ABBV · Earnings · Q3 fiscal 2026strong quarterAbbVie Q3 2026 earnings: Skyrizi and Rinvoq power 10% revenue growth
AbbVie's immunology duo delivered $8.5 billion in a single quarter, lifting total revenue to $17.4 billion and pushing management to raise full-year guidance again.
Alpha Finance
ABBVQ3 fiscal 2026 earnings- Revenue grew 10.3% year over year to $17.4 billion, driven by the immunology portfolio, which alone reached $9.2 billion.
- Adjusted diluted EPS came in at $3.82, up from $1.86 a year ago, though a $0.11 per share charge for acquired pipeline deals reduced both GAAP and adjusted earnings.
- AbbVie raised its full-year 2026 adjusted EPS guidance to $13.95 to $13.99 and announced a 5.2% dividend increase to $1.82 per quarter starting February 2027.
The quarter in numbers
AbbVie reported net revenues of $17.4 billion for the three months ended September 30, 2026, up 10.3% from $15.8 billion in Q3 2025. On a constant-currency basis, growth was 10.5%.
GAAP diluted EPS rose to $2.37 from $0.10 a year ago. The jump is large mostly because Q3 2025 included $2.7 billion in acquired pipeline charges (called IPR&D, the cost of buying early-stage drug programs from other companies), versus only $216 million this quarter.
On an adjusted basis, which strips out those and other one-time items, diluted EPS was $3.82, up from $1.86. Both figures include a $0.11 per share drag from the $216 million in pipeline deal charges recorded this quarter.
What drove the results
The immunology portfolio was the clear engine, generating $9.2 billion, up 16.3%. Skyrizi, used to treat conditions such as plaque psoriasis and Crohn's disease, grew 22.7% to $5.8 billion. Rinvoq, which treats inflammatory diseases including rheumatoid arthritis and ulcerative colitis, grew 23.9% to $2.7 billion. Together the two drugs produced $8.5 billion, roughly half of total company revenue. Humira, once AbbVie's top seller, fell 31.2% to $683 million as biosimilar competition (lower-cost copycat versions of the drug) continued to eat into its share.
Neuroscience was the second-fastest growing segment, up 19.4% to $3.4 billion. Botox Therapeutic reached $1.1 billion, Vraylar hit $1.1 billion, and migraine treatments Ubrelvy and Qulipta together added $847 million, growing 26.9% and 38.2% respectively. The oncology portfolio was essentially flat at $1.7 billion, with Venclexta up 10.7% to $803 million offsetting Imbruvica's 26.1% decline to $522 million. Aesthetics slipped 1.4% to $1.2 billion, with Juvederm down 11.9%, pointing to soft consumer spending in that category.
The adjusted operating margin (the share of revenue left after running costs, on a non-GAAP basis) was 48.7%. AbbVie also completed its acquisition of Apogee Therapeutics during the quarter, adding late-stage immunology pipeline assets including zumilokibart for atopic dermatitis and APG273 for asthma.
Guidance and outlook
AbbVie raised its full-year 2026 adjusted diluted EPS guidance range from $13.76 to $13.96 up to $13.95 to $13.99. The updated range includes a $0.69 per share drag from pipeline deal charges recorded through the end of Q3.
The guidance excludes any additional pipeline deal charges that may arise after Q3, because the company says those cannot be reliably forecast. The board also declared a quarterly dividend increase of 5.2%, raising the payment to $1.82 per share beginning with the February 2027 dividend, continuing a pattern of annual raises since the company's founding in 2013.
| Share price | $294.83 |
|---|---|
| Market value | $521.0 billion |
| P/E | 50.7x (sector median 39.4x (Drug Manufacturers - General)) |
| EV/EBITDA | 19.0x |
| Free cash flow yield | 3.6% |
| Alpha Score | 55 / 100 strong |
| Intrinsic value | $230.27 -21.9% vs price |
| Analyst target | $306.42 3.9% vs price, 29 analysts |
| Full-Year 2026 Adjusted Diluted EPS | $13.95 to $13.99 Raised from prior range of $13.76 to $13.96. Includes $0.69 per share unfavorable impact from acquired IPR&D and milestones incurred year-to-date through Q3 2026. Excludes any such charges beyond Q3 2026. |
|---|---|
| Quarterly Dividend (starting Feb 2027) | $1.82 per share Increased from $1.73 per share, a 5.2% raise. |
How the stock looks now
According to Alpha Finance data, AbbVie shares trade at $294.83, within a few dollars of their 52-week high of $298.74. The stock carries a trailing price-to-earnings ratio (P/E, the share price divided by the past year's earnings per share) of 50.7 times, above the sector median of 39.4 times for drug manufacturers. On a forward P/E basis, using expected future earnings, the multiple falls to 17.6 times. The EV/EBITDA ratio (enterprise value divided by earnings before interest, taxes, depreciation and amortization, a common measure of overall company value) is 19.0 times, just above the sector median of 18.7 times.
Alpha Finance's average intrinsic value estimate for the stock is $230.27, about 21.9% below the current price, based on models covering historical valuation, discounted cash flow, EBITDA-based pricing and earnings multiples. The dividend yield stands at 2.35%, with a payout ratio of 53.9%.
The Alpha Finance Alpha Score is 55 out of 100, rated STRONG. The score reflects high marks for profitability and quality (19.7 out of 25) and growth (15.7 out of 26), but a low valuation pillar score (10.2 out of 30), consistent with the premium the market is placing on the shares. The 29 analysts tracked by Alpha Finance have an average target price of $306.42, about 3.9% above the current price.
| Share price | $294.83 |
|---|---|
| Market value | $521.0 billion |
| P/E | 50.7x (sector median 39.4x (Drug Manufacturers - General)) |
| EV/EBITDA | 19.0x |
| Free cash flow yield | 3.6% |
| Alpha Score | 55 / 100 strong |
| Intrinsic value | $230.27 -21.9% vs price |
| Analyst target | $306.42 3.9% vs price, 29 analysts |
What to watch next
Humira and Imbruvica remain areas of pressure. Humira revenue fell 31.2% to $683 million and Imbruvica dropped 26.1% to $522 million this quarter, and neither trend appears to be stabilizing. How fast Skyrizi and Rinvoq can offset those declines will continue to matter for overall growth.
On the pipeline front, the FDA approved Juvmo (tavapadon) for Parkinson's disease and a subcutaneous induction form of Skyrizi for Crohn's disease during the quarter. AbbVie also submitted a regulatory application for etentamig in relapsed multiple myeloma, and positive Phase 3 data arrived for lutikizumab in hidradenitis suppurativa and for Qulipta in menstrual migraine prevention. Results from the Apogee pipeline assets, including zumilokibart in atopic dermatitis, will be an early indicator of whether that acquisition adds meaningful value.
Any acquired pipeline charges beyond Q3 2026 are excluded from guidance and cannot be forecast. Given AbbVie's active deal-making pace, those charges could affect reported and adjusted earnings in Q4 and beyond.
AbbVie's growth engine is running on Skyrizi and Rinvoq, which together generated $8.5 billion in a single quarter while legacy products Humira and Imbruvica continue to shrink. The key question is whether the expanding pipeline and recent acquisitions can sustain that momentum as biosimilar and competitive pressure on older drugs deepens.
Change the growth, margins and discount rate and see what the stock is worth to you.
- AbbVie Inc earnings release (Form 8-K), filed October 30, 2026
- ABBV on Alpha Finance: price, Alpha Score, valuation and analyst data
Written with Alpha AI from the company's SEC filing and Alpha Finance data, with every figure checked against those sources. For information only, not investment advice.
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