01—Abstract
Summary
Summary of the 8-K filed April 29, 2026. Cited figures are marked; the original filing is the authoritative source.
AbbVie reported first-quarter 2026 results that beat its internal expectations on the top line and adjusted earnings, and it raised full-year 2026 adjusted diluted EPS guidance.
Net revenues were $15.002 billiona, up 12.4% reported (10.3% operational), led by Skyrizi (+30.9%) and Rinvoq (+23.3%). Adjusted diluted EPS was $2.65, up 7.7%. Full-year adjusted EPS guidance rose to $14.08-$14.28 from $13.96-$14.16, even after absorbing a $0.41 per-share charge for acquired IPR&D and milestones taken in the quarter.
GAAP results were far weaker than the adjusted figures. GAAP diluted EPS fell 45.8% to $0.39b from $0.72, driven mainly by a $2.387 billion pre-tax charge from the change in fair value of contingent consideration ($1.31 per share), $1.748 billion of intangible asset amortization ($0.85 per share), and the $0.41 IPR&D and milestones charge. GAAP operating margin was 26.6% versus an adjusted 40.8%, and the GAAP tax rate was 32.9% versus an adjusted 15.4%.
Investors should weigh the adjusted numbers against these large, recurring non-GAAP adjustments. The quarter also brought regulatory and pipeline news. AbbVie submitted applications for Skyrizi subcutaneous induction in Crohn's disease and for Rinvoq in severe alopecia areata.
The FDA approved the Venclexta and acalabrutinib combination for previously untreated CLL. A Complete Response Letter for trenibotulinumtoxinE cited only manufacturing questions, not safety or efficacy.
AbbVie also announced roughly $1.78 billionc in new U.S. manufacturing investment. Offsetting weakness came from Humira (down 38.6%), Imbruvica (down 24.7%), and a flat oncology portfolio.
02—Key points
Key Highlights
- Revenue growth: Net revenues of $15.002 billion rose 12.4% reported (10.3% operational), versus $13.343 billion a year earlier.
- Immunology strength: Immunology revenues reached $7.290 billion (+16.4%), with Skyrizi at $4.483 billion (+30.9%) and Rinvoq at $2.119 billion (+23.3%). Humira fell to $688 million (-38.6%) as biosimilar erosion continued.
- Neuroscience and aesthetics: Neuroscience revenues were $2.875 billion (+26.0%), led by Botox Therapeutic, Vraylar, Ubrelvy and Qulipta. Aesthetics revenues were $1.186 billion (+7.6%).
- Earnings split: Adjusted diluted EPS was $2.65 (+7.7%), while GAAP diluted EPS was $0.39 (-45.8%), reflecting a $2.387 billion pre-tax contingent consideration fair value charge and $1.748 billion of intangible amortization.
- Guidance raised: Full-year 2026 adjusted diluted EPS guidance moved to $14.08-$14.28 from $13.96-$14.16. The midpoint rise of $0.12 is smaller than the underlying lift of about $0.53, since it absorbs the $0.41 IPR&D charge.
- Pipeline and regulatory events: Submissions for Skyrizi SC induction in Crohn's disease and Rinvoq in alopecia areata, an FDA approval for the Venclexta and acalabrutinib CLL combination, and positive Phase 1 data for ABBV-295 in weight management. The trenibotE CRL cited manufacturing issues only.
- Investment and oncology: Manufacturing investments include $1.4 billion for a Durham, North Carolina campus and $380 million for North Chicago API facilities. Oncology revenues were flat at $1.631 billion (-0.2%), with Imbruvica down 24.7%.
03—Questions
Frequently Asked Questions
Why did GAAP EPS fall so sharply while adjusted EPS rose?
The gap comes mainly from non-cash and acquisition-related items that AbbVie excludes from adjusted results. These include a $2.387 billion pre-tax charge from the change in fair value of contingent consideration ($1.31 per share), $1.748 billion of intangible asset amortization ($0.85 per share), and $0.41 per share of acquired IPR&D and milestones expense. Adjusted EPS excludes these items, while GAAP EPS includes them. Investors should review the reconciliation tables and judge whether these recurring non-GAAP adjustments are appropriate.
Did AbbVie's guidance improve, and how should the change be read?
Yes, but the headline raise understates the improvement. Adjusted diluted EPS guidance rose to $14.08-$14.28 from $13.96-$14.16, a midpoint increase of $0.12. Because the guidance absorbs the $0.41 per-share IPR&D and milestones charge already incurred, the underlying operating improvement is about $0.53 at the midpoint. The guidance excludes any future IPR&D or milestone charges, since AbbVie says these cannot be reliably forecast.
Which products are driving growth, and which are declining?
Skyrizi (+30.9%), Rinvoq (+23.3%), Vraylar (+18.4%), Botox Therapeutic (+16.5%), Qulipta (+53.6%) and Ubrelvy (+41.4%) led growth. Humira (-38.6%) and Imbruvica (-24.7%) declined sharply. Humira's decline reflects biosimilar competition, and Imbruvica's reflects lower international profit-sharing and U.S. erosion. Continued growth in Skyrizi and Rinvoq is central to offsetting these declines.
What regulatory developments could affect future results?
AbbVie submitted applications for Skyrizi subcutaneous induction in adult Crohn's disease, with a decision expected later in 2026, and for Rinvoq in severe alopecia areata. The FDA approved the Venclexta and acalabrutinib combination for previously untreated CLL. TrenibotulinumtoxinE received a Complete Response Letter that cited manufacturing process questions only, and AbbVie expects to respond in the coming months. Investors should watch the timing of these decisions and the resubmission.
04—Continue