AbbVie Inc. (ABBV) · Oct 30, 2026 · Earnings
Beat — Adjusted EPS $3.82 vs ~$3.74 consensus; FY guide midpoint $13.97 vs $13.86 prior
AbbVie earnings beat on revenue and adjusted EPS, with stronger immunology growth and a raised 2026 outlook despite Humira erosion.
AbbVie is in the post-Humira replacement phase: building its next growth leg around Skyrizi and Rinvoq while expanding its neuroscience, oncology and immunology pipeline. Skyrizi and Rinvoq each represented more than 10% of AbbVie's 2025 revenue, and together accounted for roughly 42% of total revenue.
The quarter cleared expectations. Adjusted diluted EPS was $3.82 versus a published consensus of roughly $3.74, while revenue was $17.404 billion versus approximately $17.32 billion expected. The EPS figure included a disclosed $0.11 acquired-IPR&D charge, so the underlying result was stronger than the headline number suggests.
| Q3 2026 | Q3 2025 | Consensus / Prior guide | |
|---|---|---|---|
| Revenue (Net Revenues) | $17.404B (+10.3%) | $15.776B | ~$17.32B consensus |
| Adjusted diluted EPS (Financial Results) | $3.82 (+105.4%) | $1.86 | ~$3.74 consensus |
| FY adjusted diluted EPS guide (Guidance) | $13.95-$13.99 | — | $13.76-$13.96 prior |
The growth engine is doing the heavy lifting. Immunology revenue rose 16.3% to $9.165 billion, led by Skyrizi at $5.776 billion, up 22.7%, and Rinvoq at $2.706 billion, up 23.9%. Humira still fell 31.2% to $683 million, but the replacement products more than compensated.
The portfolio is broadening beyond immunology, but unevenly. Neuroscience grew 19.4%, with strong contributions from Vraylar, Ubrelvy, Qulipta and the early-stage Vyalev launch. Oncology was essentially flat at 0.8% growth, while Aesthetics declined 1.4%, showing that the quarter's strength was concentrated in the newer immunology and neuroscience franchises rather than broad-based across every business.
Management raised the full-year outlook, but the increase is narrow. The adjusted EPS range moved from $13.76-$13.96 to $13.95-$13.99. The new range signals confidence after the beat, though its midpoint rises only about $0.11 and the guidance excludes unpredictable future acquired IPR&D and milestone charges.
The pipeline update strengthens the longer-term replacement story, not near-term earnings. The filing adds a Skyrizi Crohn's disease approval, positive Phase 3 data for lutikizumab in hidradenitis suppurativa, a new Parkinson's approval for Juvmo, positive Qulipta menstrual-migraine data and encouraging oncology readouts. The Apogee acquisition itself is no longer new—it closed on September 3, 2026—but the quarter shows AbbVie beginning to integrate that deal into a broader immunology strategy.
Bottom line: This was a genuine earnings beat with a raised outlook, and the core Skyrizi-Rinvoq franchise is more than offsetting Humira's decline. The event materially reinforces AbbVie's replacement-growth story, although the pipeline benefits remain mostly future rather than current revenue.
Lutikizumab HS regulatory submissions, second half 2027
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