Key Stats
- Current price: ~$211 (as of April 30, 2026)
- Q1 2026 revenue: $15.0B, up 12.4% YoY
- Q1 2026 adjusted EPS: $2.65, up ~7.7% YoY
- Full-year 2026 revenue guidance: ~$67.3B (raised by $300M)
- Full-year 2026 adjusted EPS guidance: $14.08–$14.28 (raised by $0.12)
- TIKR model price target: ~$325
- Implied upside: ~54%
AbbVie Stock Q1 2026 Earnings Breakdown
AbbVie stock (ABBV) posted Q1 2026 revenue of $15B, beating expectations by $300M and reflecting 12.4% growth year over year, according to CEO Rob Michael on the Q1 2026 earnings call.
Adjusted EPS came in at $2.65, $0.07 above guidance midpoint and up from $2.46 in the prior-year quarter.
Immunology was the headline driver, delivering $7.3B in total revenues — a $1.0B gain on the prior quarter’s comparable period — with Skyrizi leading the charge at $4.5B, up 29.2% operationally.
Rinvoq contributed $2.1B in Q1, up 20.2% operationally, with demand described as strong across all approved indications, according to Chief Commercial Officer Jeff Stewart on the Q1 2026 earnings call.
Humira continued its biosimilar-driven decline, posting $688M in global sales, down 40.3% operationally, in line with expectations and no longer a meaningful headwind surprise.
Neuroscience delivered $2.9B in total revenues, up 24.3% operationally, with migraine and psychiatry franchises each posting double-digit growth.
Oncology came in at $1.6B, down 3% operationally, with Venclexta growing 9.7% to $770M while Imbruvica fell 24.7% on IRA pricing and competitive pressure, according to Stewart on the Q1 2026 earnings call.
Aesthetics posted $1.2B in global sales, up 5.1% operationally, with Botox Cosmetic growing 17% but Juvederm sliding 2.9% amid ongoing consumer spending headwinds.
AbbVie raised full-year 2026 revenue guidance to approximately $67.3B and increased adjusted EPS guidance to $14.08–$14.28, both up by $300M and $0.12 respectively from prior guidance, according to CFO Scott Reents on the Q1 2026 earnings call.
AbbVie also increased its Skyrizi full-year revenue forecast to $21.6B and its Rinvoq forecast to $10.2B, both up $100M from prior guidance, according to Reents on the Q1 2026 earnings call.
AbbVie Stock Financials
The Q1 2026 income statement reflects a company navigating the final stages of the Humira erosion cycle while demonstrating that the immunology replacement portfolio — primarily Skyrizi and Rinvoq — is generating the volume and pricing power needed to absorb that headwind and expand the revenue base.
Revenue declined sequentially from $16.6B in Q4 2025 to $15.0B in Q1 2026, a seasonal pattern consistent with prior years, as Q1 2025 also stepped down to $13.3B from $15.1B in Q4 2024: the underlying trend is one of consistent year-over-year acceleration, with YoY growth moving from 8.4% in Q1 2025 to 12.4% in Q1 2026.
Gross margin came in at 72% in Q1 2026, holding near the levels seen across the prior four quarters (ranging from 70% to 72.6%), reflecting a relatively stable cost of goods structure even as the product mix shifted further toward higher-margin biologics like Skyrizi.
Operating income for Q1 2026 was $4.7B, up 19% from $4B in Q1 2025, driven by operating leverage as immunology and neuroscience revenue growth outpaced the growth in operating expenses.
Operating margin came in at 31.6% in Q1 2026, up from 30% a year earlier, representing continued recovery from the Q3 2024 trough of 28.6% that preceded the post-Humira stabilization.
AbbVie guided full-year 2026 adjusted operating margin to approximately 48%, which incorporates roughly 1% of headwind from acquired in-process R&D expense already recorded through Q1, according to Reents on the Q1 2026 earnings call: the gap between the Q1 GAAP-adjacent operating margin visible in the screenshot and the guided full-year adjusted figure reflects the significant non-cash charges AbbVie carries from pipeline acquisitions.
What Does the Valuation Model Say?
The TIKR valuation model prices AbbVie stock at a target of approximately $325, implying roughly 54% upside from the current price of ~$211.
The mid-case model assumes a revenue CAGR of 4.2% through 2035 and a net income margin of approximately 42%, with EPS growing at an 8.6% CAGR: both assumptions are supported by the Q1 result, which showed 12.4% revenue growth and an improving operating margin trajectory.
A quarter where revenue beat by $300M, EPS came in $0.07 above guidance midpoint, and full-year guidance was raised across every major product line strengthens the case that AbbVie is executing ahead of its own conservative forecasting, which is a positive signal for a model built on mid-single-digit compounding.
At roughly $211, AbbVie stock is trading at a meaningful discount to the model’s mid-case target, and this earnings print does nothing to narrow that gap: it widens it.
The central tension: AbbVie’s near-term execution is not in question. The debate is whether Skyrizi and Rinvoq can sustain growth into the mid-2030s as new competitors enter and patent cliffs approach.
Growth Case (Skyrizi and Rinvoq extend their growth arc)
- Skyrizi reached $4.5B in a single quarter, up 29.2% operationally, with full-year guidance raised to $21.6B — implying accelerating penetration in both psoriatic disease and IBD
- Rinvoq is on track for $10.2B in 2026 and has multiple additional indications (vitiligo, alopecia areata, HS) not yet contributing meaningful revenue
- Subcutaneous Skyrizi induction for Crohn’s disease is under FDA review with an approval decision expected in 2026, which adds a new dosing option that could expand the addressable patient population
- The Skyrizi/ABBV-382 combination showed double the endoscopic remission rate versus monotherapy in a refractory IBD population, with Phase IIb expected to begin in summer 2026, positioning AbbVie to define the next generation of IBD treatment
Margin Case (margin expansion stalls as pipeline investment intensifies)
- Adjusted R&D expense guidance of approximately $9.7B for 2026 represents a significant investment load, and pipeline acceleration (Phase III for etentamig, Phase IIb for 295, multiple oncology readouts) means spending is unlikely to moderate soon
- Q1 operating margin of 31.6% reflects a large IPR&D drag embedded in reported figures: the divergence between reported and adjusted margins creates real uncertainty about sustainable profitability at the income statement level
- Imbruvica continues to deteriorate, down 24.7% in Q1, and IRA pricing pressure will persist without a new mechanism to replace that contribution
- Aesthetics, a $1.2B-per-quarter segment, faces ongoing Juvederm pressure and the trenibotE U.S. launch was delayed via CRL, removing a near-term revenue catalyst from the segment expected to contribute meaningful long-term growth
Should You Invest in AbbVie Inc.?
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