ABBV Q3 2026 Earnings Analysis
AbbVie's Q3 revenues of $17.4B beat expectations with 10.5% operational growth; company raised FY guidance to $67.8B and increased dividend 5.2%.
Key Metrics
要点总结
- Q3 revenues $17.4B with 10.5% operational growth, adjusted EPS $3.82 beat guidance by $0.07.
- The company raised full-year revenue guidance to $67.8B (+$200M) and increased dividend 5.2% to $1.82/share.
- Skyrizi and Rinvoq drove growth at +22.9% and +24.3% operational respectively, offset by Humira decline of 30.6%.
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Transcript
// Full episode scriptWelcome to Beta Finch, your AI-powered earnings breakdown! I'm Alex, joined as always by Jordan, and today we're digging into AbbVie's third quarter 2026 results — and folks, this is another quarter where the raised-guidance train just keeps rolling.
It really does. Before we get into it though, let's cover our bases.
Right — quick disclaimer: This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.
Perfect. Now let's get into AbbVie.
So AbbVie reported adjusted EPS of $3.82, beating guidance by seven cents, and total revenue of $17.4 billion — that's over 10% operational growth. And get this, Jordan, nine different products posted double-digit growth this quarter.
Nine! That's the kind of breadth investors love to see. It's not just one blockbuster carrying the whole company. And because of that strength, they raised full-year revenue guidance again — now up $800 million since the start of the year total, landing around $67.8 billion for 2026.
They also bumped up EPS guidance to a range of $13.95 to $13.99 for the full year. And here's the cherry on top — a 5.2% dividend increase, bringing the quarterly payout to $1.82 per share starting in February 2027.
Since AbbVie's inception as a standalone company, that dividend has grown over 350%. That's a pretty remarkable track record for income-focused investors.
Let's talk about where the growth is actually coming from, because the Humira patent cliff story is basically old news at this point.
Completely. Humira sales were down 30.6% this quarter to $683 million — but that barely matters anymore because immunology overall grew 16.6% to $9.2 billion. Skyrizi alone did nearly $5.8 billion, up almost 23%. Rinvoq did $2.7 billion, up over 24%.
And management keeps raising Skyrizi guidance — this is the third time this year they've bumped it up. CEO Rob Michael made a great point on the call: Skyrizi and Rinvoq combined are adding $6 billion in growth this year despite being eight years on the market and facing new oral competition.
That's the story investors should really sit with. Everyone worried about biosimilars and new entrants cannibalizing AbbVie's immunology franchise, and instead these two drugs are capturing roughly half of all new or switching patients in psoriasis and IBD. They just approved a new subcutaneous induction dosing for Skyrizi in Crohn's disease, and the data was described as "striking" — better endoscopic remission rates than their own IV formulation.
Neuroscience is the other big story — up almost 20% to $3.4 billion. Vraylar, Ubrelvy, Qulipta all posting strong double-digit growth. And they just launched a new Parkinson's drug called Juvmo.
Juvmo is interesting because it targets different dopamine receptors than older Parkinson's drugs — D1/D5 instead of D2/D3 — which means lower rates of nasty side effects like impulse control disorders and sleep attacks. Combined with their existing Parkinson's drug Vyalev, management thinks this franchise alone could hit $5 billion in peak sales.
Now let's touch on the big strategic move this quarter — the completed acquisition of Apogee Therapeutics.
Yeah, this is AbbVie doubling down on immunology depth. Apogee brings dermatology and respiratory assets, with the lead drug — zumilokibart — heading into Phase III trials for atopic dermatitis later this year. Rob Michael was pretty clear on the call that going forward, they're looking at bolt-on deals rather than another mega-merger like Allergan. Think "add depth, not breadth."
There was also some great color in the Q&A about pipeline assets the Street might be underestimating. Management specifically called out etentamig, their multiple myeloma drug that just got submitted to the FDA, with approval expected in 2027.
And Epkinly — they had a genuinely surprising Phase III readout in frontline lymphoma, reducing risk of disease progression or death by 51% when combined with standard chemo. The CFO did note something important though — because of a partnership with Genmab, AbbVie only books a profit share on U.S., Puerto Rico, and Japan sales for Epkinly, not full revenue. So investors modeling this one need to keep that structure in mind.
One thing that stood out to me was the Botox IRA pricing discussion. There's litigation around whether Botox even qualifies for Medicare price-setting under the Inflation Reduction Act, since one of its ingredients is derived from human blood plasma. A federal court just ruled in AbbVie's favor, though the government can still appeal.
That's a real wildcard. If Botox stays exempt from IRA pricing, that protects a meaningful chunk of the neuroscience and aesthetics business from the kind of pricing pressure Imbruvica is already feeling — that drug was down over 26% this quarter due to IRA pricing and competition.
So pulling it all together — what does this mean for investors going forward?
I think the headline is that AbbVie has successfully proven the "life after Humira" thesis. Skyrizi and Rinvoq are more than filling the gap, neuroscience is now a genuine growth engine, and the pipeline — etentamig, Epkinly, zumilokibart, the Parkinson's franchise — gives visibility well into the 2030s. Free cash flow of about $14 billion through nine months also supports both the dividend growth and continued bolt-on M&A, with net leverage targeted at 2.0x over the next few years.
The aesthetics segment is still a soft spot, down almost 2% with dermal fillers under pressure, but even there management is pointing to signs of stabilization and new products like Boey.
Before we wrap, our standard reminder: Everything discussed is AI-generated analysis for educational purposes. Past performance doesn't guarantee future results. Please do your own due diligence.
Well said. All eyes now turn to the Q4 call in early 2027, where we'll get official 2027 guidance and see how all these pipeline catalysts — from menstrual migraine approvals to the HS data for Rinvoq — start playing out.
Lots to watch. Thanks for tuning in to Beta Finch!
Catch you next time!