AbbVie Inc. reported first‑quarter 2026 results that surpassed consensus estimates, with net revenues reaching $15.002 billion, a 12.4% year‑over‑year increase. Adjusted diluted earnings per share climbed to $2.65, up 7.7% from the prior year, while GAAP diluted EPS fell to $0.39, a 45.8% decline largely attributable to a $0.41 per‑share impact from acquired IPR&D and milestone expenses totaling $744 million.
Immunology sales drove the majority of the revenue growth, rising 16.4% to $7.290 billion as Skyrizi and Rinvoq expanded market share. Neuroscience revenue grew 26.0% to $2.875 billion, reflecting strong demand for new indications. Humira revenue contracted 38.6% to $688 million, continuing the erosion caused by biosimilar competition. Oncology sales were essentially flat, with a 0.2% decline to $1.631 billion, indicating that the portfolio is holding steady amid competitive pressure on Imbruvica.
Operating earnings reached $3.990 billion, and the GAAP operating margin expanded to 26.6%. Adjusted gross margin contracted slightly from 84.1% to 83.6%, and adjusted operating margin fell from 42.3% to 40.8%. The margin compression is driven by the one‑time IPR&D expense and a shift in product mix toward lower‑margin oncology assets, offset by higher‑margin immunology and neuroscience sales.
AbbVie raised its full‑year 2026 adjusted diluted EPS guidance to $14.08–$14.28, up from the previous $13.96–$14.16 range, and reiterated a 9.5% revenue growth outlook and a 48.5% adjusted operating margin target. The upward revision signals management confidence that the momentum in Skyrizi, Rinvoq, and neuroscience will continue to offset Humira erosion and support a robust earnings trajectory.
CEO Robert Michael emphasized that the company remains confident in its growth trajectory, noting that the strong performance of its core platforms underpins the revised guidance. He highlighted the importance of continued investment in innovation and manufacturing capacity to sustain momentum.
Market reaction to the results was mixed. While the earnings beat and guidance raise generated a modest pre‑market gain, investors remained cautious, focusing on the ongoing Humira decline and the impact of the IPR&D expense on GAAP earnings. The overall sentiment reflected a balance between optimism about the company’s growth platforms and concern over the erosion of its legacy product.
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