Could AbbVie Stock Survive A Skyrizi And Rinvoq Slowdown?
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Skyrizi and Rinvoq are AbbVie’s (ABBV) two biggest drugs, and a slowdown in them is the risk a holder should weigh. Together they made up about 42% of AbbVie’s revenue in 2025. The worry is not idle: on its October 30, 2026 call, management said the pair has been on the market for 8 years and faces more competition, though it made that point to stress that both are still growing fast. The same day, AbbVie reported revenue that rose on strength in immunology and neuroscience. So has that competition started to slow either drug?
Are AbbVie’s Two Biggest Drugs Losing Ground Yet?
Not in the latest quarter. In fiscal Q3 2026, Skyrizi sales reached nearly $5.8 billion, up 22.9% on an operational basis. Rinvoq grew faster still, posting sales of $2.7 billion, up 24.3%.
Management said recent oral competition is not having a substantive impact on Skyrizi in psoriasis, where the drug still wins roughly 1 out of every 2 new or switching patients. AbbVie also raised its full-year Skyrizi sales guidance for the third time in 2026.
AbbVie has seen what happens when competition does take hold. Humira sales were $683 million in the quarter, down 30.6% on an operational basis, which management put down to continued competition from biosimilars, close copies of the drug.
Most Of AbbVie’s 2026 Growth Comes From Two Drugs
Management expects about $67.8 billion of revenue for 2026, compared with the $61.2 billion reported for 2025. Of that $6.6 billion rise, management says Skyrizi and Rinvoq are adding $6 billion. Vraylar is growing too, but shrinking sales for Humira and Imbruvica leave the two biggest drugs to generate most of the net gain.
A slowdown in the two drugs would therefore show up first as slower revenue growth for AbbVie, not as lower total sales. That growth matters for the price you pay: AbbVie stock trades at 7.9 times its sales, against 3.2 for the S&P 500, which suggests buyers are paying for growth.
Separately from the two drugs, the stock has fallen in past market shocks, though by very different amounts. During the 2023 SVB regional banking crisis, AbbVie stock fell 13.0%, while the S&P 500 fell 6.7%. In the 2025 US tariff shock, the stock fell by the same 13.0%, against 19.0% for the S&P 500. In the 2022 inflation shock and the 2023 bond yield shock, it fell just 1.5% and 1.9%, against 24.0% and 9.5% for the S&P 500.
Can AbbVie Absorb A Skyrizi And Rinvoq Slowdown?
AbbVie has absorbed a large drug’s decline before, but only through growth in these same two drugs. Humira sales fell to $4.54 billion in 2025, from $8.99 billion in 2024. AbbVie’s total revenue still rose that year, from $56.3 billion in 2024 to $61.2 billion. Over the same year, Skyrizi sales grew to $17.6 billion from $11.7 billion, and Rinvoq’s to $8.3 billion from $5.97 billion, together more than the whole rise in revenue.
The company also has cash to work with. Free cash flow, the cash left after capital spending, was $18.9 billion over the twelve months to September 30, 2026. Over the same period, operating income was 8.0 times interest expense. Against that, AbbVie carries $70.1 billion of debt net of its cash.
For shareholders, the growth of these two drugs has to hold. The quarterly sales growth for Skyrizi and Rinvoq is the measure to watch in AbbVie’s fiscal Q4 2026 report, expected in February 2027. Management also plans to give its 2027 guidance at that time.
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