AbbVie (ABBV) Q1 2026 earnings summary

Executive summary

• First quarter 2026 net revenues reached $15.002 billion, up 12.4% year-over-year, with adjusted EPS of $2.65, exceeding expectations and reflecting strong immunology and neuroscience performance.

• GAAP diluted EPS was $0.39, down 45.8% due to a $0.41/share impact from acquired IPR&D and milestones expense.

• Full-year adjusted EPS guidance raised to $14.08–$14.28 and net revenue forecast to $67.3 billion.

• Continued pipeline progress with regulatory submissions and promising data in immunology, neuroscience, oncology, and obesity.

• Strategic investments include $1.4 billion for a new manufacturing campus in North Carolina and $380 million for new plants in North Chicago.

Financial highlights

• Adjusted EPS of $2.65, $0.07 above guidance midpoint, with a $0.41 unfavorable impact from acquired IP R&D expense.

• Net revenues of $15.002 billion, up 12.4% year-over-year, with a 2.1% favorable FX impact.

• Adjusted gross margin at 83.6%, adjusted operating margin at 40.8%, and adjusted tax rate at 15.4%.

• Neuroscience revenues $2.875 billion (up 26%), oncology $1.631 billion (down 0.2%), and aesthetics $1.186 billion (up 7.6%).

• Net interest expense was $645 million.

Outlook and guidance

• Full-year adjusted EPS guidance raised to $14.08–$14.28, including a $0.41/share unfavorable impact from acquired IPR&D and milestones expense.

• Net revenue guidance increased to $67.3 billion, with key product assumptions: SKYRIZI $21.6 billion, RINVOQ $10.2 billion, neuroscience $12.6 billion.

• Q2 net revenues expected at $16.7 billion, adjusted EPS $3.74–$3.78, and operating margin ~50%.

• Guidance excludes any further IPR&D and milestones expense beyond Q1 2026.