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Third-quarter adjusted earnings per share of $3.82 surpassed management’s guidance and surged 105.4% year over year. Total net revenues were $17.4 billion, beating the company’s expectations by $200 million and reflecting robust sales growth of more than 10%. AbbVie’s nine products delivered double-digit growth.
Based on the strong performance across its business, including Skyrizi, Rinvoq, Vraylar, Ubrelvy, Qulipta and Venclexta, AbbVie raised its revenue guidance for the third time this year. Total revenues are expected to be $67.8 billion in 2026, up from the prior expectation of $67.6 billion. The company has now raised its annual revenue guidance by a cumulative $800 million since the beginning of 2026.
However, a single quarter’s results are not so important for long-term investors, and the focus should rather be on the company’s strong fundamentals. Let’s understand the company’s strengths and weaknesses to better analyze how to play AbbVie stock.
Skyrizi and Rinvoq Lead AbbVie’s Post-Humira Growth
Sales of Humira, a drug that once generated more than 50% of AbbVie’s total revenues, are declining due to loss of exclusivity (LOE) and biosimilar erosion. However, AbbVie has successfully navigated the Humira LOE period by launching two other successful immunology medicines, Skyrizi and Rinvoq, which are performing extremely well, bolstered by approvals in new indications, and should support top-line growth in the next few years.
While Skyrizi sales rose 22.9% on an operational basis to $5.78 billion in the third quarter, Rinvoq sales increased 24.3% to $2.71 billion. In 2026, AbbVie expects combined Skyrizi and Rinvoq sales of more than $32 billion, representing potential growth of more than 20%. It has already recorded $23.1 billion in sales in the first nine months of 2026.
Strong immunology market growth, market share gains and momentum from new indications are expected to drive these drugs’ growth. Rinvoq was approved for two indications — vitiligo and alopecia areata — in the EU in July 2026, while applications are under review in the United States. In addition, phase III data for Rinvoq in hidradenitis suppurativa and systemic lupus erythematosus are expected in 2026. AbbVie believes that the vitiligo and alopecia areata indications alone can add up to $2 billion in combined peak sales for Rinvoq.
AbbVie is evaluating Skyrizi-based combination regimens with assets like ABBV-382 (anti-α4β7) and ABBV-701 (anti-TL1A) to create best-in-class, durable remission therapies in IBD. It gained FDA approval for a subcutaneous induction regimen for Skyrizi in Crohn’s disease in October, which can improve the drug’s competitive positioning and drive an acceleration in sales.
However, the March 2026 launch of J&J’s (JNJ - Free Report) new oral IL-23 receptor inhibitor, Icotyde (icotrokinra), for moderate-to-severe plaque psoriasis has intensified competition for Skyrizi. Icotyde's convenient oral administration could affect Skyrizi's prescription trends and market share over time. However, on the third-quarter conference call, AbbVie said that it has not seen any “substantive impact” in Skyrizi’s momentum despite competition from J&J’s Icotyde.
Strong Momentum Across AbbVie’s Neuroscience Franchise
AbbVie’s neuroscience portfolio is also contributing to top-line growth, driven by higher sales of Botox Therapeutic, depression drug Vraylar, newer migraine drugs Ubrelvy and Qulipta, and new Parkinson’s disease drug, Vyalev. AbbVie’s oral CGRPs, Ubrelvy and Qulipta/Aquipta, represent a combined $5 billion-plus peak sales opportunity.
The launch of Vyalev, a transformative therapy for treating advanced Parkinson’s disease, approved in late 2024, has been encouraging, with first nine months 2026 sales reaching $743 million. AbbVie expects the therapy to achieve blockbuster status in 2026 as U.S. uptake accelerates following full coverage. AbbVie’s once-daily oral tablet, Juvmo (tavapadon), was approved by the FDA for treating Parkinson's disease in September 2026. With Juvmo, Vyalev and Duopa, AbbVie expects its Parkinson's disease franchise to have peak annual sales potential of more than $5 billion and to be a key neuroscience growth driver.
Pipeline Advancements and M&A Enhance AbbVie’s Portfolio
AbbVie boasts a robust pipeline. Last month, AbbVie announced positive top-line data from the phase III INTREPID study evaluating its investigational drug, lutikizumab, in adults and adolescents with moderate to severe hidradenitis suppurativa (HS). The study met its primary endpoint, with 31.4% of patients receiving lutikizumab achieving Hidradenitis Suppurativa Clinical Response 75 (HiSCR75) at week 16 compared with 23.4% on placebo. Lutikizumab also met eight ranked secondary endpoints, demonstrating significant improvements in HS-related skin pain and reductions in disease flares.
Last month, it also submitted a biologics license application (BLA) to the FDA seeking approval of etentamig, a BCMA CD3 bispecific developed for relapsed/refractory multiple myeloma.
In May, the FDA approved Decnupaz/pivekimab sunirine for blastic plasmacytoid dendritic cell neoplasm in the United States, and as discussed before, Juvmo was approved by the FDA in September. These new products/pipeline programs have the potential to drive long-term growth for AbbVie, while Skyrizi and Rinvoq should boost near-term growth.
AbbVie has also been on an acquisition spree over the past couple of years to bolster the early-stage pipeline that should drive long-term growth. It is signing several M&A deals in the immunology space, its core area, while also signing some early-stage deals in oncology and neuroscience. The acquisition of Apogee Therapeutics in 2026 added promising dermatology, respiratory and inflammatory disease assets that have strengthened its immunology pipeline and support long-term growth.
Aesthetics Sales Remain Soft Despite Signs of Stabilization
AbbVie has been witnessing weak sales in its aesthetics segment for the past couple of years. Persistent macroeconomic challenges, inflationary pressures and subdued consumer confidence, particularly in the United States, continue to weigh on discretionary spending and aesthetics sales. Juvederm sales declined 7.2% in the first nine months of 2026 on an operational basis, while Botox Cosmetic rose 7.6% due to improving market growth.
Although the aesthetics market is showing early signs of stabilization after several quarters of weakness, challenges persist. The company expects global aesthetics sales of $5 billion in 2026, flat from 2025 levels, as moderate growth in Botox Cosmetic is likely to be offset by continued weakness in Juvederm due to headwinds in key dermal filler markets.
AbbVie’s Humira Erosion & Oncology Headwinds
Sales of Humira are declining due to biosimilar erosion. The launch of Humira biosimilars in the United States in 2023 has significantly eroded the drug’s sales since 2024. Humira sales declined 35.9% on an operational basis in the first nine months of 2026 and are likely to decline in future quarters.
AbbVie has established a substantial oncology franchise with Imbruvica and Venclexta, complemented by newer drugs like Elahere, Epkinly and Emrelis. However, oncology sales growth remains subdued, as higher Venclexta sales and growing contributions from newer drugs are being largely offset by declining Imbruvica sales. AbbVie’s oncology sales declined 1.5% on an operational basis in the first nine months of 2026. However, AbbVie believes the oncology pipeline is robust, with several study readouts and initiations expected in the next few months.
ABBV Stock Price, Valuation and Estimate Revision
ABBV stock has risen 28.6% so far this year compared with an increase of 25.5% for the industry.
ABBV Stock Slightly Outperforms Industry
Image Source: Zacks Investment Research
From a valuation standpoint, AbbVie is reasonably priced. Going by the price/earnings ratio, the company’s shares currently trade at 18.67 forward earnings, lower than 19.83 for the industry. However, the stock is trading above its five-year mean of 14.22. The stock is cheaper than other large drugmakers like Eli Lilly (LLY - Free Report) , J&J and Gilead (GILD - Free Report) .
ABBV Stock Valuation
Image Source: Zacks Investment Research
Earnings estimates for 2026 have been stable at $13.97 over the past 30 days, while those for 2027 have risen from $15.95 to $16.02 over the same time frame.
ABBV Estimate Movement
Image Source: Zacks Investment Research
Stay Invested in ABBV Stock
AbbVie combats its share of headwinds, including the impact of Humira LOE, slowing oncology sales, evolving competitive dynamics for Skyrizi and continued macro woes for Aesthetics.
However, despite Humira's U.S. patent expiry, AbbVie has successfully offset much of the blockbuster's lost revenues with strong sales of Skyrizi and Rinvoq, easing concerns over its long-term earnings outlook. Strong momentum in its neuroscience portfolio, particularly its migraine and Parkinson's disease drugs, and a promising pipeline further strengthen its prospects.
AbbVie expects total revenues to rise around 10% in 2026, backed mainly by significant momentum in immunology and neuroscience products, which are demonstrating significant growth and delivering share gains in growing markets. It expects high single-digit revenue growth through 2029. Investors should retain this Zacks Rank #3 (Hold) stock given its resilient core business, expanding portfolio and solid long-term prospects. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
View the Zacks #1 Rank List
Image: Bigstock
ABBV Stock Rises More Than 4% in a Month: Time to Buy, Hold or Sell?
Key Takeaways
AbbVie’s (ABBV - Free Report) stock has risen 4.5% in a month, mainly driven by its robust third-quarter performance.
Third-quarter adjusted earnings per share of $3.82 surpassed management’s guidance and surged 105.4% year over year. Total net revenues were $17.4 billion, beating the company’s expectations by $200 million and reflecting robust sales growth of more than 10%. AbbVie’s nine products delivered double-digit growth.
Based on the strong performance across its business, including Skyrizi, Rinvoq, Vraylar, Ubrelvy, Qulipta and Venclexta, AbbVie raised its revenue guidance for the third time this year. Total revenues are expected to be $67.8 billion in 2026, up from the prior expectation of $67.6 billion. The company has now raised its annual revenue guidance by a cumulative $800 million since the beginning of 2026.
However, a single quarter’s results are not so important for long-term investors, and the focus should rather be on the company’s strong fundamentals. Let’s understand the company’s strengths and weaknesses to better analyze how to play AbbVie stock.
Skyrizi and Rinvoq Lead AbbVie’s Post-Humira Growth
Sales of Humira, a drug that once generated more than 50% of AbbVie’s total revenues, are declining due to loss of exclusivity (LOE) and biosimilar erosion. However, AbbVie has successfully navigated the Humira LOE period by launching two other successful immunology medicines, Skyrizi and Rinvoq, which are performing extremely well, bolstered by approvals in new indications, and should support top-line growth in the next few years.
While Skyrizi sales rose 22.9% on an operational basis to $5.78 billion in the third quarter, Rinvoq sales increased 24.3% to $2.71 billion. In 2026, AbbVie expects combined Skyrizi and Rinvoq sales of more than $32 billion, representing potential growth of more than 20%. It has already recorded $23.1 billion in sales in the first nine months of 2026.
Strong immunology market growth, market share gains and momentum from new indications are expected to drive these drugs’ growth. Rinvoq was approved for two indications — vitiligo and alopecia areata — in the EU in July 2026, while applications are under review in the United States. In addition, phase III data for Rinvoq in hidradenitis suppurativa and systemic lupus erythematosus are expected in 2026. AbbVie believes that the vitiligo and alopecia areata indications alone can add up to $2 billion in combined peak sales for Rinvoq.
AbbVie is evaluating Skyrizi-based combination regimens with assets like ABBV-382 (anti-α4β7) and ABBV-701 (anti-TL1A) to create best-in-class, durable remission therapies in IBD. It gained FDA approval for a subcutaneous induction regimen for Skyrizi in Crohn’s disease in October, which can improve the drug’s competitive positioning and drive an acceleration in sales.
However, the March 2026 launch of J&J’s (JNJ - Free Report) new oral IL-23 receptor inhibitor, Icotyde (icotrokinra), for moderate-to-severe plaque psoriasis has intensified competition for Skyrizi. Icotyde's convenient oral administration could affect Skyrizi's prescription trends and market share over time. However, on the third-quarter conference call, AbbVie said that it has not seen any “substantive impact” in Skyrizi’s momentum despite competition from J&J’s Icotyde.
Strong Momentum Across AbbVie’s Neuroscience Franchise
AbbVie’s neuroscience portfolio is also contributing to top-line growth, driven by higher sales of Botox Therapeutic, depression drug Vraylar, newer migraine drugs Ubrelvy and Qulipta, and new Parkinson’s disease drug, Vyalev. AbbVie’s oral CGRPs, Ubrelvy and Qulipta/Aquipta, represent a combined $5 billion-plus peak sales opportunity.
The launch of Vyalev, a transformative therapy for treating advanced Parkinson’s disease, approved in late 2024, has been encouraging, with first nine months 2026 sales reaching $743 million. AbbVie expects the therapy to achieve blockbuster status in 2026 as U.S. uptake accelerates following full coverage. AbbVie’s once-daily oral tablet, Juvmo (tavapadon), was approved by the FDA for treating Parkinson's disease in September 2026. With Juvmo, Vyalev and Duopa, AbbVie expects its Parkinson's disease franchise to have peak annual sales potential of more than $5 billion and to be a key neuroscience growth driver.
Pipeline Advancements and M&A Enhance AbbVie’s Portfolio
AbbVie boasts a robust pipeline. Last month, AbbVie announced positive top-line data from the phase III INTREPID study evaluating its investigational drug, lutikizumab, in adults and adolescents with moderate to severe hidradenitis suppurativa (HS). The study met its primary endpoint, with 31.4% of patients receiving lutikizumab achieving Hidradenitis Suppurativa Clinical Response 75 (HiSCR75) at week 16 compared with 23.4% on placebo. Lutikizumab also met eight ranked secondary endpoints, demonstrating significant improvements in HS-related skin pain and reductions in disease flares.
Last month, it also submitted a biologics license application (BLA) to the FDA seeking approval of etentamig, a BCMA CD3 bispecific developed for relapsed/refractory multiple myeloma.
In May, the FDA approved Decnupaz/pivekimab sunirine for blastic plasmacytoid dendritic cell neoplasm in the United States, and as discussed before, Juvmo was approved by the FDA in September. These new products/pipeline programs have the potential to drive long-term growth for AbbVie, while Skyrizi and Rinvoq should boost near-term growth.
AbbVie has also been on an acquisition spree over the past couple of years to bolster the early-stage pipeline that should drive long-term growth. It is signing several M&A deals in the immunology space, its core area, while also signing some early-stage deals in oncology and neuroscience. The acquisition of Apogee Therapeutics in 2026 added promising dermatology, respiratory and inflammatory disease assets that have strengthened its immunology pipeline and support long-term growth.
Aesthetics Sales Remain Soft Despite Signs of Stabilization
AbbVie has been witnessing weak sales in its aesthetics segment for the past couple of years. Persistent macroeconomic challenges, inflationary pressures and subdued consumer confidence, particularly in the United States, continue to weigh on discretionary spending and aesthetics sales. Juvederm sales declined 7.2% in the first nine months of 2026 on an operational basis, while Botox Cosmetic rose 7.6% due to improving market growth.
Although the aesthetics market is showing early signs of stabilization after several quarters of weakness, challenges persist. The company expects global aesthetics sales of $5 billion in 2026, flat from 2025 levels, as moderate growth in Botox Cosmetic is likely to be offset by continued weakness in Juvederm due to headwinds in key dermal filler markets.
AbbVie’s Humira Erosion & Oncology Headwinds
Sales of Humira are declining due to biosimilar erosion. The launch of Humira biosimilars in the United States in 2023 has significantly eroded the drug’s sales since 2024. Humira sales declined 35.9% on an operational basis in the first nine months of 2026 and are likely to decline in future quarters.
AbbVie has established a substantial oncology franchise with Imbruvica and Venclexta, complemented by newer drugs like Elahere, Epkinly and Emrelis. However, oncology sales growth remains subdued, as higher Venclexta sales and growing contributions from newer drugs are being largely offset by declining Imbruvica sales. AbbVie’s oncology sales declined 1.5% on an operational basis in the first nine months of 2026. However, AbbVie believes the oncology pipeline is robust, with several study readouts and initiations expected in the next few months.
ABBV Stock Price, Valuation and Estimate Revision
ABBV stock has risen 28.6% so far this year compared with an increase of 25.5% for the industry.
ABBV Stock Slightly Outperforms Industry
From a valuation standpoint, AbbVie is reasonably priced. Going by the price/earnings ratio, the company’s shares currently trade at 18.67 forward earnings, lower than 19.83 for the industry. However, the stock is trading above its five-year mean of 14.22. The stock is cheaper than other large drugmakers like Eli Lilly (LLY - Free Report) , J&J and Gilead (GILD - Free Report) .
ABBV Stock Valuation
Earnings estimates for 2026 have been stable at $13.97 over the past 30 days, while those for 2027 have risen from $15.95 to $16.02 over the same time frame.
ABBV Estimate Movement
Stay Invested in ABBV Stock
AbbVie combats its share of headwinds, including the impact of Humira LOE, slowing oncology sales, evolving competitive dynamics for Skyrizi and continued macro woes for Aesthetics.
However, despite Humira's U.S. patent expiry, AbbVie has successfully offset much of the blockbuster's lost revenues with strong sales of Skyrizi and Rinvoq, easing concerns over its long-term earnings outlook. Strong momentum in its neuroscience portfolio, particularly its migraine and Parkinson's disease drugs, and a promising pipeline further strengthen its prospects.
AbbVie expects total revenues to rise around 10% in 2026, backed mainly by significant momentum in immunology and neuroscience products, which are demonstrating significant growth and delivering share gains in growing markets. It expects high single-digit revenue growth through 2029. Investors should retain this Zacks Rank #3 (Hold) stock given its resilient core business, expanding portfolio and solid long-term prospects. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.