Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Total net revenues | $17.4 billion | up 10.5% operationally |
| Adjusted earnings per share | $3.82 | $0.07 above guidance midpoint |
| SKYRIZI total sales | nearly $5.8 billion | up 22.9% operationally |
| RINVOQ global sales | $2.7 billion | up 24.3% operationally |
| HUMIRA global sales | $683 million | down 30.6% operationally |
Guidance and outlook
- Full year adjusted earnings per share guidance range raised to between $13.95 and $13.99.
- Full year total net revenues expected to be approximately $67.8 billion, an increase of $200 million.
- Fourth quarter net revenues anticipated to be approximately $18.4 billion.
- Fourth quarter adjusted earnings per share forecast between $3.83 and $3.87.
How management sounded
Positive (+7 on our -10 to +10 scale). Management raised full-year revenue and EPS guidance, increased the dividend, and highlighted strong performance across key growth drivers like SKYRIZI and RINVOQ. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
2027 Outlook and Payer Access
Asked: Analysts asked about key pushes and pulls for 2027 and the status of payer discussions.
Answer: Management noted strong momentum in immunology and neuroscience, with 2027 guidance to be provided on the Q4 call; payer access remains strong with low single-digit rebate concessions expected.
SKYRIZI Subcutaneous Induction
Asked: Analysts inquired about the market opportunity and share dynamics for the new SKYRIZI subQ induction in Crohn's.
Answer: Management expects rapid share acceleration in Crohn's over the next several quarters as the new dosing option offers higher efficacy and convenience compared to the IV formulation.
Emraclidine Development
Asked: Analysts asked about the confidence in the higher 150mg dose for emraclidine in schizophrenia.
Answer: Management cited lower receptor occupancy and PK variability in prior studies, noting the 150mg dose is 5x higher and well-tolerated, providing greater predictability.
Obesity Strategy
Asked: Analysts asked if AbbVie needs a GLP-1 to compete in the obesity market.
Answer: Management emphasized interest in differentiated assets like their amylin analog 295, focusing on efficacy and tolerability, and remains open to combinations or other incretin classes.
What to watch before the next call
- Regulatory decision for BOE in mid-2027 following the upcoming resubmission.
- Phase III results for RINVOQ in hidradenitis suppurativa expected later this year.
- Progress on the launch of JUVMO for Parkinson's disease as Medicare coverage becomes broader in 2028.
