10-QPeriod: Q1 FY2026

AbbVie Inc. Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 8, 2026For Securities:ABBV

Summary

AbbVie Inc. reported its first-quarter 2026 financial results, demonstrating robust revenue growth and strategic advancements. Net revenues increased by 12.4% to $15.0 billion compared to the prior year period, driven by strong performance in key therapeutic areas including Immunology and Neuroscience. Despite a notable increase in Research & Development (R&D) expenses, up 20%, the company achieved operating earnings of $4.0 billion and diluted earnings per share (EPS) of $0.39. The company also highlighted significant R&D pipeline progress and strategic investments in manufacturing capabilities. Financially, AbbVie reported $9.4 billion in cash and equivalents, a substantial increase from the prior year-end, supported by strong operating cash flows of $3.8 billion. The company continued its commitment to shareholder returns, declaring a quarterly dividend of $1.73 per share and repurchasing $1.1 billion in stock. Management remains confident in the company's diversified portfolio and pipeline, positioning AbbVie for continued growth and long-term value creation.

Financial Highlights

54 data points
Beta

Revenue

$15.00B

71.9% Gross Margin

Net Income

$695.00M

4.6% Net Margin

EPS (Diluted)

$0.39

Total Assets

$136.46B

Cash & Equivalents

$9.39B

Free Cash Flow

$3.56B

Financial Statements
Beta
Revenue$15.00B
Cost of Revenue$4.22B
Gross Profit$10.78B
SG&A Expenses$3.58B
Operating Expenses$11.01B
Operating Income$3.99B
Interest Expense$717.00M
Net Income$695.00M
EPS (Basic)$0.39
EPS (Diluted)$0.39
Shares Outstanding (Basic)1.77B
Shares Outstanding (Diluted)1.77B

Key Highlights

  • 1AbbVie reported a 12.4% year-over-year increase in net revenues, reaching $15.0 billion for the first quarter of 2026.
  • 2Strong performance in Immunology, with Skyrizi and Rinvoq revenues up 30.9% and 23.3% respectively, and Neuroscience, with Vraylar and Botox Therapeutic showing double-digit growth.
  • 3Research and Development (R&D) expenses increased by 20% to $2.5 billion, reflecting continued investment in the company's pipeline.
  • 4Diluted EPS decreased to $0.39 from $0.72 in the prior year period, primarily impacted by higher operating costs and R&D investments.
  • 5The company's cash and equivalents significantly increased to $9.4 billion as of March 31, 2026, driven by robust operating cash flows of $3.8 billion.
  • 6AbbVie declared a quarterly dividend of $1.73 per share and repurchased $1.1 billion of its stock during the quarter, demonstrating a commitment to shareholder returns.
  • 7Acquired IPR&D and milestones expense increased substantially to $744 million, largely due to an upfront payment for a license agreement with RemeGen.

Frequently Asked Questions

AbbVie's revenue growth was primarily driven by strong performance in its Immunology portfolio, with significant increases in sales for Skyrizi and Rinvoq. Neuroscience products like Vraylar and Botox Therapeutic also contributed positively.

Diluted EPS decreased to $0.39 in Q1 2026 from $0.72 in Q1 2025. This decline was influenced by a substantial increase in R&D expenses, higher acquired IPR&D and milestones costs, and increased expenses related to changes in the fair value of contingent consideration liabilities, partially offset by revenue growth.

AbbVie maintains a strong focus on its pipeline with approximately 90 compounds in development, with about 60 in mid- to late-stage development. Key areas of focus include immunology, neuroscience, oncology, and aesthetics. The company anticipates several regulatory submissions and data readouts in the next 12 months, positioning it for continued growth.

AbbVie issued $8.0 billion in senior notes in March 2026 and repaid $2.0 billion under a term loan. The company has access to significant revolving credit facilities and a strong cash position, indicating robust liquidity. Credit ratings were also upgraded by Moody's in February 2026.