These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. We delivered another excellent quarter, including strong financial results, pipeline advancement across all stages of development, and strategic investments to drive sustainable long-term growth. Given our positive momentum, we are raising our 2025 outlook for the third time this year. Starting with our third quarter performance, we delivered adjusted earnings per share of $1.86, which is $0.10 above our guidance midpoint.

Total net revenues were nearly $15.8 billion, reflecting high single-digit sales growth and beating our expectations by approximately $300 million. With no significant LOE event in the near term, our growth platform provides a clear line of sight to growth into the next decade. We anticipate $9 billion of adjusted R&D expense in 2025, a substantial increase from the prior year. This supports numerous pipeline opportunities across our core areas: immunology, oncology, neuroscience, and aesthetics, as well as new sources of growth like obesity.

More broadly, I'm very pleased with the breadth and depth of our robust pipeline, with approximately 90 programs across all stages of development. These pipeline programs have the potential to drive growth for AbbVie later this decade. We also continue to invest in external innovation, adding novel mechanisms and platform technologies to further augment our pipeline to drive growth in the 2030s and beyond. Our consistently strong performance, as well as the progress we are making to build and advance a robust pipeline, fully supports our capital allocation priorities.

What went well
  • Adjusted EPS of $1.86, $0.10 above the guidance midpoint.
  • Total net revenues of nearly $15.8 billion, up 8.4% operationally and roughly $300 million above expectations.
  • SKYRIZI and RINVOQ delivered combined sales growth of more than 40% — SKYRIZI $4.7 billion (+46% operational) and RINVOQ nearly $2.2 billion (+34.1% operational).
  • Neuroscience grew 19.6% operationally to more than $2.8 billion, with QULIPTA now the #1 CGRP for migraine prevention (~7.5% TRx share) and VYALEV sales of $138 million, up 40% sequentially.
  • Ex-HUMIRA growth platform delivered reported sales growth of more than 20%, again exceeding expectations.
  • Raised 2025 outlook for the third time this year — full-year adjusted EPS lifted to $10.61–$10.65 and total revenues to approximately $60.9 billion.
  • Immunology total revenues of approximately $7.9 billion, up 11.2% operationally.
  • Announced a 5.5% dividend increase to $1.73 per share and generated approximately $13 billion of free cash flow in the first nine months.
What went wrong
  • HUMIRA global sales fell to $993 million, down 55.7% operationally on biosimilar competition, with U.S. access expected to keep declining into 2026.
  • Aesthetics sales fell 4.2% operationally to approximately $1.2 billion (BOTOX cosmetic $637 million, JUVED ERM $253 million), and full-year aesthetics guidance was cut $200 million to $4.9 billion on greater-than-expected global market softness.
  • Oncology revenues were roughly flat at nearly $1.7 billion as IMBRUVICA continued to decline on CLL competitive dynamics.
  • Acquired IPR&D expense created a $1.50 unfavorable EPS impact this quarter, primarily upfront charges for the Capstan acquisition and the IGI license.
  • Low U.S. consumer sentiment and economic/inflation concerns weighed on discretionary aesthetics spending, with the filler market down double digits.
  • IRA price negotiations landed deeper this year, and IMBRUVICA IRA pricing plus continued HUMIRA erosion are expected headwinds heading into 2026.

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Reported 2025-10-31 · figures from the AbbVie Inc. Q3 2025 earnings call.

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