TLDR
- Fourth quarter earnings of $2.71 per share exceeded the $2.65 analyst estimate
- Q4 revenue of $16.6 billion beat Wall Street’s $16.4 billion forecast
- Full-year 2026 earnings guidance of $14.37-$14.57 per share tops $14.27 consensus
- Oncology revenue fell 2.5% while aesthetics dropped 1.2% operationally
- Skyrizi sales surged 32.5% to $5.01 billion as Humira declined 26%
AbbVie stock declined 3.6% Wednesday following quarterly earnings that surpassed analyst expectations. The drugmaker also provided 2026 guidance above Wall Street forecasts, yet shares moved lower as investors digested weakness across multiple business lines.
Fourth quarter adjusted earnings came in at $2.71 per share. Analysts had expected $2.65 per share. Revenue totaled $16.6 billion versus the $16.4 billion consensus estimate.
The company guided for 2026 adjusted earnings between $14.37 and $14.57 per share. This outlook exceeds the $14.27 analyst consensus by a comfortable margin.
Weakness in Oncology and Aesthetics
The oncology division generated $1.7 billion in revenue, declining 2.5% on an operational basis. Aesthetics revenue reached $1.3 billion, down 1.2% operationally from the prior year period.
Within aesthetics, Botox Cosmetic sales came to $717 million. This beat the $696.2 million estimate and represented the first revenue growth since the third quarter of 2024. Economic concerns and competition from Revance and Evolus have pressured this segment.
Immunology Strength Driven by Skyrizi
The immunology portfolio delivered $8.6 billion in revenue, climbing more than 18% from last year. Skyrizi posted sales of $5.01 billion, up 32.5% and topping the $4.82 billion estimate. Rinvoq sales increased 29.5% to $2.37 billion but fell short of the $2.41 billion forecast.
These products are offsetting declines in Humira. The legacy blockbuster drug recorded sales of $1.2 billion, down 26% year-over-year. Surprisingly, this figure beat analyst expectations of $983.8 million, the first time Humira exceeded estimates in nearly two years.
Patent Loss Continues to Impact Humira
Humira lost U.S. patent protection in 2023. Biosimilar competition has since eroded market share for the drug that generated over $21 billion in peak sales during 2022.
AbbVie has invested aggressively to drive future growth. The company has spent more than $20 billion on acquisitions. Management plans to invest an additional $10 billion over the coming decade, including building four new U.S. manufacturing plants.
Market conditions showed divergence Wednesday. S&P 500 futures advanced 0.1%. Pharmaceutical peer Eli Lilly rallied 9% after reporting its quarterly results.
AbbVie shares opened higher in premarket trading before turning negative. The price action indicates investor concern about revenue trends in oncology and aesthetics despite the company’s ability to beat earnings estimates and provide optimistic guidance for 2026.
