards Achieving the stated 2x target.. Measures the company's debt level relative to its earnings. The company has a stated goal to achieve a net leverage ratio of 2x over the next 2 to 3 years. |
Growth Engine vs. Competitive Erosion
BULL VIEW
Bulls believe the clinical superiority and commercial execution of Skyrizi and Rinvoq will continue to drive dominant share capture, making competitive noise from peers manageable.
CORE TENSION
Can the proven momentum of Skyrizi and Rinvoq, adding $6 billion in 2026 sales, overcome both direct IBD competition from Johnson & Johnson and IRA-driven declines in assets like Imbruvica?
PREVAILING SENTIMENT
The latest evidence favors the bulls. AbbVie's growth drivers are posting 22.9% growth and the company just raised full-year revenue and EPS guidance, demonstrating operational momentum.
BEAR VIEW
Bears see Skyrizi's growth rate decelerating into strengthening competition, while IRA pricing structurally impairs other franchises, creating a pincer movement against future growth.
| Timeline | Event & Metric To Watch |
|---|---|
by year-end 2026 | Near-Term Pipeline Readouts Disappoint Watch: Company press releases announcing topline results for the Rinvoq HS and Ubrelvy menstrual migraine trials. |
Q4 2026 - Q1 2027 | Key Dermatology Launch Delays Watch: FDA announcements regarding Rinvoq's sNDAs for vitiligo and alopecia areata. |
near the end of the year | Rinvoq HS Trial Readout Watch: Topline results from Phase 3 study of Rinvoq in hidradenitis suppurativa (HS) are expected. |
near the end of the year | Ubrelvy Migraine Data Watch: Phase 3 results for Ubrelvy in menstrual migraine prevention are expected. |
by year-end | Bretisilocin MDD Phase II Data Watch: Phase II data for bretisilocin in monotherapy major depressive disorder (MDD) is expected. |
around the end of this year | Obesity Drug Interim Data Watch: |
later this year | Zumilokibart Phase III Start Watch: Phase III trial of zumilokibart in atopic dermatitis is scheduled to begin. |
later this year | Bretisilocin MDD Phase III Start Watch: Phase III trial of bretisilocin for acute treatment in major depressive disorder is expected to begin. |
by the end of this year | Emraclidine Schizophrenia Trial Start Watch: Enrollment for Phase II studies of emraclidine in monotherapy and adjunctive schizophrenia is expected to begin. |
early next year | Rinvoq Alopecia US Decision Watch: US approval decision for Rinvoq in alopecia areata is anticipated. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-30 | Q3 Earnings Beat and Guidance Raised Details: On October 27, 2026, AbbVie reported Q3 net revenues of $17.404 billion and raised its 2026 adjusted diluted EPS guidance to a new range of $0.40 - $3.65. | -0.7% $290.79 -> $288.84 |
2026-10-27 | Etentamig BLA Submitted to FDA Details: On October 27, 2026, AbbVie submitted a Biologics License Application to the U.S. FDA for etentamig for the treatment of adults with relapsed or refractory multiple myeloma. | -0.3% $286.74 -> $285.99 |
2026-10-23 | Skyrizi SC Induction Approved Details: On October 23, 2026, the U.S. FDA approved a subcutaneous induction regimen for SKYRIZI for adults with moderately to severely active Crohn's disease. | +0.5% $285.19 -> $286.74 |
2026-09-03 | Positive Etentamig Phase 3 Data Details: On September 3, 2026, AbbVie announced positive topline results from the Phase 3 CERVINO trial for etentamig, which showed a 60% risk reduction in disease progression or death in multiple myeloma. | -2.0% $260.12 -> $254.89 |
2026-07-31 | Q2 Earnings Beat Expectations Details: On July 31, 2026, AbbVie reported increased Second-Quarter net revenues of $16.990 Billion and an adjusted diluted EPS of $3.65. The stock reaction was -5.0%. | -4.8% $255.84 -> $243.60 |
2026-06-16 | SKINVIVE Approval for Neck Details: On June 16, 2026, Allergan Aesthetics received U.S. FDA approval for SKINVIVE by JUVÉDERM® to improve neck appearance, its second approved indication. | -0.2% $218.68 -> $218.33 |
2026-05-27 | DECNUPAZ Approved by FDA Details: On May 27, 2026, the U.S. FDA approved DECNUPAZ (pivekimab sunirine-pvzy) for adult patients with blastic plasmacytoid dendritic cell neoplasm (BPDCN), marking AbbVie's first approved ADC for blood cancer. | +2.6% $210.32 -> $215.76 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: ABBV trades at roughly 20% annualized realized (three-month) volatility versus about 10% for the S&P 500 (2.0x the market). A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
JNJ - Johnson & Johnson
Diversified Pharma PeerOffers greater scale with revenue 1.5 times that of AbbVie and a more diversified business model that includes medical devices and consumer health, reducing single-franchise risk.
LLY - Eli Lilly
High-Growth PharmaProvides exposure to a different, hyper-growth therapeutic area. Eli Lilly's operating margin of 51.3% and significantly higher capital expenditure suggest a different phase of its growth cycle.
A post-patent-cliff biopharma successfully executing a transition from its former blockbuster (Humira) to a diversified growth platform led by a new immunology duopoly (Skyrizi, Rinvoq) and a rapidly expanding neuroscience franchise.
AbbVie has successfully navigated the loss of exclusivity for Humira, its largest-ever product. Growth is now driven by the exceptional uptake of Skyrizi and Rinvoq, which are collectively guided to become the company's primary revenue drivers by 2026. This immunology engine is complemented by a high-growth neuroscience portfolio in psychiatry, migraine, and Parkinson's. The company is now focused on leveraging its strong cash flow to de-lever its balance sheet while advancing a deep pipeline to secure growth into the 2030s.
Continued double-digit growth in Skyrizi and Rinvoq, positive Phase 3 data for key pipeline assets like etentamig or the Skyrizi combination therapies, and successful launches of new products like Juvmo.
A significant slowdown in Skyrizi/Rinvoq growth due to unexpected competitive pressure, major clinical trial failures in the late-stage pipeline (e.g., IBD combos, oncology assets), or more severe-than-expected IRA pricing impacts on other key drugs.
Quarterly fluctuations in the aesthetics market due to consumer sentiment, or minor competitive updates that do not alter the fundamental growth trajectory of the core immunology and neuroscience franchises.
Repricing Catalyst
Continued upward revisions to full-year guidance, driven by outperformance of Skyrizi and Rinvoq, and positive data readouts from the late-stage pipeline, particularly in oncology (etentamig) and immunology (IBD combinations).
Neuroscience
$207M TTM (0% of Total)What It Is
Sells therapies for neurologic and psychiatric conditions. Key products include Vraylar (for bipolar disorder and depression), Botox Therapeutic (for chronic migraine and spasticity), Ubrelvy and Qulipta (for migraine), and Vyalev and the newly approved Juvmo (for Parkinson's disease).
Who Pays & How
Wholesalers and distributors purchase the products, with reimbursement from government and private payers. They pay for these products to treat difficult neurologic diseases, manage chronic conditions like migraine, and address symptoms of serious mental health disorders, improving patient function and well-being.
Competition
Oncology
$33M TTM (0% of Total)What It Is
Sells therapies targeting complex cancers, primarily blood cancers. Key products include Venclexta (for CLL and AML) and Imbruvica (for CLL). The portfolio also includes newer products like Elahere (for ovarian cancer) and Epkinly (for lymphoma).
Who Pays & How
Wholesalers, distributors, and specialty pharmacies purchase these products, with reimbursement from payers. They pay for these therapies to treat life-threatening cancers, often providing new options for patients with relapsed or refractory disease.
Competition
Aesthetics
$1.3B TTM (2% of Total)What It Is
Sells a portfolio of facial injectables, body contouring, and skincare products directly to physicians and licensed healthcare providers. Key products are Botox Cosmetic (a neurotoxin for reducing facial lines) and the Juvederm Collection (hyaluronic acid-based dermal fillers).
Who Pays & How
Physicians and other licensed healthcare providers purchase the products directly. The end-user is the consumer, who pays out-of-pocket for aesthetic treatments to improve their appearance.
Competition
AbbVie — Investor Video Playlist
Industry Resources
External Quote Links
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| YCharts | Perplexity Finance |
| FinViz |
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