Although AbbVie ABBV boasts a wide range of products across various therapeutic segments, immunology remains its most important driver of top-line growth. The company’s immunology franchise has been firing on all cylinders, driven by the continued strength of Skyrizi and Rinvoq. In the first half of 2026, the segment generated $16.1 billion in sales, which accounted for more than half of its total sales. The segment’s sales rose nearly 16% year over year on a reported basis, even outpacing AbbVie’s overall revenue growth.
AbbVie launched Skyrizi and Rinvoq for all major indications of its legacy drug Humira, which began facing biosimilar erosion in the United States in 2023. Given Humira’s status as a key growth driver for AbbVie at the time, there were significant concerns that the company would struggle to replace the drug’s sizeable revenue contribution after losing exclusivity. However, the rapid uptake of Skyrizi and Rinvoq has proven those concerns misplaced. Sales of both drugs have grown rapidly since launch, more than offsetting the erosion of Humira and positioning immunology as a major contributor to AbbVie’s renewed top-line growth.
The momentum is fueled by strong volume growth and continued market share gains across all approved indications, especially in the popular inflammatory bowel disease (IBD) space, which includes two conditions — ulcerative colitis (UC) and Crohn’s disease (CD). AbbVie expects combined Skyrizi and Rinvoq sales to exceed $31 billion in 2026.
Strong underlying market growth, share gains and contributions from new indications are expected to support the continued expansion of these products beyond 2026. Rinvoq was approved for two indications — vitiligo and alopecia areata — in the EU in July, while the FDA is currently reviewing similar applications. AbbVie believes that the vitiligo and alopecia areata indications alone can add up to $2 billion in combined peak sales for the drug. In addition, phase III data for Rinvoq in hidradenitis suppurativa and systemic lupus erythematosus are expected later this year, which could further extend the growth runway.
Supported by the strong performance of Skyrizi and Rinvoq, AbbVie expects high-single-digit compound annual revenue growth through 2029. With no major loss-of-exclusivity events expected to materially disrupt the business through the remainder of the decade, both drugs should remain important contributors to AbbVie’s top-line growth over the coming years.
AbbVie Is Building Immunology Portfolio Beyond Current Leaders
But AbbVie is not waiting for the next patent cycle before thinking about what comes next. The company is already assembling a broad pipeline of next-generation immunology assets through both internal R&D and external business development.
AbbVie is evaluating Skyrizi-based combination regimens with assets such as ABBV-382 (anti-α4β7) and ABBV-701 (anti-TL1A), aiming to develop potentially more efficacious and durable treatment options in IBD. The company is also seeking approval for a subcutaneous induction regimen of Skyrizi in CD, which could further strengthen the drug’s competitive positioning and support sales growth.
At the same time, AbbVie has been increasingly active in sourcing external innovation to broaden its immunology pipeline. Over the past several years, the company has added capabilities and pipeline assets through acquisitions, including Nimble Therapeutics, Capstan Therapeutics and, most recently, Apogee Therapeutics. The centerpiece of the Apogee deal was zumilokibart, a phase III-ready, long-acting anti-IL-13 monoclonal antibody being developed for atopic dermatitis (AD or eczema). The company expressed confidence that this candidate could compete with the market leader, Dupixent, which is jointly marketed by Sanofi SNY and Regeneron.
AbbVie has complemented these acquisitions with partnerships targeting new mechanisms and modalities, including collaborations with Tentarix and Neomorph, among others. This combination of internal R&D, acquisitions and collaborations suggests that AbbVie is not simply trying to maximize the lifespan of Skyrizi and Rinvoq but is actively laying the groundwork for the next generation of immunology growth.
Competitive Threats Remain
The immunology market remains highly competitive, with established players such as Johnson & Johnson JNJ and Eli Lilly LLY investing heavily in next-generation therapies.
While J&J is seeking to build on its immunology franchise with Tremfya and newer therapies such as Icotyde following Stelara’s loss of exclusivity, Lilly is also expanding its immunology presence with Omvoh in IBD and other pipeline opportunities.
ABBV’s Price Performance, Valuation & Estimates
Shares of AbbVie have gained 10% so far this year compared with the industry’s 11% growth, as seen in the chart below.
Image Source: Zacks Investment Research
From a valuation standpoint, AbbVie is trading at a discount to the industry. Based on the price-to-earnings (P/E) ratio, the company’s shares currently trade at 16.18 times forward earnings, below the industry average of 18.06.
Image Source: Zacks Investment Research
ABBV’s EPS estimates for 2026 and 2027 have been mixed during the past 60 days.
Image Source: Zacks Investment Research
AbbVie currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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