AbbVie (ABBV) Q4 2025 earnings summary

Executive summary

• Achieved record net sales of $61.2 billion for 2025, up 8.6% year-over-year, exceeding initial guidance by over $2 billion despite significant Humira erosion.

• Full-year adjusted EPS reached $10.00, $0.54 above initial guidance midpoint, but down 1.2% year-over-year due to $2.76 per share in acquired IPR&D and milestones expense.

• Advanced pipeline with 90 clinical programs, multiple new product/indication approvals, and over $5 billion invested in business development.

• Entering 2026 with strong momentum, expecting robust growth across core franchises and new launches.

• Record net sales achieved in the second full year after U.S. Humira loss of exclusivity, highlighting portfolio strength.

Financial highlights

• Q4 adjusted EPS was $2.71, $0.08 above guidance midpoint, with a $0.71 IPR&D expense impact.

• Q4 net revenues were $16.6 billion, up 10% year-over-year, with ex-Humira growth platform up 14.5%.

• Adjusted gross margin: 83.6%; adjusted R&D: 15.4% of sales; adjusted SG&A: 22.3% of sales; adjusted operating margin: 38.3%.

• Net interest expense: $655 million; adjusted tax rate: 18.3%.

• Immunology portfolio full-year revenues were $30.41 billion, up 14.0%; Skyrizi $17.56 billion (+49.9%), Rinvoq $8.30 billion (+39.1%), Humira $4.54 billion (-49.5%).

Outlook and guidance

• 2026 full-year adjusted EPS guidance: $14.37–$14.57 (excluding future IPR&D expense).

• 2026 net revenue guidance: ~$67 billion, up 9.5%, with FX expected to add 0.8% to growth.

• Immunology sales expected at $34.5 billion (Skyrizi: $21.5B, Rinvoq: $10.1B, Humira: $2.9B).

• Neuroscience sales forecast at $12.5 billion, oncology at $6.5 billion, aesthetics at $5 billion.

• Q1 2026 net revenues expected at $14.7 billion; adjusted EPS $2.97–$3.01.