Abbvie inc（ABBV.US AI Earnings Summary）

The dual engines of SKYRIZI and RINVOQ continue to exceed the company's own expectations, serving as the largest source of outperformance this quarter. The immunology division recorded total revenue of approximately 9.2 billion USD, a 16.6% increase YoY (constant currency); SKYRIZI's quarterly sales reached nearly 5.8 billion USD (up 22.9% YoY), and RINVOQ reached 2.7 billion USD (up 24.3% YoY). Both exceeded management expectations again, collectively adding approximately 6 billion USD compared to the same period last year.

1. Total Revenue and Adjusted EPS Both Beat Market Consensus: Total revenue this quarter was 17.4 billion USD, higher than the company's previous guidance of approximately 17.2 billion USD and above the market expectation of 17.36 billion USD; adjusted EPS was 3.82 USD, about 2.1% higher than the consensus of 3.74 USD, despite a 0.11 USD unfavorable impact from acquired in-process R&D (IPR&D) expenses.

2. FDA Approval for SKYRIZI Subcutaneous Induction Therapy Strengthens IBD Competitive Position: The U.S. Food and Drug Administration (FDA) approved a subcutaneous induction formulation of SKYRIZI for Crohn's disease. The AFFIRM trial showed that after 16 weeks of treatment in treatment-naïve patients, the endoscopic response rate reached 60%, the endoscopic remission rate was 43%, and the clinical remission rate was 74%—all significantly superior to the SKYRIZI intravenous induction formulation. Chief Commercial Officer Jeff Stewart stated that full reimbursement eligibility is expected to take about 60 days, with an acceleration in capturing new Crohn's disease patient share expected from the end of Q1 to Q2.

3. Neuroscience Division Grows Nearly 20% YoY, New Parkinson's Drug JUVMO Formally Launched: The neuroscience division recorded nearly 3.4 billion USD in revenue this quarter, up 19.5% YoY (constant currency). VRAYLAR sales were nearly 1.1 billion USD (up 14.3% YoY), UBRELVY reached 449 million USD (up 26.9% YoY), and QULIPTA reached 398 million USD (up over 38% YoY). The FDA approved the selective D1/D5 dopamine receptor agonist JUVMO for Parkinson's disease. Long-term data shows that 93% of patients required no increase in levodopa dosage after more than a year and a half of use, and 94% of early-stage Parkinson's patients had not yet started oral levodopa.

4. Major Breakthroughs in Oncology Pipeline: Both etentamig and EPKINLY Deliver Positive Phase 3 Data: VENCLEXTA sales were 803 million USD this quarter (up 10.7% YoY). In the pipeline, etentamig achieved a statistically significant improvement in progression-free survival in the Phase 3 CERVINO trial for multiple myeloma; a marketing application has been submitted to the FDA with approval expected in 2027. EPKINLY combined with R-CHOP in a first-line diffuse large B-cell lymphoma (DLBCL) trial reduced the risk of disease progression or death by 51%, making it the first bispecific antibody combination in its class to reach this milestone.

5. Full-Year Revenue and EPS Guidance Raised for the Third Time, Dividend Increased by 5.2%: Management raised full-year total revenue guidance by 200 million USD to approximately 67.8 billion USD (a cumulative 800 million USD increase since the start of the year). Full-year adjusted EPS guidance was raised to between 13.95 and 13.99 USD. Simultaneously, a 5.2% increase in the quarterly cash dividend to 1.82 USD per share was announced, effective February 2027, representing a cumulative dividend growth of over 350% since inception.

6. Adjusted Gross Margin Expands to 85.1% with Strong Cash Flow: Adjusted gross margin reached 85.1% this quarter, up from 84.7% in the previous quarter (2026 Q2); adjusted operating margin was 48.7% (including a 1.2% unfavorable impact from IPR&D). Free cash flow for the first nine months was approximately 14 billion USD (including nearly 2.7 billion USD in SKYRIZI royalty payments), with a period-end cash balance of 10.8 billion USD.

7. Completion of Apogee Therapeutics Acquisition Significantly Expands Immunology Pipeline: The acquisition of Apogee Therapeutics was completed this quarter, adding several long-acting biologic assets for atopic dermatitis, respiratory, and other inflammatory diseases. The Phase 3 trial for the lead asset zumilokibart in atopic dermatitis is expected to start within the year. Assets from Apogee are expected to generate 8 independent Phase 3 programs, with readouts spanning from late 2029 to the mid-2030s.

8. New Indications for RINVOQ in Vitiligo and Alopecia Areata Set for US Launch; Peak Sales Forecast Raised to Nearly 2B USD: RINVOQ has been approved for vitiligo and alopecia areata in Europe, with a US approval decision expected in the coming months. Chief Commercial Officer Jeff Stewart noted that the alopecia areata trial data was "far beyond expectations and transformative," with some patients achieving over 90% hair regrowth; in vitiligo, 76-week data continues to show pigment regeneration progress. Combined peak sales expectations for the two new indications have been raised to nearly 2 billion USD.