AbbVie (ABBV) Bank of America Global Healthcare Conference 2026 summary

Growth outlook and financial performance

• Confident in exceeding consensus revenue estimates for SKYRIZI and RINVOQ by 2031, driven by market expansion and share growth.

• Neuroscience and oncology pipelines, along with aesthetics, are expected to contribute to high-teens growth rates.

• R&D investment has increased by over one-third since 2022, with current spend just under $10 billion, representing 14% of sales.

• Operating margin is projected to steadily increase, reaching 50% within two to three years, with further upside possible.

• Margin expansion will primarily come from SG&A leverage, while maintaining robust R&D funding.

M&A and portfolio strategy

• Over $8 billion invested in 30 transactions in the past two years to strengthen the pipeline across core and adjacent therapeutic areas.

• Focus on acquiring differentiated assets that can raise the standard of care, regardless of therapeutic area.

• No constraints on stage or type of asset pursued; balance sheet capacity is not a limiting factor.

• Obesity is a key area for future deals, with ongoing evaluation of assets to complement existing portfolio.

Obesity and innovation

• Pricing assumptions for obesity assets account for cash-pay dynamics, leveraging experience from the aesthetics business.

• ABBV-295 aims to improve tolerability and durability, targeting patients who have cycled off incretin therapies.

• Ongoing studies will focus on higher BMI populations and higher dosing to enhance weight loss outcomes.