AbbVie Inc. Earnings Summary — Q1 2026

• Revenue grew 12.43% year-over-year to $15 billion, demonstrating strong momentum in the post-Humira era.
• Net income saw a significant decline of nearly 50% YoY, likely impacted by non-operating expenses and R&D timing.
• Immunology assets Skyrizi and Rinvoq continue to serve as primary growth engines, offsetting legacy product erosion.
• The 2026 Q1 operating margin remains compressed at 26.6% compared to the prior quarter's 27.3%.
• Non-operating expenses reached $2.95 billion in the quarter, a substantial headwind to bottom-line profitability.
• Research & Development investment increased to $2.47 billion, reflecting a continued commitment to pipeline expansion.
• The quarterly results confirm a structural revenue step-up following the complete integration of the Allergan portfolio.

Management expects top-line growth to remain robust throughout 2025 and 2026 as high-growth immunology assets like Skyrizi and Rinvoq reach peak sales velocity, successfully navigating the Humira patent cliff.

Improving

Revenue growth has accelerated into the double digits (12.4%) compared to single digits in 2024, signaling a successful pivot beyond Humira.

The company is positioned as a high-quality compounder with an outlook focused on diversifying its revenue base into oncology and aesthetics while maintaining elite cash flow generation.