AbbVie Inc. (NYSE: ABBV) is expected to report its first-quarter 2026 results before the opening of markets on Wednesday, April 29. The question investors will be asking is straightforward: are Skyrizi and Rinvoq growing fast enough to not just offset Humira’s biosimilar erosion, but to deliver meaningful net immunology expansion? The Zacks Consensus Estimate places Q1 2026 total revenue at approximately $14.78 billion and adjusted diluted earnings per share at $2.69.
Post-Humira Recovery: The Immunology Franchise
The defining corporate achievement of AbbVie’s past two years has been the speed of the Humira replacement. Humira, the world’s best-selling drug for much of the last decade, began losing U.S. market exclusivity in January 2023. The stock market had spent years discounting that cliff. What AbbVie delivered instead was a counter-offensive.
In full-year 2025, the immunology portfolio generated $30.406 billion in total net revenues, a 14.0% increase year-over-year on a reported basis, despite ongoing Humira erosion. Skyrizi (risankizumab) alone delivered $17.562 billion and Rinvoq (upadacitinib) delivered $8.304 billion — a combined $25.866 billion. Management’s prior long-term target for the Skyrizi-Rinvoq combination in 2027 was $27 billion combined. That target was cleared two years early.
| Product | FY2025 Net Revenue | Key Indications |
|---|---|---|
| Skyrizi | $17.562B | Psoriasis, PsA, Crohn’s disease, UC |
| Rinvoq | $8.304B | RA, PsA, AS, UC, CD, atopic dermatitis |
| Humira | declining | Ongoing biosimilar erosion |
| Total Immunology | $30.406B | +14.0% YoY |
All figures are GAAP unless otherwise noted. Source:
For Q1 2026, the Zacks Consensus Estimate for the immunology franchise is approximately $4.43 billion for Skyrizi and $2.07 billion for Rinvoq. If sustained, this quarterly run rate implies annualized immunology revenue above $28 billion — representing continued mid-to-high single-digit growth over the $30.4 billion FY2025 base when adjusted for seasonality.
Q1 2026 Financial Setup
AbbVie guided full-year 2026 adjusted diluted EPS to $14.37–$14.57, issued alongside the Q4 2025 results on February 4, 2026 (AbbVie Full-Year and Q4 2025 Financial Results, AbbVie News). The Q1 2026 Zacks consensus of $2.69 in adjusted EPS would represent approximately 18.5% of the full-year midpoint guidance of $14.47, which is roughly consistent with AbbVie’s historical Q1 seasonality.
AbbVie has beaten consensus adjusted EPS estimates in each of the prior four quarters. Any miss relative to the $2.69 consensus, or any downward revision to full-year guidance, would draw sharp investor focus on whether the immunology growth trajectory is decelerating faster than expected.
One known headwind for Q1: management flagged on the Q4 2025 earnings call that Rinvoq faces an unfavorable prior-year rebate comparison in Q1 2026, introducing a “high single-digit” net pricing headwind for that product specifically (AbbVie Q4 2025 Earnings Call Transcript, Motley Fool, February 4, 2026). Volume growth in new indications is expected to offset this, but investors should watch whether Rinvoq’s Q1 growth rate comes in below the $2.07 billion consensus or closer to the lower end of the range.
Pipeline and Beyond-Immunology Story
AbbVie’s long-term thesis rests on three diversification pillars beyond immunology: neuroscience, aesthetics, and oncology.
Neuroscience: The $8.7 billion acquisition of Cerevel Therapeutics, completed in 2024, brought a late-stage CNS pipeline. Emraclidine, a muscarinic M4 receptor positive allosteric modulator for schizophrenia, is in late-stage development and represents a potential first-in-class mechanism in a large, underserved market. Tavapadon, a D1/D5 partial agonist for Parkinson’s disease, is under FDA review. The neuroscience segment is projected at approximately $12.5 billion in 2026 revenues, a 16% increase year-over-year, driven by Vraylar, Botox Therapeutic, and the expanding migraine portfolio (Qulipta, Ubrelvy).
Aesthetics: The Allergan Aesthetics segment — Botox Cosmetic and Juvederm — provides high-margin, cash-generative diversification. The segment is more cyclical than pharmaceuticals but benefits from strong consumer brand equity globally.
Oncology: Imbruvica faces ongoing pricing and competitive headwinds, with Q1 2026 international Imbruvica consensus of approximately $195 million (down year-over-year). The more interesting forward-looking story is Epcoritamab (TEPKINLY), a CD3xCD20 bispecific antibody for DLBCL, and venetoclax, which continues expanding in hematologic malignancies.
Key Risks and Investor Signals
The most important question for Q1 2026 is whether AbbVie will update its FY2026 adjusted EPS guidance. The company has a track record of guiding conservatively and raising throughout the year — any raise at Q1 would be a positive signal.
Competitive landscape: Skyrizi faces competition from other IL-23 inhibitors including Tremfya (guselkumab, J&J) and Ilumya (tildrakizumab) in psoriasis and Crohn’s/UC. Rinvoq competes with Xeljanz (tofacitinib, Pfizer) and Olumiant (baricitinib, Lilly) across JAK inhibitor indications, with continued regulatory scrutiny on JAK class safety.
Inflation Reduction Act exposure: Imbruvica has already been subject to IRA Medicare price negotiation. Future IRA inclusion for immunology products as they age could pressure long-term net pricing.
Tariff exposure: AbbVie manufactures biologics at multiple global facilities. Any increase in U.S. import duties on pharmaceutical inputs could affect costs and gross margins, though the company has been investing in U.S. manufacturing capacity, including a $1.4 billion facility in North Carolina.
As of late April 2026, AbbVie’s market capitalization stands at approximately $360 billion, based on Yahoo Finance data (April 2026). At the current consensus FY2026 adjusted EPS midpoint of $14.47, the stock trades at approximately 14x forward earnings — a discount to many pharmaceutical peers, which the market has historically attributed to lingering uncertainty about what comes after Humira. Q1 2026 results, if they demonstrate sustained immunology growth velocity and no deterioration in guidance, will be the latest evidence that such a discount is unwarranted.
Key Signals for Investors
- The Zacks consensus for Q1 2026 immunology revenue — with Skyrizi at $4.43 billion and Rinvoq at $2.07 billion — is the primary metric to watch; a print above that would signal that the combined franchise is accelerating above the FY2025 annualized run rate.
- Management’s FY2026 adjusted diluted EPS guidance of $14.37–$14.57 will be watched for any revision; the company has historically guided conservatively and raised intra-year, making any Q1 update directionally significant.
- Rinvoq’s Q1 growth rate faces a known pricing headwind from unfavorable prior-year rebate comparisons — volume momentum in new indications (atopic dermatitis, CD, giant cell arteritis) is the offset variable.
- Emraclidine and tavapadon regulatory timelines are the next major pipeline catalysts; any Q1 update on clinical or regulatory progress will be watched by investors underwriting the neuroscience diversification thesis.
- AbbVie’s market capitalization of approximately $360 billion and a ~14x FY2026 earnings multiple implies the market still prices in meaningful uncertainty; a clean Q1 beat with maintained or raised guidance could narrow that discount.
Sources
- AbbVie Inc. Full-Year and Fourth-Quarter 2025 Financial Results, AbbVie News, February 4, 2026: https://news.abbvie.com/2026-02-04-AbbVie-Reports-Full-Year-and-Fourth-Quarter-2025-Financial-Results
- AbbVie Q4 2025 Earnings Call Transcript, The Motley Fool, February 4, 2026: https://www.fool.com/earnings/call-transcripts/2026/02/04/abbvie-abbv-q4-2025-earnings-call-transcript/
- Zacks Consensus Estimates for ABBV Q1 2026 via Yahoo Finance, April 2026: https://finance.yahoo.com/markets/stocks/articles/abbvie-q1-earnings-loom-buy-130800784.html
- Yahoo Finance, AbbVie Inc. (ABBV) Quote Page, April 2026: https://finance.yahoo.com/quote/ABBV
AbbVie Inc. (ABBV) is scheduled to report Q1 2026 results before the open of markets on April 29, 2026.