These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. We are delivering top-tier growth and continue to strengthen our long-term outlook with pipeline advancements and strategic transactions. Turning to our first quarter performance, we achieved adjusted earnings per share of $2.65, which is $0.07 above our guidance midpoint. Total net revenues were $15 billion, beating our expectations by $300 million and reflecting robust sales growth of 12.4%.

Based on this strong performance, we are raising our full year adjusted earnings per share guidance by $0.12 and now expect adjusted EPS between $14.08 and $14.28. regulatory submissions of RINVOQ for alopecia areata, giving us a potential new source of growth in dermatology, and SKYRIZI sub-Q induction in Crohn's, with an approval decision expected later this year. We also expanded our emerging oncology pipeline by closing the RemeGen agreement, giving us a novel PD-1/VEGF bispecific antibody. Given our strong growth outlook, we have significant financial capacity to pursue both early and late-stage opportunities.

R&D and capital investments over the next decade, we recently announced construction of several new manufacturing sites. In summary, the fundamentals of our business are strong, and we are well-positioned to deliver top-tier growth for the long term. I'll start with the quarterly results for immunology, which delivered total revenues of $7.3 billion, reflecting impressive sales growth of $1 billion. We continue to demonstrate exceptional performance across psoriatic disease, where we are gaining share and have clear leadership over all biologics and orals by a very wide margin.

What went well
  • Adjusted EPS of $2.65, $0.07 above the guidance midpoint, with total net revenues of $15 billion beating expectations by $300 million on 12.4% sales growth (2.1% FX benefit).
  • SKYRIZI total sales reached $4.5 billion, up 29.2% operationally and ahead of expectations, with immunology total revenues of $7.3 billion (+$1 billion of growth).
  • RINVOQ global sales of $2.1 billion, up 20.2% operationally, with demand strong across all indications and an inflection in gastro/UC prescriptions.
  • Neuroscience delivered nearly $2.9 billion, up 24.3% operationally, led by VRAYLAR ($905 million, +18.4%) and double-digit migraine growth (UBRELVY, QULIPTA, BOTOX therapeutic).
  • Raised full-year adjusted EPS guidance by $0.12 to $14.08-$14.28 and lifted full-year revenue to approximately $67.3 billion (+$300 million).
  • Pipeline wins: phase III AFFIRM study met all endpoints for SKYRIZI subcutaneous induction in Crohn's, and the SKYRIZI + ABBV-382 combo doubled endoscopic remission versus monotherapy (~42% at week 24) in a refractory population.
  • VENCLEXTA sales of $770 million, up 9.7% operationally, with full U.S./U.K. approvals plus positive CHMP opinion for use with BTK inhibitors.
  • BOTOX Cosmetic revenues of $668 million, up 17%, and VYALEV sales of $201 million (up ~10% sequentially), on track for blockbuster status this year.
What went wrong
  • HUMIRA global sales fell to $688 million, down 40.3% operationally, on biosimilar competition.
  • Oncology total revenues declined 3% operationally, with IMBRUVICA down 24.7% on IRA pricing and competitive share pressure.
  • JUVÉDERM global sales of $232 million, down 2.9%, reflecting continued dermal filler market headwinds and lingering economic pressure on aesthetics consumers.
  • A $0.41 unfavorable EPS impact from acquired IPR&D expense (a 5% drag on the quarter's adjusted operating margin).
  • FDA issued a complete response letter for TrenibotE over manufacturing questions, delaying the U.S. launch.
  • ABBV-932 in bipolar depression missed statistical significance overall, and the SKYRIZI + lutikizumab combo cohort failed to differentiate and will not move forward.

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Reported 2026-04-29 · figures from the AbbVie Inc. Q1 2026 earnings call.

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