Tue, 10 Feb 2026

AbbVie CEO Robert A. Michael Reports Full-Year and Q4 2025 Financial Results with Solid Growth and 2026 Outlook

February 05, 2026 | Thursday | Financial Analysis

AbbVie Inc. announced financial results for the full year and fourth quarter ended December 31, 2025, delivering modest revenue growth and operational progress across key therapeutic portfolios. The company also provided earnings guidance for 2026, reflecting confidence in its diversified platform amid an evolving competitive landscape following the loss of exclusivity for some legacy products.

Robert A. Michael, Chairman and Chief Executive Officer of AbbVie, highlighted the company’s performance as a demonstration of its diversified growth strategy. He noted that record net sales in the second year after the U.S. Humira loss of exclusivity underscore the resilience of AbbVie’s business and its potential for sustained growth moving into 2026.

Fourth Quarter 2025: Revenue and Earnings

For the fourth quarter of 2025, AbbVie reported:

  • Net Revenues: $16.618 billion, up 10.0% on a reported basis and 9.5% on an operational basis compared with Q4 2024.

  • Diluted EPS (GAAP): $1.02.

  • Adjusted Diluted EPS: $2.71 (excluding specified items such as acquired in-process research and development (IPR&D) and milestones expense of $0.71 per share).

AbbVie’s quarterly revenue growth was driven largely by strong performance in the immunology and neuroscience portfolios, helping offset declines in certain other areas. Analysts have noted that while the overall numbers exceeded some expectations, mixed performance across segments influenced investor sentiment around the stock.

Performance by Therapeutic Portfolio

Immunology:
AbbVie’s immunology segment delivered robust growth in the quarter:

  • Net Revenues: $8.626 billion, up 18.3% reported and 17.7% operationally.

  • Skyrizi: $5.006 billion, a strong 32.5% reported increase, supported by broad adoption in approved indications.

  • Rinvoq: $2.374 billion, up 29.5% on a reported basis.

  • Humira: $1.246 billion, down 25.9% as biosimilar competition continues to impact global sales.

The strong results for Skyrizi and Rinvoq highlight AbbVie’s strategic shift toward newer immunology products as core drivers of growth post-Humira.

Neuroscience:
The neuroscience portfolio also helped bolster quarterly performance:

  • Net Revenues: $2.961 billion, up 17.9% reported and 17.3% operationally.

  • Vraylar: $1.022 billion, up 10.5%.

  • Botox Therapeutic: $990 million, up 13.4%.

  • Ubrelvy: $339 million, up 12.0%.

  • Qulipta: $288 million, up 42.6%.

This segment’s growth reflects broad treatment adoption across multiple neurologic indications and AbbVie’s continued investment in therapeutic breadth.

Oncology:
The oncology portfolio delivered mixed results:

  • Net Revenues: $1.664 billion, a slight decrease of 1.5% reported and 2.5% operationally.

  • Imbruvica: $671 million, down 20.8%.

  • Venclexta: $710 million, up 8.6%.

  • Elahere: $182 million, up 22.6%.

While certain oncology products experienced headwinds, growth in newer therapies helped mitigate broader declines.

Aesthetics:
The aesthetics portfolio showed modest variation:

  • Net Revenues: $1.286 billion, down 0.9% reported and 1.2% operationally.

  • Botox Cosmetic: $717 million, up 4.2%.

  • Juvederm: $249 million, down 10.7%.

Aesthetics performance faced mixed demand dynamics, with Botox Cosmetic showing resilience while Juvederm sales declined slightly.

Full-Year 2025 Results

For the full year ended December 31, 2025, AbbVie posted:

  • Net Revenues: $61.160 billion, an 8.6% increase on a reported basis and 8.5% on an operational basis.

  • GAAP Diluted EPS: $2.36, down 1.3%.

  • Adjusted Diluted EPS: $10.00, down 1.2%. These results include a $2.76 per share unfavorable impact related to acquired IPR&D and milestones expense.

AbbVie’s full-year performance was anchored by continued growth in the immunology and neuroscience segments while navigating ongoing pressures in legacy products and certain therapeutic categories.

2026 Outlook and Guidance

AbbVie provided guidance for full-year 2026 on an adjusted basis:

  • Adjusted Diluted EPS Guidance: $14.37 to $14.57 (excludes acquired IPR&D and milestones expense impact).

This guidance reflects AbbVie’s expectation for continued earnings growth, driven by its core therapeutic franchises and operational execution. Analysts view the outlook as reflective of AbbVie’s strategy to navigate near-term challenges while capitalizing on its growth assets.

Operational and Margin Trends

AbbVie’s operational metrics for Q4 2025 showed disciplined cost management:

  • Gross Margin (GAAP): 72.6%.

  • Adjusted Gross Margin: 83.6%.

  • SG&A Expense (GAAP): 23.4% of net revenues; adjusted SG&A 22.3%.

  • R&D Expense (GAAP): 15.5% of net revenues; adjusted R&D 15.4%.

  • Acquired IPR&D and Milestones Expense: 7.6% of net revenues.

These figures underscore AbbVie’s balanced investment across commercialization, research and development, and strategic acquisition activity.

Market Reaction and Context

Although AbbVie’s results and guidance generally exceeded expectations, the company’s stock faced downward pressure immediately following the report, reflecting investor caution amid mixed portfolio performance and broader macro concerns affecting certain segments. Robust growth in immunology products such as Skyrizi and Rinvoq supports optimism, even as legacy declines and competitive pressures temper sentiment.

AbbVie’s full-year and Q4 2025 results deliver meaningful revenue growth and earnings resilience, supported by strong demand for immunology and neuroscience therapies. Guidance for 2026 reflects continued confidence in long-term profitability, even as the company navigates a competitive environment and transitions from legacy products.

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