Overview
Since the Report − 0.8%
Revenue grew 10.3% year over year, EPS beat the estimate by 1.3%; the stock rose 1.9% in its first reaction.
- RevenueQ3
- $17.40B
- ▲ 10.3% YoY · 0.2% Above Estimate
- EPSAdjusted
- $3.82
- Estimate $3.77 · 1.3% Beat
Verdict
HOLDAbbVie reported third-quarter revenue of $17.40B and adjusted EPS of $3.82, both in line with estimates. Skyrizi and Rinvoq grew 23% year over year, and the company raised its full-year guidance again. The stock hit a record but trades above analyst targets; the measure to watch next is the 2027 growth rate.
Close on Report DayOct 30
$296.16▲ 1.9%Report-Day Move
- Market Cap(Today)
- ≈ $519 B
- 1Y Return(At Report)
- + 30%
- P/E(At Today's Price · $12.83 · Trailing 12M)
- 22.9
- PEG(Company Guidance 2026)
- 0.58
- Net Margin(Trailing 12M)
- 9.8%
Earnings Summary
In 30 Seconds- Revenue of $17.40B and adjusted EPS of $3.82 landed in line with estimates.
- Skyrizi and Rinvoq grew 23% year over year; full-year guidance was raised to $13.95-13.99.
- The stock rose 1.9% intraday to a record, above the average analyst target.
The Numbers
Skyrizi + Rinvoq
$8.48B
▲ 23.1% YoY · 49% of Revenue
Adjusted Operating Margin
48.7%
Q2 48.3% · GAAP 36.0%
2026 EPS Guidance
$13.95–13.99
Midpoint 13.97 · Estimate $13.95
Stock Reaction
▲ 1.9%
Intraday 12:37 ET; Update This Evening
Quarterly Revenue ($ Billion)
15.78
Q3 25 · $15.8 B
16.62
Q4 25 · $16.6 B · QoQ + 5.3%
15.00
Q1 26 · $15.0 B · QoQ − 9.7%
16.99
Q2 26 · $17.0 B · QoQ + 13.3%
17.40
Q3 26 · $17.4 B · QoQ + 2.4% · YoY + 10.3%
~18.4
Q4 26E · ~18.4 · QoQ + 5.7% · YoY + 10.7%
- Q3 25
- Q4 25
- Q1 26
- Q2 26
- Q3 26
- Q4 26E
Q4 2026 Company Guidance
- Full-Year Adjusted EPS13.95 – 13.99 $13.95 $13.99 $
Midpoint 13.97 · Market Expectation 13.95 · Prior 13.76–13.96In Line ✓
- Full-Year Revenue67.8 billion
Prior ~67.6 · Market Expectation 67.58In Line ✓
- Q4 Adjusted EPS3.83 – 3.87 $3.83 $3.87 $
Midpoint 3.85 · Q3 Actual 3.82Flat
- Q4 Revenue18.4 billion
Q3 Actual 17.40Up 5.7% Sequentially ▲
- Skyrizi Full-Year Sales21.8 billion
Prior 21.7Raised 0.5% ▲
How to Read the Chart
The blue band is the company's low-high range; its length shows how much room the company left itself. The black triangle and the line beneath it mark where the market expected, and the notch in the band is the range's midpoint. The triangle appears only where a market expectation is known. When the company gave a single number rather than a range and no market expectation is known, that row gets no band at all: there is no length to measure and no position to compare. Axis is ±0.6% around the midpoint.
Segment and KPI Data
Revenue by Segment
- Immunology$9.17 BShare 55.9%▲ 16.3% YoY
- Neuroscience$3.39 BShare 20.7%▲ 19.4% YoY
- Oncology$1.70 BShare 10.3%▲ 0.8% YoY
- Aesthetics$1.18 BShare 7.2%▼ 1.4% YoY
- Other Key Products$965 MShare 5.9%▼ 4.1% YoY
Key Metrics
Skyrizi Sales
$5.78 B
▲ 22.7% YoYPress Release
Rinvoq Sales
$2.71 B
▲ 23.9% YoYPress Release
Humira Sales
$683 M
▼ 31.2% YoYPress Release
Vraylar Sales
$1.07 B
▲ 14.3% YoYPress Release
Botox Therapeutic Sales
$1.08 B
▲ 9.8% YoYPress Release
Adjusted Gross Margin
85.1%
Press Release
Shares are computed over the segment total: $16.4 B. The segment total differs from consolidated revenue ($17.4 B); the company's eliminations and other lines are not in this table. Source: Press Release.
Metrics come only from the company's own filings; each one names the document it was taken from.
“AbbVie continues to deliver outstanding results, reflecting solid execution across our diverse portfolio. We also enhanced our long-term growth potential by securing key regulatory approvals, generating differentiated clinical data and completing the acquisition of Apogee Therapeutics. Given our strong outlook and significant momentum, we are once again increasing AbbVie's full-year guidance and raising our quarterly dividend.”
- Skyrizi and Rinvoq Momentum
- Bolt-on Acquisitions
- 2027 Growth Target
Summary and Review
Summary
Revenue was $17.40B. That is up 10.3% year over year and only 0.2% above the market expectation. Adjusted EPS was $3.82 against an estimate of $3.77, a 1.3% beat. The midpoint of full-year earnings guidance is $13.97, matching expectations. All three gates landed in the in-line zone. None cleared the 2% threshold. The beat over the market expectation was narrower than in past quarters. The company did top its own third-quarter guidance of about $17.2B by 1.2%.
The stock is up 1.9% since the open and touched a record $298.74 intraday. The market did not read this report as a surprise. It read it as a story of continuity. Skyrizi and Rinvoq sold a combined $8.48B. The company raised its dividend 5.2% and secured several product approvals during the quarter. Approvals included Skyrizi subcutaneous induction in Crohn's and the Parkinson's drug Juvmo. The stock has gained about 29.8% over the past year.
Score 63, view hold. The score describes a quarter that matched expectations exactly, not a bad one. Growth is strong, but the numbers were already in the price. The stock trades 4.4% above the average analyst target. Fourth-quarter earnings guidance is also flat versus the third quarter. The contraction in Aesthetics remains a separate caveat. The score follows the decision table: all three gates are within the 2% threshold. That row gives a 50-64 band. The guidance raise moved it into the upper half.
Full Review
Two drugs drive the growth.
Skyrizi sales were $5.78B, up 22.7% year over year. Rinvoq sold $2.71B and grew 23.9%. Together the two drugs carry about 49% of total revenue. Humira, which has lost patent protection, fell 31.2% to $683M. A year ago Humira erosion weighed on growth. Today its impact has shrunk. The Immunology segment grew 16.3% to $9.17B in total. The company raised its full-year Skyrizi estimate from $21.7B to $21.8B. The source of growth is narrow, but solid. On the call, management said it prefers bolt-on deals to a large merger. The Apogee purchase fits that line, adding a new antibody to the atopic dermatitis pipeline.
Neuroscience became the second leg.
Neuroscience revenue was $3.39B, up 19.4% year over year. The schizophrenia drug Vraylar grew 14.3% to $1.07B. Migraine drugs Ubrelvy and Qulipta rose 26.9% and 38.2%. Parkinson's drug Vyalev more than doubled to $286M. On the call, management said it expects about 20% neuroscience growth this year. Tavapadon also won FDA approval this quarter under the name Juvmo. That broadens the Parkinson's portfolio. There is a risk too: Vraylar's negotiated Medicare price takes effect in 2027. That means price pressure on the segment's largest drug. The migraine drugs are not yet on the negotiation list. Neuroscience now makes up 19.5% of total revenue.
Oncology flat, Aesthetics declined.
Oncology revenue was $1.70B, up just 0.8%. Venclexta grew 10.7% and Elahere 31.0%. But Imbruvica fell 26.1% and erased that growth. The Aesthetics segment shrank 1.4% to $1.18B. The filler Juvederm fell 11.9%. Botox Cosmetic grew 4.9%. Aesthetics is the only segment tied to consumer spending, and it has been weak for two quarters. Other key products also shrank 4.1%. These three areas make up about a third of revenue and added almost nothing to growth. The company still grows because Immunology and Neuroscience close the gap. Management gave no date for a recovery in aesthetics. The FDA accepted a new Botox Cosmetic filing for jaw muscle prominence.
Strong margins, narrow guidance.
Adjusted operating margin was 48.7%. It was 48.3% in the second quarter, so it widened 0.4 points. Adjusted gross margin was 85.1%. The company moved full-year earnings guidance to $13.95-13.99. That range is raised from the prior range after acquired R&D charges. The midpoint is $13.97 and the market expectation is $13.95. The full-year revenue estimate rose from $67.6B to $67.8B. For the fourth quarter, guidance calls for EPS of $3.83-3.87 and revenue of $18.4B. That means flat earnings and 5.7% higher revenue versus the third quarter. Acquired R&D charges have cost $0.69 per share so far this year. Without them, third-quarter EPS would have been $3.93. Earnings quality is higher than the headline suggests.
One measure: the 2027 growth rate.
Look at the first 2027 guidance, due in February 2027. The market expects about $16 of EPS for 2027. That is about 15% above the 2026 midpoint. If guidance comes in above $16, the growth story holds. If it falls short, the stock will struggle to keep its premium over targets. This quarter, Skyrizi and Rinvoq made up 49% of revenue. A share above 50% would show growth continuing. The Vraylar price cut is the first item that could pull 2027 guidance lower. You can refresh how to read earnings day here. This quarter the stock met expectations rather than growth. The gap between 2027 guidance and the market expectation will drive the next move.
Looking Ahead
Strengths and Risks
6 Strengths · 5 RisksStrengths
6- Skyrizi and Rinvoq sold a combined $8.48B and grew 23.1% year over year.
- Neuroscience revenue rose 19.4%Migraine and Parkinson's drugs grew by double digits.
- The company raised full-year earnings and revenue guidance again this year.
- The quarterly dividend rose 5.2% to $1.82.
- Skyrizi subcutaneous induction in Crohn's and tavapadon (Juvmo) won FDA approval this quarter.
- Lutikizumab delivered a positive Phase 3 result in hidradenitis suppurativa.
Risks
5- At $296.16, the stock trades 4.4% above the $283.19 average analyst target.
- Vraylar's negotiated Medicare price takes effect in 2027.
- Aesthetics shrank 1.4%Juvederm sales fell 11.9%.
- Imbruvica fell 26.1% and nearly erased oncology growth.
- Fourth-quarter EPS guidance of $3.83-3.87 is flat versus the third quarter.
What to Watch
5- Late 2026 - early 2027US decisions on Rinvoq in vitiligo and alopecia areata are expected.
- Early February 2027Q4 earnings will bring the first 2027 earnings guidance.
- February 16, 2027The raised quarterly dividend of $1.82 per share will be paid.
- 2027An FDA decision is expected for the multiple myeloma drug etentamig.
- January 2027Vraylar's negotiated Medicare price takes effect.
Upcoming Earnings
To Understand This