AbbVie ABBV is scheduled to report its third-quarter 2026 results on Oct. 30, before the opening bell. Investors will likely focus on the sales growth of its immunology franchise, which is led by two blockbuster medications, Skyrizi and Rinvoq.
Strong demand for both drugs has helped AbbVie sustain top-line growth despite the U.S. loss of exclusivity for its legacy drug Humira in 2023. Skyrizi and Rinvoq collectively overlap with Humira across several major inflammatory conditions, plus a distinct new indication, atopic dermatitis. Both products have delivered strong growth across approved indications, particularly in the inflammatory bowel disease (IBD) market, which includes ulcerative colitis (UC) and Crohn’s disease (CD).
Continued growth in the immunology market, market-share gains and uptake across newer indications are expected to support sales. In July 2026, the European Commission approved Rinvoq for vitiligo and severe alopecia areata, expanding its potential growth opportunities. Applications for both indications are under review in the United States.
The Zacks Consensus Estimate for Skyrizi sales is pegged at $5.71 billion, while the same for Rinvoq stands at $2.73 billion. These figures imply year-over-year growth of approximately 21% and 25%, respectively, based on third-quarter 2025 sales. Continued demand across approved indications and further market-share gains are expected to support their performance.
Sales of both drugs are also expected to offset the decline in Humira, which is expected to continue its downward trajectory due to generic erosion. The Zacks Consensus Estimate for the drug’s sales is pegged at $688 million, indicating a decline of about 31% year over year.
Beyond immunology, AbbVie has expanded its presence in neuroscience and oncology. Over the past few years, the company’s neuroscience franchise spans migraine and Parkinson’s disease treatments, while its oncology portfolio has expanded beyond blood cancers into solid tumors. Nevertheless, the performance of Skyrizi and Rinvoq will remain central to assessing whether growth in AbbVie’s newer immunology drugs can continue to offset Humira’s erosion.
ABBV’s Competition in the Immunology Space
The immunology market is highly competitive, with major pharmaceutical companies vying for market share across several indications. A key competitor is Johnson & Johnson JNJ, which markets two major immunology drugs, Stelara and Tremfya. Both drugs are approved for multiple inflammatory conditions, including UC and CD. Following the entry of Stelara biosimilars in the United States in 2025, J&J is increasingly relying on Tremfya’s growth to offset declining Stelara sales and support its immunology franchise.
J&J is also expanding its immunology portfolio. Earlier in March, it secured approval for Icotyde, a once-daily oral drug for moderate-to-severe plaque psoriasis. While still in the early stages of launch, the drug could pose a competitive threat to Skyrizi.
Eli Lilly LLY is another competitor expanding its presence in immunology through Omvoh. The drug received FDA approval for UC in October 2023 and for CD in January 2025. These approvals established the LLY drug as a competitor in both the major forms of IBD, where AbbVie’s Skyrizi has been gaining traction.
ABBV’s Price Performance, Valuation and Estimates
This year so far, shares of AbbVie have risen 21% compared with the industry’s 12.5% growth.
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From a valuation standpoint, AbbVie is trading at a slight discount to the industry. Based on the price/earnings (P/E) ratio, the company’s shares currently trade at 17.75 times forward earnings, lower than its industry’s average of 18.18 times.
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The bottom-line estimate per share for 2026 has declined from $14.05 to $13.98, while the 2027 estimate has fallen from $16.15 to $16.04 over the past 30 days.
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AbbVie currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).