AbbVie beats, raises guidance, says Skyrizi has data protection until 2031

 

AbbVie beats Q1 2026 estimates, raises 2026 EPS and revenue guidance, says Skyrizi has data protection until 2031

• Q1 2026 adjusted EPS $2.65, 8% YoY, and revenue $15.0B, 12% YoY, topped guidance, driven by immunology and neuroscience.
• Full-year 2026 adjusted EPS guidance raised to $14.08–$14.28, up $0.12, and revenue raised $300M, mainly Skyrizi, Rinvoq, neuroscience.
• Skyrizi has regulatory data protection until 2031, so biosimilar applications are not expected until late this decade.
• Skyrizi (+29% YoY) and Rinvoq (+20% YoY) both exceeded expectations, with full-year sales assumptions nudged higher.
• Management repeatedly said they see upside to Street expectations for Skyrizi, Rinvoq and key neuroscience drugs.
• Pipeline de‑risks growth beyond 2030 with strong IBD combos, obesity candidate ABBV‑295 and oncology ADCs/TCEs.
• Obesity candidate ABBV‑295 showed ~10% weight loss in 12 weeks with encouraging tolerability in early data.
• Q2 guidance implies another strong quarter with ~11% sequential revenue growth and 50% operating margin.
• Regulators issued a CRL on the new fast‑acting toxin on manufacturing only; ex‑US launches still expected 2026.
• Humira and Imbruvica declines, aesthetic fillers softness and intensifying immunology competition remain key headwinds.
• Capital deployment remains balanced across R&D, large U.S. manufacturing investments, BD, and a “strong and growing” dividend.
• Main concern: sustaining immunology and oncology leadership amid rising competition, LOE risk and mixed aesthetics trends.

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