Detailed narrative
2025 Performance Highlights and Financial Commitments
AbbVie delivered a strong performance in 2025, achieving record net sales of $61.2 billion and exceeding its initial guidance by over $2 billion. The company's full year adjusted EPS reached $10.00, surpassing the initial guidance midpoint by $0.54. This robust financial execution allowed for a nearly $1 billion increase in adjusted R&D expense, fully funding 90 clinical programs, and positioned AbbVie for another year of strong growth in 2026.
Strategic Investments and Pipeline Advancement
In 2025, AbbVie invested over $5 billion in new business development, acquiring promising mechanisms and technologies to bolster its pipeline. Key investments included an in vivo CAR-T platform from Capstan Therapeutics, bretisilocin for depression, ISB-2001 for multiple myeloma, ABBV-295 for obesity, and a next-generation siRNA platform from ARx.
Additionally, a transaction with RemeGen added a novel PD-1 VEGF bispecific antibody to strengthen the oncology portfolio, aiming to drive growth in the next decade and beyond.
Immunology Franchise Strength and Market Leadership
The immunology franchise, driven by Skyrizi and Rinvoq, demonstrated exceptional performance, with combined sales of $25.9 billion in 2025, an increase of over $8 billion year-over-year. Skyrizi holds more than 45% of the U.S. biologic psoriasis market share and an impressive 75% in-play capture rate in frontline IBD, including 80% in Crohn's disease.
Rinvoq also achieved leading mid-teen in-play patient shares in RA and IBD, with both brands combined already exceeding peak Humira sales by over $4.5 billion.
Neuroscience Growth and Emerging Portfolio
Neuroscience revenues surpassed $10.7 billion in 2025, reflecting an absolute sales growth of nearly $1.8 billion. Vyalev's launch has been outstanding, with Q4 sales of $183 million, up approximately 33% sequentially, and is projected to achieve blockbuster status in 2026.
The company anticipates commercial approval for tavapadon in the U.S. later this year, aiming to build a multibillion-dollar Parkinson's franchise. The migraine portfolio also continues to perform strongly, with oral CGRPs expected to exceed $5 billion in peak sales.
Oncology Portfolio Evolution and Combination Strategy
The oncology portfolio saw Venclexta sales grow 6.4% operationally to $710 million in Q4, while Imbruvica declined 20.8% due to competition and IRA pricing. AbbVie is advancing its next-generation c-MET ADC, Temab-A, with promising data in colorectal cancer and a Phase III study planned for 2026.
The recently acquired PD-1 VEGF bispecific antibody from RemeGen will complement the ADC portfolio, with initial combination strategies targeting lung and colorectal cancers to enhance durability and survival.
Aesthetics Market Dynamics and Innovation
Global aesthetics sales in Q4 were nearly $1.3 billion, down 1.2% operationally, with Botox Cosmetic up 3.8% to $717 million and Juvederm down 10.8% to $249 million. Economic headwinds continue to challenge the market, but AbbVie is focused on stimulating growth through new promotional programs and injector training.
The company anticipates the approval of TrenibotE, a fast-acting, short-duration toxin, later this year, which is expected to significantly increase patient inflow into the toxin market and accrue to Botox share in 2027 and beyond.
U.S. Government Agreement and R&D Commitment
AbbVie announced a voluntary 3-year agreement with the U.S. government, reinforcing its commitment to patient access and affordability. Key elements include offering low prices in Medicaid, expanding direct-to-patient cash pay options for select products, and committing $100 billion in U.S. R&D and capital investments over the next decade. This agreement also provides exemption from tariffs and future pricing mandates, including demonstration projects, during its term.