#AbbVie Posts $15 Billion in Q1 Revenue as Skyrizi and Neuroscience Drive Growth
AbbVie Inc. (NYSE: ABBV) reported first-quarter 2026 net revenues of $15.002 billion, an increase of 12.4% on a reported basis or 10.3% on an operational basis, compared to the same period a year earlier. The North Chicago, Illinois-based pharmaceutical company also raised its full-year adjusted diluted earnings per share guidance following the results.
AbbVie has been navigating a multi-year transition away from Humira, once the world's top-selling drug by revenue, as biosimilar competition has steadily eroded that product's sales. The company has relied on Skyrizi and Rinvoq to offset that decline, and both drugs continued to expand their revenue contribution in the quarter.
#Skyrizi and Rinvoq Offset Continued Humira Decline
Global Skyrizi net revenues reached $4.483 billion in the quarter, an increase of 30.9% on a reported basis or 29.2% on an operational basis. Rinvoq generated $2.119 billion globally, up 23.3% reported or 20.2% operational. Together, the two immunology drugs contributed $6.602 billion in revenue.
Humira continued to contract, with global net revenues of $688 million, a decrease of 38.6% on a reported basis. The drug faces biosimilar competition in both the U.S. and international markets.
The immunology portfolio as a whole generated $7.290 billion, an increase of 16.4% on a reported basis.
#Neuroscience Segment Grows 26%
The neuroscience portfolio posted $2.875 billion in global net revenues, an increase of 26.0% on a reported basis or 24.3% on an operational basis, the fastest growth rate among AbbVie's four main business segments in the quarter.
Botox Therapeutic contributed $1.009 billion, up 16.5% reported. Vraylar reached $905 million, an increase of 18.4%. Ubrelvy and Qulipta, two migraine treatments, grew 41.4% and 53.6% respectively on a reported basis.
The oncology portfolio generated $1.631 billion, a decrease of 0.2% on a reported basis. Venclexta grew 15.7% to $770 million, while Imbruvica declined 24.7% to $556 million.
#Earnings and Guidance
On an adjusted basis, diluted earnings per share were $2.65, an increase of 7.7% from $2.46 in the first quarter of 2025. GAAP diluted EPS was $0.39, a decrease of 45.8%, reflecting a $0.41 per share charge from acquired in-process research and development and milestones expense.
The adjusted operating margin ratio was 40.8%. Adjusted gross margin was 83.6%. Net interest expense was $645 million.
"We are off to an excellent start in 2026, with first-quarter results exceeding our expectations," Robert A. Michael, chairman and chief executive officer, AbbVie, said in the earnings release. "Our pipeline progress and solid business fundamentals position AbbVie for robust long-term growth."
AbbVie raised its full-year 2026 adjusted diluted EPS guidance range from $13.96-$14.16 to $14.08-$14.28. The revised range includes a $0.41 per share charge from IPR&D and milestones expense incurred in the first quarter. The guidance excludes any further IPR&D and milestone charges that may arise beyond Q1 2026, which the company stated cannot be reliably forecast.
#Pipeline and Regulatory Activity
AbbVie submitted applications to the U.S. Food and Drug Administration seeking approval for Skyrizi for subcutaneous induction in Crohn's disease and for Rinvoq in severe alopecia areata. The company expects an FDA decision on the Skyrizi submission later in 2026. The FDA also approved a new combination regimen of Venclexta and acalabrutinib for previously untreated chronic lymphocytic leukemia, which AbbVie described as the first all-oral, fixed-duration regimen for that indication.
The FDA issued a Complete Response Letter for trenibotE, a botulinum neurotoxin candidate in AbbVie's aesthetics pipeline, requesting additional information on manufacturing processes. The agency identified no safety or efficacy concerns. AbbVie said it expects to submit a response within the coming months.
AbbVie also reported positive Phase 1 results for ABBV-295, a weight management candidate with a non-incretin mechanism of action, and announced a $1.4 billion investment to build a pharmaceutical manufacturing campus in Durham, North Carolina.
Management projected continued growth through 2026, though the outlook is subject to risks including biosimilar competition for Humira, regulatory approval timelines, intellectual property challenges, and broader macroeconomic conditions including trade policy uncertainty.