Detailed Narrative
Q1 beat and raised full-year guidance
AbbVie delivered Q1 adjusted EPS of $2.65, $0.07 above the guidance midpoint, absorbing a $0.41 unfavorable acquired-IPR&D charge. Total net revenues were $15B, $300M above expectations, growing 12.4% including a 2.1% favorable FX tailwind. On the strength of the quarter, management raised FY26 adjusted EPS by $0.12 to $14.08–$14.28 and lifted FY revenue $300M to ~$67.3B, with Skyrizi ($21.6B), Rinvoq ($10.2B) and Neuroscience ($12.6B) each raised $100M. Q2 is guided to ~$16.7B revenue, ~50% adjusted operating margin, and $3.74–$3.78 adjusted EPS.
Immunology — Skyrizi and Rinvoq extend leadership
Immunology delivered $7.3B in revenue, up ~$1B YoY. Skyrizi grew 29.2% operationally to $4.5B, holding over 4x the in-play and total share of the next competitor in psoriatic disease and capturing leading new-patient share in IBD, where it is tracking to >30% global IBD growth this year. Rinvoq grew 20.2% operationally to $2.1B on strength across rheumatology and gastro (high-teens in-play share, inflection in UC after the expanded label). Humira continued its managed decline, down 40.3% operationally to $688M on biosimilar competition, in line with expectations.
Neuroscience momentum and the emerging Parkinson's franchise
Neuroscience revenue rose 24.3% operationally to ~$2.9B. Vraylar grew 18.4% to $905M on bipolar and adjunctive-MDD script strength, with new lower doses and pediatric usage ahead. Migraine (led by the oral CGRP portfolio and Botox Therapeutic) posted double-digit growth. VYALEV reached $201M (+~10% sequential) and is tracking to blockbuster status this year, with tavapadon's expected Q3 approval set to build an oral Parkinson's franchise management believes can peak above $5B — one of three $5B+ neuroscience franchises alongside psychiatry and migraine.
Oncology reshaping and a broad solid-tumor pipeline
Oncology revenue fell 3% operationally to >$1.6B as Imbruvica declined 24.7% on IRA pricing and competition, partially offset by Venclexta (+9.7% operational to $770M) on fixed-duration BTK-combination uptake in CLL. Management pivoted the Temab-A colorectal pivotal to an all-comers Temab-A+bevacizumab regimen (30% ORR, 97% disease-control rate vs 0%/70% for control), broadening the population and speeding enrollment, with initial data in 2H next year. Temab-A earned its first lung breakthrough designation, and the closed Remagen deal adds a PD-1×VEGF bispecific (ABBV-148) to pair with the ADC portfolio.
Aesthetics pressured by the consumer
Aesthetics grew 5.1% operationally to ~$1.2B. Botox Cosmetic rose 17% to $668M on a favorable U.S. price comparison and modest market growth, while Juvederm fell 2.9% to $232M on continued dermal-filler headwinds. Management characterized the softness as an unusually lingering inflationary pressure on consumers — different from prior recessions where the category rebounded faster — but still sees attractive long-term category prospects given low penetration. The short-duration toxin trenibotulinum received a manufacturing-related CRL (no safety/efficacy/labeling issues) and is delayed in the U.S., though international approvals are expected this year.
Capital investment and business development
As part of a $100B commitment to U.S. R&D and capital investments over the next decade, AbbVie announced a $1.4B pharmaceutical manufacturing campus in North Carolina and a $380M investment for two new North Chicago plants. Management reiterated an active BD posture focused on neuroscience, oncology and obesity — willing to pursue early-, late-stage or on-market differentiated assets — while stressing it does not need BD to deliver top-tier growth this decade. Recent deals span TL1A, IRAK4, Nimble (oral peptides), Capstan (in vivo CAR-T B-cell depletion), Remagen and Castro Therapeutics (KRAS).