AbbVie Posts Record 2025 Revenue of $61.2 Billion, Raises 2026 Guidance on Skyrizi and Rinvoq Growth

AbbVie reported record total net revenues of $61.2 billion for 2025, surpassing initial expectations by more than $2 billion, and delivered adjusted earnings per share of $10.54. The company has since extended that momentum into 2026, raising full-year guidance twice on the strength of double-digit growth in SKYRIZI, RINVOQ and the neuroscience portfolio.

At the company's annual meeting, the chairman and chief executive officer said 2025 was "another excellent year," with sales growth of 8.6% driving revenue to an all-time high, more than $3 billion above the previous peak despite nearly $16 billion of U.S. HUMIRA erosion since loss of exclusivity. Adjusted research and development investment now fully funds approximately 90 clinical programs currently in development.

For the first quarter of 2026, AbbVie posted adjusted EPS of $2.65, topping the guidance midpoint by $0.07, on total net revenues of $15.0 billion, up 12.4% and roughly $300 million above expectations. The company lifted full-year adjusted EPS guidance by $0.12 to a range of $14.08 to $14.28 and increased its full-year revenue outlook to about $67.3 billion. In the second-quarter earnings call, full-year revenue guidance was raised by another $300 million, reflecting $600 million in total raises since the start of the year.

Immunology remained the growth engine in Q1 2026, delivering $7.3 billion in revenue, up about $1.0 billion year over year. SKYRIZI generated $4.5 billion in sales, up 29.2% operationally, and RINVOQ contributed $2.1 billion, up 20.2%. In Q2, SKYRIZI, RINVOQ and the neuroscience portfolio each grew more than 20%. Neuroscience revenues approached $2.9 billion in Q1, growing 24.3% operationally, with Vraylar delivering $905 million, up 18.4%. HUMIRA sales declined 36.1% operationally, a trend management described as in line with expectations regarding biosimilar competition. AbbVie also secured new Canadian formulary listings and reimbursement progress for SKYRIZI in ulcerative colitis, including in Ontario and Alberta.

Pipeline progress includes a U.S. filing for RINVOQ in alopecia areata, submission of SKYRIZI's subcutaneous induction for Crohn's disease with a decision expected later this year, and interim data from a Crohn's platform study combining SKYRIZI with ABBV-382 that suggested potentially transformational efficacy. Long-term SKYRIZI data in psoriatic arthritis showed nearly 90% of patients without radiographic progression at five years. AbbVie also reported early obesity-related signals from ABBV-295, a long-acting amylin analog, which produced nearly 10% weight loss over 12 weeks in a predominantly male, nonobese group with a half-life of about 270 hours. The Parkinson's portfolio, including the anticipated launch of tevapadone, is expected to achieve collective peak sales exceeding $5 billion, while combined peak sales for RINVOQ in vitiligo and alopecia areata are expected to approach $2 billion.

In aesthetics, Allergan Aesthetics received European approval for Boey, a botulinum toxin serotype E injectable for glabellar lines described as first in its class in Europe with rapid onset and short duration. SkinMedica, an AbbVie division, is establishing a Regenerative Science Advisory Board and expanding its R&D lab. Botox Cosmetic sales reached $668 million in Q1, up 17%. AbbVie's FAST study, an observational prospective cohort study of oral ubrogepant in migraine patients in Canada, enrolled about 167 participants across 10-15 sites with follow-up for up to 12 weeks and is now listed as completed; results have not yet been posted.

AbbVie invested more than $5 billion in business development last year, with the chairman and CEO highlighting an in vivo CAR T platform in immunology from Capstan Therapeutics, bretisilocin for depression, ISB-2001 for multiple myeloma, ABBV-295 for obesity and a next-generation siRNA platform from Arrowhead Pharmaceuticals. The acquisition of Apogee Therapeutics is expected to close in Q3, with $0.14 of anticipated dilution. The company also entered a voluntary three-year agreement with the U.S. government that includes low prices for Medicaid, direct-to-patient cash-pay options for Alphagan, Combigan, Humira and Synthroid, and a commitment of $100 billion in U.S. research and development and capital investments over the next decade. AbbVie has announced more than $2.2 billion in manufacturing investments, and the agreement includes protection from pharmaceutical tariffs and future pricing mandates. The quarterly dividend was increased by 5.5% in 2026 to $1.73 per share, and has risen by more than 330% since inception.

At the annual meeting, proxies representing more than 87% of shares entitled to vote established a quorum. Directors were elected, Ernst & Young was ratified as auditor, and the advisory vote on executive compensation passed. A management proposal to eliminate supermajority voting did not receive the required vote, and a shareholder proposal for an independent board chair was also not approved. SKYRIZI regulatory data protection is noted to last until 2031, with composition of matter patents extending to 2033 and beyond.