Oct 30, 2026 earnings call — Strong immunology growth and raised guidance
AbbVie raised full year revenue guidance by $200 million and increased its quarterly dividend by 5.2%.
Revenue $17.4B (est $17.3B) · EPS $3.82 (est $3.73)
Key quotes
"Skyrizi and Rinvoq continue to exceed our expectations, demonstrating robust growth across all indications."
"In immunology, we completed the acquisition of Apogee Therapeutics, adding multiple differentiated assets in dermatology, respiratory and other related inflammatory diseases with significant sales potential."
"Based on the strong performance across our business, including Skyrizi, Rinvoq, Vraylar, Ubrelvy, Qulipta and Venclexta, we are raising our full year revenue guidance by $200 million and have now raised total revenue by $800 million since the start of the year."
Analyst Q&A 11
2027 outlook and Rinvoq payer access
Q (Vamil Divan · Guggenheim): Analyst asked what pushes and pulls to model for 2027 and asked about payer discussions for Rinvoq.
A: Management said they will give formal 2027 guidance on the Q4 call but expect to exit 2026 strong and deliver top-tier growth again in 2027. They highlighted continued strong growth from Skyrizi and Rinvoq and said payer arrangements are closing with likely low single-digit rebate concessions and favorable access for Rinvoq's new derm indications.
"When I look at Skyrizi and Rinvoq, they're delivering incredible growth of $6 billion combined this year despite already being on the market for 8 years and with more competition." — Robert Michael (CEO·CHAIR)
Skyrizi subcutaneous Crohn approval and combos
Q (Christopher Schott · JPMorgan): Analyst asked about the opportunity and market share impact of Skyrizi subcu induction in Crohn's and how alpha4beta7 might fit relative to Skyrizi.
A: Management said the subcu Skyrizi data are very strong and support Skyrizi's current positioning in Crohn's and UC, and the subcu option should accelerate share in Crohn's after access is in place. They said alpha4beta7 combinations showed strong efficacy in both later and earlier lines and they plan to explore combinations in Crohn's and UC.
"So as we've talked about over the last few quarters, the in-play share is roughly 50-50 in IBD versus the main competitor, we would anticipate certainly an acceleration in Crohn's where we have that approval." — Jeffrey Stewart
Emraclidine dosing and underappreciated assets
Q (Louise Chen · Scotiabank): Analyst asked why management believes under-dosing caused prior emraclidine results and which pipeline assets are most underappreciated.
A: Management said emraclidine showed lower receptor occupancy and variable PK at the prior doses, so they will move forward with a 150 milligram dose to improve occupancy and predictability and will test it in Phase II. They highlighted etentamig and other oncology and neuroscience assets as important near- and mid-term upside the Street may underappreciate.
"With emraclidine, we did observe lower receptor occupancy and variability in PK, and again, that's 1/5 of the dose that we're going to take forward at 150 milligram" — Roopal Thakkar
340B pilot rationale and TrenibotE timing
Q (Trung Huynh · RBC): Analyst asked why AbbVie is joining the 340B pilot and whether it will improve gross-to-net, and also asked for an update on TrenibotE resubmission timing after the CRL.
A: Management said they support restoring the original 340B intent and want more transparency and accountability because the program is being abused, but it is too early to quantify financial impact. For TrenibotE, they said the CRL was about CMC, they are gathering data, plan to resubmit at the end of this year, and they expect a 6-month review with U.S. approval mid next year.
"We will resubmit at the end of this year, and we anticipate a 6-month review." — Roopal Thakkar
ABBV-466 timing and Phase III triggers
Q (Jason Gerberry · BofA): Analyst asked what could trigger a faster move of ABBV-466 into Phase III and whether co-formulation work limits timing.
A: Management said they have built-in interims and will run assays more frequently and can drop or modify arms based on interim results to speed things up. They said they could potentially start Phase III at the end of 2027 but could not commit yet and will reassess as more data come in.
"I would say there is some potential that we could start Phase IIIs at the end of 2027." — Roopal Thakkar
Epkinly front-line large B-cell lymphoma launch
Q (Qize Ding · Rothschild & Co Redburn): Analyst asked how Epkinly-based regimens will compete with other regimens and how to think about Epkinly's launch trajectory in first-line large B-cell lymphoma.
A: Management said adding Epkinly to R-CHOP is simple and familiar to clinicians, which should help adoption compared with regimens that add two novel agents. They said the frontline potential is the largest commercial opportunity, the data were striking, and they expect rapid adoption and favorable payer reception globally as they file for approvals.
"What we like about the approach with Epkinly with R-CHOP is that R-CHOP is very familiar, it's very well known across the globe and there's a simplicity of just adding Epkinly to a very well-known treatment regimen." — Roopal Thakkar
M&A appetite and obesity strategy
Q (Terence Flynn · Morgan Stanley): Analyst asked about AbbVie's appetite and size for M&A after Apogee and whether AbbVie needs a GLP-1 to compete in obesity.
A: Management said they will focus on differentiated, bolt-on deals in immunology, neuroscience, oncology and obesity and have financial capacity to pursue early- to late-stage or on-market assets. On obesity, they said they are open to differentiated profiles including incretins or other classes for co-formulation, and they prioritize efficacy plus tolerability to keep patients on therapy.
"I would expect these to be more bolt-on additions versus a large transformational deal like Allergan, and that's because our business already has good breadth." — Robert Michael (CEO·CHAIR)
Rinvoq HS expectations and Botox IRA litigation
Q (Steve Scala · TD Cowen): Analyst asked for a placebo-adjusted HiSCR50 expectation for Rinvoq in HS and asked about expected Botox IRA pricing and litigation status.
A: Management said it is hard to predict the exact HS HiSCR50 delta because placebo drift and heterogeneity affect results, and they will judge by totality of endpoints like pain and quality of life. On Botox and the IRA, management said Botox contains human serum albumin and they believe products derived from plasma are not eligible under the IRA; a Federal District Court ruled in AbbVie's favor but that ruling is subject to appeal.
"Look, we feel the IRA is very clear that products derived from human blood or plasma are not eligible for selection." — Robert Michael (CEO·CHAIR)
Immunology readouts to watch in 2027
Q (David Risinger · Leerink Partners): Analyst asked what I&I trial results to watch in 2027 after the Rinvoq HS readout.
A: Management said after Rinvoq HS they will closely watch IBD combination data and interim results that might accelerate programs, and they specifically called out Rinvoq in lupus and several B-cell depletion and in-vivo CAR-T data as important readouts. They also mentioned rheumatoid arthritis combos, psoriatic arthritis, and many upcoming studies and Phase III starts post-Apogee.
"I would say after we see this data set, we're going to be keeping -- that's the Rinvoq HS. We're going to be keeping a close eye on the IBD combos." — Roopal Thakkar
Tavapadon positioning and early market feedback
Q (Mohit Bansal · Wells Fargo): Analyst asked how AbbVie is positioning tavapadon in Parkinson's, what upside could surprise, and what physician feedback is during launch.
A: Management said tavapadon keeps many early patients off levodopa for long periods and can 'freeze' levodopa dose escalation for about 85 weeks, which clinicians find valuable to delay dyskinesia. They said early market feedback is very positive, demand in the funnel exceeds expectations, and access limitations exist now but the profile looks promising.
"So the movement disorder experts and the neurologists, they know that as they continue to dose up and you have to escalate levodopa/carbidopa dosing, it just leads to the dyskinesia and it's not good." — Jeffrey Stewart
Rinvoq derm indications and market build
Q (Gary Nachman · Canaccord Genuity): Analyst asked whether Rinvoq will be first-line in vitiligo and alopecia areata, asked for market size detail, and asked how much AbbVie will expand dermatology presence.
A: Management said they raised long-term targets after strong data: alopecia results were transformational and vitiligo showed progressive repigmentation, and they expect Rinvoq to be used more front-line in moderate to severe patients because there is little to step through. They said the current markets are small in sales but prevalence is high, they will invest in expanding dermatology sales forces globally, and they expect to build the markets significantly.
"So we see that we're going to have to build the market we see that Rinvoq will have the most favorable data in the category for the foreseeable future." — Jeffrey Stewart