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 record net sales and exceeded our financial commitments, advanced our pipeline across all stages of development, and acquired new sources of growth through strategic transactions. We are entering 2026 with substantial momentum and remain well-positioned to deliver another year of strong growth. Turning to our results, we delivered full-year adjusted earnings per share of $10, which is $0.54 above our initial guidance midpoint, excluding the impact of IPR&D expense.

Total net revenues were $61.2 billion, beating our initial guidance by more than $2 billion. Our sales growth of 8.6% led to a new all-time high for AbbVie, exceeding our previous peak revenue by more than $3 billion, despite nearly $16 billion of U.S. We bolstered our pipeline by investing more than $5 billion in new business development, including several promising mechanisms and technologies. We anticipate total sales growth of 9.5%, reflecting another year of robust sales results despite headwinds from continued Humira erosion and Imbruvica IRA pricing.

The main drivers of this growth include Skyrizi and Rinvoq, with combined sales of more than $31 billion, already surpassing our 2027 long-term guidance by $500 million. And we expect continued double-digit revenue growth from our leading migraine products, which are also trending significantly above our long-term expectations. Given the strong outlook of our diverse portfolio, we are well-positioned to deliver high single-digit revenue growth through 2029. These are all very exciting opportunities that have the potential to drive sustained long-term growth.

What went well
  • Full-year 2025 adjusted EPS of $10, which was $0.54 above the initial guidance midpoint excluding IPR&D expense.
  • Total 2025 net revenues of $61.2 billion, beating initial guidance by more than $2 billion, with sales growth of 8.6% setting a new all-time high and exceeding the prior peak by more than $3 billion despite nearly $16 billion of U.S. Humira erosion since LOE.
  • Q4 total net revenues of $16.6 billion, up 10% reported, with the ex-Humira growth platform up 14.5% and adjusted EPS of $2.71, $0.08 above the guidance midpoint.
  • Skyrizi Q4 sales of $5 billion (up 31.9% operationally) and Rinvoq Q4 sales of nearly $2.4 billion (up 28.6%); combined full-year revenue of approximately $25.9 billion, up more than $8 billion year over year and already exceeding peak Humira sales by more than $4.5 billion.
  • Neuroscience full-year revenue of more than $10.7 billion (up nearly $1.8 billion), with Q4 revenue of more than $2.9 billion up 17.3% operationally, led by Vraylar at $1 billion and Botox Therapeutic at $990 million.
  • Vyalev Q4 sales of $183 million, up roughly 33% sequentially, with the brand now expected to reach blockbuster revenue in 2026.
  • Skyrizi IBD global sales of approximately $6.4 billion in 2025, more than double the prior year, with an ~75% frontline in-play capture rate (~80% in Crohn's).
  • Invested more than $5 billion in new business development in 2025 (over $8 billion and 30+ deals across two years), adding platforms in immunology, oncology, neuroscience and obesity.
What went wrong
  • Humira Q4 global sales of more than $1.2 billion, down 26.1% operationally on biosimilar competition, with access expected to decrease further in 2026 as more plans move to exclusive biosimilar contracts.
  • Imbruvica down 20.8% on competitive dynamics, and IRA pricing is expected to unfavorably impact oncology portfolio growth in 2026.
  • Oncology Q4 total revenues of nearly $1.7 billion, down 2.5% operationally.
  • Aesthetics Q4 global sales of nearly $1.3 billion, down 1.2% operationally, with Juvederm down 10.8% to $249 million; economic headwinds continue and category growth is expected to remain challenged in 2026.
  • Q4 results included a $0.71 unfavorable EPS impact from acquired IPR&D expense (a 7.6% unfavorable hit to operating margin).
  • Botox was selected for Medicare price negotiation effective 2028, which management called disappointing given it is a plasma-derived product they believed should have been excluded.

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Reported 2026-02-04 · figures from the AbbVie Inc. Q4 2025 earnings call.

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