AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?

A month has gone by since the last earnings report for AbbVie (ABBV). Shares have added about 3.5% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is AbbVie due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for AbbVie Inc. before we dive into how investors and analysts have reacted as of late.

Q1 Earnings & Sales Beat

AbbVie reported first-quarter 2026 adjusted EPS of $2.65, which beat the Zacks Consensus Estimate of $2.62. The reported figure also exceeded the company’s guidance of $2.56-$2.60 issued in April. Earnings rose 7.7% year over year.

The EPS includes a 41 per share impact from acquired IPR&D and milestones expense.

Revenues of $15.0 billion beat the Zacks Consensus Estimate of $14.78 billion. Sales rose 12.4% year over year on a reported basis and 10.3% on an operational basis. This reported figure also surpassed the company’s guidance of $14.70 billion.

Revenues in the quarter were driven by robust sales of key drugs Rinvoq, Skyrizi, Venclexta and Vraylar, coupled with significant contributions from newer drugs, namely Ubrelvy, Qulipta, Elahere and Vyalev. However, overall growth was partially offset by Humira’s continued generic erosion and lower sales of Imbruvica.

Quarter in Details

Global net revenues from the immunology portfolio were $7.29 billion, up 14.3% on an operational basis.

In immunology, Skyrizi registered sales of $4.48 billion, up about 29.2% on an operational basis year over year, reflecting strong volume growth and continued market share gains across the psoriatic and IBD indications. Skyrizi sales beat the Zacks Consensus Estimate of $4.41 billion.

In IBD, Skyrizi continued to command a leading share of total new patient starts in the United States in the quarter, including leadership in the frontline setting. For other indications, Skyrizi is gaining share across key markets in psoriasis.

In 2026, AbbVie expects Skyrizi revenues of $21.6 billion, slightly more than the prior expectation of $21.5 billion, backed by demand growth in psoriatic and IBD indications.

On the conference call, the company said that it is confident of being able to navigate competition from J&J’s new oral pill for moderate-to-severe plaque psoriasis, Icotyde.

Rinvoq registered sales of $2.12 billion, up 20.2% on an operational basis year over year, driven by strong demand for all approved indications. Rinvoq’s sales beat the Zacks Consensus Estimate of $2.09 billion.

Rinvoq commands a leading high-teens in-play patient share in rheumatoid arthritis (RA) across all lines of therapy in the United States. In IBD, Rinvoq is seeing a notable uptick in prescriptions —particularly in UC—following its recent label expansion, which enables earlier use in the IBD treatment pathway.

In 2026, AbbVie expects Rinvoq revenues of $10.2 billion, slightly more than the prior expectation of $10.1 billion, backed by strong growth in RA and gastro indications.

However, AbbVie expects a low single-digit pricing headwind for both Skyrizi and Rinvoq in 2026 and over the next few years.

Humira recorded a sales decline of 40.3% to $688 million in the quarter due to biosimilar competition. Sales in the United States declined 52% to $357 million, while ex-U.S. market sales were down 17.4% to $331 million. The drug’s sales missed the Zacks Consensus Estimate of $697 million.

In 2026, Humira revenues are expected to be $2.9 billion. 

Sales from the neuroscience portfolio rose 24.3% to $2.88 billion, driven by higher sales of Botox Therapeutic, Vraylar, Vyalev and migraine drugs Ubrelvy and Qulipta. The franchise’s sales beat the Zacks Consensus Estimate of $2.83 billion as well as the company’s guidance of $2.8 billion.

In neuroscience, sales of Vraylar increased 18.4% to $905 million, driven by prescription growth in both MDD and bipolar disorders. Botox Therapeutic sales rose 14.9% to $1.01 billion.

Sales of Ubrelvy totaled $339 million, up 41.2%. Qulipta sales rose 51.3% to $296 million.

Sales of Vyalev totaled $201 million, up 10% on a sequential basis, reflecting a strong global launch. 

In 2026, neuroscience global sales are expected to be $12.6 billion, slightly higher than the prior expectation of $12.5 billion.

AbbVie’s oncology/hematology sales fell 3% to $1.63 billion in the quarter, as rising Venclexta sales and contributions from Elahere, Epkinly and Emrelis were offset by declining Imbruvica sales. Oncology sales beat the Zacks Consensus Estimate of $1.57 billion as well as the company’s guidance of $1.6 billion.

Fourth-quarter net revenues from Imbruvica declined 24.7% to $556 million, missing the Zacks Consensus Estimate of $565 million.

U.S. sales of Imbruvica declined 37.4% to $332 million, reflecting continued competitive pressure in CLL as well as the IRA-driven pricing changes. AbbVie’s share of profit from the drug’s international sales rose 7.2% to $224 million.

Venclexta generated revenues of $770 million in the reported quarter, reflecting growth of 9.7% driven by continued strong demand in CLL due to combination use with BTK inhibitors. Venclexta sales beat the Zacks Consensus Estimate of $719 million.

Epkinly sales, which comprise AbbVie’s share of profit from U.S. revenues and product revenues from international markets, amounted to $83 million in the quarter compared with $81 million in the previous quarter.

Elahere rose 8.3% to $198 million. However, the metric missed the Zacks Consensus Estimate of $206 million.

AbbVie’s aesthetics portfolio sales were up 5.1% to $1.19 billion, which marginally beat the Zacks Consensus Estimate of $1.18 billion. Higher sales in the United States were offset by a decline in ex U.S. markets. Botox Cosmetic sales rose 17% to $668 million, backed by modest market growth. Juvederm sales declined 2.9% to $232 million due to decreased consumer demand as a result of continued headwinds in key dermal filler markets.

U.S. aesthetic sales were $704 million, up 9.8% year over year. Botox Cosmetic sales rose 25.8% to $371.0 million in the United States. Juvederm sales rose 12.2% to $85 million in the United States.

International aesthetic sales were $482 million, down 1.5% year over year on an operational basis. 

Among other key drugs, Mavyret sales rose 8.6% to $351 million. Creon sales were $361 million, up 1.8%. Linzess sales rose 90.9% to $283 million.

Costs Discussion

Adjusted gross margin was 83.6% in the quarter. Adjusted SG&A expenses rose 3.7% year over year to $3.4 billion. Adjusted R&D expenses amounted to $2.27 billion, up 10.6%.

The adjusted operating margin was 40.8% in the quarter, which includes a 5% unfavorable impact from acquired IPR&D expense.

Ups 2026 EPS Guidance

The company raised its EPS guidance for the full year. It expects adjusted EPS to be in the range of $14.08-$14.28, up from the previous guidance of $13.96-$14.16. This guided range includes a 41 per share impact from acquired IPR&D and milestones expense incurred in the first quarter.

Total revenues are expected to be $67.3 billion in 2026, up from the prior expectation of $67 billion. 
Foreign exchange is expected to have a roughly 0.8% favorable impact on full-year sales growth. 

Adjusted gross margin is expected to be above 84% of sales. Adjusted R&D is expected to be approximately $9.7 billion. Adjusted operating margin is expected to be approximately 47.5%, lower than the prior expectation of 48.5%, to include roughly 1% unfavorable impact of acquired IPR&D expense incurred through the first quarter.

Second-Quarter 2026 Outlook

In the second quarter of 2026, adjusted earnings are expected to be between $3.74 and $3.78 per share. AbbVie expects net revenues of approximately $16.7 billion in the second quarter. Currency is expected to have a positive impact of around 0.6% on sales. Adjusted operating margin is expected to be around 50%.

How Have Estimates Been Moving Since Then?

It turns out, estimates revision flatlined during the past month.

VGM Scores

At this time, AbbVie has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock has a grade of B on the value side, putting it in the top 40% for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

AbbVie has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

AbbVie belongs to the Zacks Large Cap Pharmaceuticals industry. Another stock from the same industry, Novartis (NVS), has gained 2.4% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Novartis reported revenues of $13.11 billion in the last reported quarter, representing a year-over-year change of -0.9%. EPS of $1.99 for the same period compares with $2.28 a year ago.

For the current quarter, Novartis is expected to post earnings of $2.21 per share, indicating a change of -8.7% from the year-ago quarter. The Zacks Consensus Estimate has changed -1.6% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Novartis. Also, the stock has a VGM Score of C.

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