AbbVie Q3 2026 Earnings: Immunology Drives 10.3% Revenue Growth

AbbVie (NYSE: ABBV) reported Q3 2026 net revenues of $17.404 billion, up 10.3% from $15.776 billion a year earlier, while diluted GAAP EPS rose to $2.37 from $0.10 and adjusted diluted EPS increased to $3.82 from $1.86. Skyrizi, Rinvoq, and the neuroscience portfolio drove revenue growth, while substantially lower acquired IPR&D and milestones expense amplified the improvement in earnings. AbbVie also raised and narrowed its full-year adjusted EPS guidance.

Core Financial Results

Revenue increased 10.5% on an operational, constant-currency basis, close to the 10.3% reported growth rate. Immunology and neuroscience supplied most of the expansion, more than offsetting continued Humira erosion and weaker aesthetics revenue.

Profit increased much faster than revenue because acquired IPR&D and milestones expense fell to $216 million from $2.680 billion. The prior-year quarter also included an $847 million intangible asset impairment that did not recur in Q3 2026.

Prior-year margin figures and percentage-point changes are approximate calculations based on AbbVie’s reported and reconciled amounts.

Business and Portfolio Performance

Immunology remained AbbVie’s largest growth engine. Skyrizi and Rinvoq each produced revenue growth above 20%, offsetting another decline in Humira as biosimilar competition continued to affect the franchise.

Neuroscience grew even faster than immunology, supported by Vraylar, Botox Therapeutic, Ubrelvy, Qulipta, and Vyalev. Oncology was nearly flat because growth from Venclexta and Elahere was largely offset by lower Imbruvica revenue, while aesthetics declined modestly as Juvederm weakness outweighed Botox Cosmetic growth.

Skyrizi generated $5.776 billion and Rinvoq generated $2.706 billion, making the two products central to AbbVie’s transition away from Humira. Within neuroscience, Vraylar and Botox Therapeutic each exceeded $1 billion in quarterly revenue, while Vyalev contributed $286 million and grew by more than 100%.

Lower IPR&D Expense Magnified the EPS Rebound

The scale of AbbVie’s earnings increase cannot be explained by revenue growth alone. Acquired IPR&D and milestones expense declined by $2.464 billion year over year, reducing its EPS impact to $0.11 from $1.50 in Q3 2025. Because AbbVie’s adjusted EPS measure retains acquired IPR&D and milestones expense, this reduction also contributed substantially to the increase in adjusted EPS.

The gap between GAAP and adjusted results remained material. Q3 adjustments included $1.669 billion of intangible asset amortization, $408 million of acquisition and integration costs, and an $829 million change in the fair value of contingent consideration. Adjusted net earnings were $6.795 billion, compared with GAAP net earnings attributable to AbbVie of $4.218 billion.

Acquisition and integration costs primarily related to Apogee Therapeutics, which AbbVie completed during the period. GAAP SG&A expense represented 23.5% of revenue, versus 21.2% on an adjusted basis, while GAAP and adjusted R&D expense represented 14.7% and 13.9%, respectively.

Pipeline and Portfolio Developments

AbbVie completed its acquisition of Apogee Therapeutics, adding immunology assets that include zumilokibart for atopic dermatitis and APG273, a long-acting combination targeting IL-13 and TSLP in asthma.

Other notable developments included:

• The FDA approved subcutaneous induction with Skyrizi for moderately to severely active Crohn’s disease.
• The FDA approved Juvmo for adults with Parkinson’s disease.
• Phase 3 results for lutikizumab in hidradenitis suppurativa met the primary endpoint, with regulatory submissions planned for the second half of 2027.
• AbbVie submitted a biologics license application for etentamig in relapsed or refractory multiple myeloma.
• The Phase 3 EPCORE DLBCL-2 study found that Epkinly plus R-CHOP reduced the risk of disease progression or death by 51% compared with R-CHOP alone.

These developments expand AbbVie’s future opportunities, but their financial contribution will depend on regulatory outcomes, commercialization, and further clinical results.

2026 Guidance

AbbVie raised both ends of its full-year adjusted diluted EPS range and significantly narrowed the range. The lower bound increased by $0.19, while the upper bound rose by $0.03.

The latest range includes an unfavorable year-to-date impact of $0.69 per share from acquired IPR&D and milestones expense through Q3. It excludes any such expense incurred after the third quarter because AbbVie said those amounts cannot be reliably forecast.

Recent Insider Transactions

The supplied six-month insider summary showed 45,008 shares acquired across 12 transactions and 32,710 shares sold in one transaction, resulting in a net acquisition of 12,298 shares. The acquisition activity included stock awards and a derivative-security conversion, so it should not be interpreted as equivalent to open-market buying.

The remaining recent records supplied were director stock awards reported at a grant price of $0.00 rather than open-market purchases.

Risks for Investors to Watch

• Continued Humira erosion: Humira revenue declined 31.2% to $683 million. AbbVie remains dependent on Skyrizi and Rinvoq growth to offset further pressure on the former flagship product.
• Uneven performance outside the main growth portfolios: Oncology grew only 0.8% as Imbruvica declined 26.1%, while aesthetics revenue fell 1.4% and Juvederm declined 11.9%.
• Earnings volatility from transaction-related items: IPR&D, acquisition costs, contingent consideration changes, amortization, and impairments can create large differences between GAAP and adjusted results.
• Unforecast future IPR&D expense: Full-year adjusted EPS guidance excludes acquired IPR&D and milestone costs after Q3, leaving room for additional expense if AbbVie enters further transactions.
• Pipeline and acquisition execution: The value of the Apogee acquisition and AbbVie’s clinical programs depends on successful development, regulatory approval, integration, and commercialization.

Summary

AbbVie’s Q3 2026 revenue growth was led by Skyrizi, Rinvoq, and neuroscience, which outweighed declines in Humira, Imbruvica, and aesthetics. Earnings rose much faster than revenue because acquired IPR&D expense dropped sharply from the prior-year quarter, making the expense comparison as important as the underlying sales growth. The main items to monitor are whether the newer immunology and neuroscience franchises can sustain their momentum, how quickly weaker products decline, and whether AbbVie can deliver within its newly raised adjusted EPS range.