- Record Net Sales Growth AbbVie achieved $61.2 billion in 2025 revenue, surpassing guidance by $2 billion, with 8.6% sales growth despite $16 billion in HUMIRA erosion.
- Adjusted EPS Exceeded Guidance Full-year adjusted EPS reached $10, outperforming initial guidance by $0.54, reflecting strong operational execution.
- Significant R&D Investment Adjusted R&D expenses rose by nearly $1 billion, funding 90 clinical programs, alongside $5 billion in business development for new assets like in vivo CAR-T and psychedelics.
- 2026 Guidance Confirmed The company targets $67 billion in total net revenues, 9.5% sales growth, and 48.5% adjusted operating margin, with Parkinson’s treatment Vialev expected to reach blockbuster status.
- Immunology Dominance SKYRIZI and RINVOQ generated $25.9 billion in 2025, with SKYRIZI capturing 75% of IBD frontline treatment and over 45% of psoriasis market share in the US.
Immunology Segment Performance
AbbVie's immunology segment delivered strong performance, driven by SKYRIZI and RINVOQ. The combined revenue of these two products was approximately $25.9 billion in 2025. SKYRIZI captured over 45% of the US biologic psoriasis market, while RINVOQ achieved a leading mid-teen in-play patient share for RA. The company expects continued double-digit revenue growth from these products, with combined sales of over $31 billion in 2026.
Neuroscience Segment Performance
AbbVie's neuroscience segment delivered full-year revenues of over $10.7 billion, driven by continued double-digit growth of Vraylar and Therapeutic. The company's emerging portfolio in Parkinson's disease, including Violet, is expected to achieve blockbuster revenue in 2026. The company is also making progress in its migraine business, with UBRELVY leading in acute migraine and Botox approved for chronic migraine.
Oncology Segment Performance
AbbVie's oncology segment delivered total revenues of nearly $1.7 billion in the quarter, with VENCLEXTA global sales up 6.4% on an operational basis. The company is making progress in its oncology pipeline, including a new PD-one VEGF antibody and a T cell engager. The company is also exploring the use of combinations with SKYRIZI, including alpha four beta seven and TL1A.
Valuation Metrics
Using the provided valuation metrics, we can see that AbbVie's P/E Ratio is 161.11, indicating a relatively high valuation. The company's P/S Ratio is 6.43, which is more reasonable. The Dividend Yield is 3.06%, which is attractive for income investors. The EV/EBITDA ratio is 34.92, which is relatively high. Overall, the valuation metrics suggest that AbbVie's stock price may be driven by its growth prospects, particularly in its immunology and neuroscience segments.
Growth Prospects
AbbVie has numerous sources of upside across the enterprise, including immunology, neuroscience, and oncology. The company expects SKYRIZI and RINVOQ to grow robustly into the 2030s, with longer-term growth not reflected in models. The neuroscience segment is expected to deliver mid-teens growth this year, with the Parkinson's franchise achieving peak sales in excess of $5 billion. Analysts estimate next year's revenue growth at 7.8%, which is slightly lower than the company's expected growth rate.