ABBV · AbbVie Inc.

AbbVie's first-quarter 2026 results exceeded expectations, with net revenues of $15.002 billion, up 12.4% reported (10.3% operational). The immunology portfolio drove growth, led by Skyrizi ($4.483B, +30.9%) and Rinvoq ($2.119B, +23.3%), while Humira declined 38.6% to $688 million. Neuroscience revenues rose 26.0% to $2.875 billion, with Botox Therapeutic at $1.009 billion and Vraylar at $905 million. Oncology was essentially flat at $1.631 billion, with Venclexta up 15.7% and Imbruvica down 24.7%. Aesthetics grew 7.6% to $1.186 billion, with Botox Cosmetic up 20.2%. GAAP diluted EPS was $0.39, impacted by $0.41 per share in acquired IPR&D and milestones expense, while adjusted diluted EPS of $2.65 rose 7.7%. The adjusted gross margin was 83.6%, and adjusted operating margin was 40.8%. Management raised full-year 2026 adjusted EPS guidance to $14.08-$14.28 from $13.96-$14.16, reflecting confidence in growth drivers. Key pipeline events include FDA approval of Venclexta+acalabrutinib for CLL, submissions for Skyrizi SC induction in Crohn's disease and Rinvoq for alopecia areata, and positive Phase 1 data for obesity candidate ABBV-295. The company also announced $1.4 billion in manufacturing investments.