Revenue rose 10.3% to $17.40B, led by Skyrizi and Rinvoq, while GAAP EPS reached $2.37 against $0.10 a year earlier 8-K. Management raised 2026 adjusted EPS guidance to $13.95 - $13.99 8-K.
AbbVie Inc. · Q3 2026 · Reported 5 Oct 2026 · US
Key figures
Million USD | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
Revenue | 17,404.0 | 15,776.0 | +10.3 % |
Operating income | 6,267.0 | 1,904.0 | +229.1 % |
Net income | 4,218.0 | 186.0 | +2167.7 % |
Diluted EPS | 2.37 USD/share | 0.10 USD/share | +2270.0 % |
Operating margin | 36.0 % | 12.1 % | +23.9 pp |
Net margin | 24.2 % | 1.2 % | +23.1 pp |
Figures in USD, as reported. Margins are computed from the reported lines.
Immunology drove the 10.3% revenue growth as Humira fell 31.2%
Worldwide net revenues were $17.404 billion, up 10.3% reported and 10.5% operational 8-K. Immunology was $9.165 billion, up 16.3% reported, with Skyrizi at $5.776 billion (up 22.7%) and Rinvoq at $2.706 billion (up 23.9%) 8-K.
Humira fell 31.2% to $683 million, so the two newer drugs are growing through the decline of the older franchise 8-K. Neuroscience also contributed, rising 19.4% to $3.389 billion, with Vraylar up 14.3% and Qulipta up 38.2% 8-K.
Oncology and aesthetics added little to growth
Oncology grew only 0.8% to $1.696 billion because Imbruvica fell 26.1% to $522 million, offsetting Venclexta, up 10.7%, and Elahere, up 31.0% 8-K. Aesthetics fell 1.4% to $1.176 billion, and Juvederm fell 11.9% while Botox Cosmetic rose 4.9% 8-K.
The growth engine is narrow: immunology and neuroscience carry the quarter, while the other two portfolios were flat to down.
GAAP profit leapt, but mostly against a depressed year-earlier base
GAAP operating income was $6.27 billion against $1.90 billion a year earlier, and operating margin was 36.0% against 12.1% 8-K. Net income was $4.22 billion against $186.00 million, and diluted EPS was $2.37 against $0.10 8-K. A 23.9 point margin gain far exceeds what a 10.3% revenue rise could produce, so I read most of it as a low comparison base rather than a step change in profitability 8-K.
This quarter's acquired IPR&D and milestones expense was 1.2% of net revenues and cost $0.11 per share 8-K. The company-defined adjusted EPS was $3.82, and its adjusted operating margin was 48.7% against the 36.0% GAAP figure 8-K. Gross margin was 75.4% GAAP and 85.1% adjusted, and net interest expense was $700 million GAAP, with a 12.6% GAAP tax rate 8-K.
Guidance was raised, and Apogee and new approvals extend the pipeline
Management raised 2026 adjusted diluted EPS guidance from $13.76 - $13.96 to $13.95 - $13.99 8-K. That range includes an unfavorable $0.69 per share from acquired IPR&D and milestones incurred year to date through the third quarter, and it excludes any such expense after the third quarter 8-K. The raised floor narrows the range, and the stated exclusion leaves later business-development charges outside the guide.
AbbVie completed the Apogee Therapeutics acquisition, adding zumilokibart for atopic dermatitis and APG273 for asthma 8-K. The FDA approved Juvmo for Parkinson's disease and Skyrizi subcutaneous induction in Crohn's disease 8-K. The board also raised the quarterly dividend 5.2%, from $1.73 to $1.82 per share, beginning with the February 16, 2027 payment 8-K.
What to watch next
Whether adjusted EPS lands inside the raised $13.95 - $13.99 range, given that guidance excludes acquired IPR&D and milestones incurred after the third quarter 8-K.
Whether Skyrizi and Rinvoq growth (22.7% and 23.9% this quarter) can offset the Humira decline of 31.2% and the Imbruvica decline of 26.1% 8-K.
Progress on the Apogee assets and the regulatory steps ahead, including the pending etentamig BLA and lutikizumab HS filings planned for the second half of 2027 8-K.
The report does not give operating cash flow or prior-year acquired IPR&D expense.
Sources
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.