AbbVie (ABBV) – Deep Dive Analysis

📊 Q1 2026 Earnings Flash — Apr 29, 2026: Revenue $15.0B (+12.4% YoY) — beat. Adj EPS $2.65 vs. $2.59. Skyrizi $4.48B (+29%) · Rinvoq $2.12B (+20%). FY2026 guidance raised: revenue $67.3B, adj EPS $14.08–$14.28. Full-year Skyrizi now guided at ~$21.6B; Rinvoq ~$10.2B. Humira biosimilar erosion fully absorbed.

📈 Price Performance vs. Peers (12 Months)

12-Month Total Price Performance

Ticker	Company	May 2025	May 2026	1Y Return	52W High	52W Low	vs. High	Market Cap	Analyst Consensus	Hedge Fund Score
ABBV ★	AbbVie	$180.24	$217.72	+20.8%	$238.71	$176.56	-8.8%	$386B	Strong Buy	1.00 🏆
JNJ	Johnson & Johnson	$152.30	$225.33	+48.0%	$248.56	$146.98	-9.3%	$556B	Buy	0.26
MRK	Merck & Co.	$74.15	$118.72	+60.1%	$123.18	$73.58	-3.6%	$297B	Buy	0.76
PFE	Pfizer	$21.95	$26.18	+19.2%	$28.09	$21.61	-6.8%	$149B	Neutral	0.97
SNY	Sanofi	$47.48	$43.67	-8.0%	$50.33	$41.93	-13.2%	$107B	Neutral	0.05

★ ABBV delivered solid +20.8% price appreciation, though lagged JNJ (+48%) and MRK (+60%) over the past year. ABBV outperformed both PFE (+19%) and SNY (-8%). All prices as of May 29, 2026.

🏆 Analyst Consensus — Detailed

Analyst Rating Distribution

Strong Buy

20 analysts covering ABBV

80% Buy rate · 0% Sell rate

■ Buy: 16 (80%) ■ Hold: 4 (20%) ■ Sell: 0 (0%)

Consensus Price Target $255.22 (+17.2%)

Best Analyst Price Target $253.38 (+16.4%)

Best Analyst Consensus Strong Buy (14B / 4H / 0S)

Smart Score 10 / 10 ⭐

Next Earnings Report July 24, 2026 (Q2 FY26)

Next Quarter Estimates (Q2 FY26)

EPS Estimate (consensus) $3.764

EPS Range $3.70 – $3.93

Prior Year EPS (Q2 FY25) $2.97 (+26.7% YoY expected)

Revenue Estimate $16.78B

Revenue Range $16.56B – $16.93B

Recent EPS Beat Streak

Quarter	Actual EPS	Estimate	Beat	Stock Reaction
Q1 FY26	$2.65	$2.592	+2.2%	+6.9%
Q4 FY25	$2.71	$2.653	+2.2%	-2.9%
Q3 FY25	$1.86	$1.766	+5.3%	-7.1%
Q2 FY25	$2.97	$2.880	+3.1%	+3.1%
Q1 FY25	$2.46	$2.379	+3.4%	+6.6%
Q4 FY24	$2.16	$2.115	+2.1%	+8.3%
Q3 FY24	$3.00	$2.920	+2.7%	+7.6%
Q2 FY24	$2.65	$2.566	+3.3%	+5.1%

8 consecutive EPS beats. Avg absolute price reaction: ±5.96%

Analyst Consensus Comparison vs. Peers

Ticker	Consensus	Buy	Hold	Sell	Buy %	Price Target	Upside	Smart Score
ABBV ★	Strong Buy	16	4	0	80%	$255.22	+17.2%	10
JNJ	Buy	12	5	0	71%	$266.40	+18.2%	10
MRK	Buy	13	6	0	68%	$136.50	+14.9%	10
PFE	Neutral	8	11	3	36%	$29.17	+11.4%	10
SNY	Neutral	0	3	0	0%	$53.00	+21.4%	5

💰 Financials & Valuation

Income Statement — Annual Trend (GAAP)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$56.2B	$58.1B	$54.3B	$56.3B	$61.2B
Gross Profit	$38.8B	$40.6B	$33.9B	$39.4B	$43.0B
Gross Margin	69.0%	70.0%	62.4% ⚠	70.0%	70.2%
EBITDA	$23.9B	$24.2B	$17.2B	$14.9B	$17.6B
EBITDA Margin	42.6%	41.6%	31.6%	26.5%	28.8%
Operating Income	$17.9B	$18.1B	$12.8B	$9.1B	$20.1B
Op. Margin	31.9%	31.2%	23.5%	16.2%	32.9%
Net Income (GAAP)	$11.5B	$11.8B	$4.9B ⚠	$4.3B ⚠	$4.2B ⚠
Net Margin	20.5%	20.4%	8.9%	7.6%	6.9%
EPS Diluted (GAAP)	$6.45	$6.63	$2.72	$2.39	$2.37
R&D Expense	$8.0B	$6.5B	$7.7B	$12.8B ▲	$9.1B
Free Cash Flow	$22.0B	$24.2B	$22.1B	$17.8B	$17.8B
Dividends Paid	-$9.3B	-$10.0B	-$10.5B	-$11.0B	-$11.7B
Net Debt	$67.8B	$55.0B	$47.3B	$62.3B	$63.8B

⚠ GAAP net income & EPS are heavily distorted by non-cash amortization of acquired intangibles and acquired IPR&D charges from the Allergan acquisition ($63B, 2020) and subsequent deals. Adjusted (non-GAAP) EPS, which analysts use for valuation, strips these charges and is materially higher — e.g., Q1 FY26 adjusted EPS was ~$2.65 vs GAAP EPS of $0.39. Free cash flow of ~$17.8B is the cleaner measure of underlying cash generation.

Valuation Metrics — ABBV vs. Pharma Peers

Metric	ABBV ★	JNJ	MRK	PFE	SNY	Notes
P/E (GAAP trailing)	106x ⚠	26x	33x	20x	9x	ABBV distorted by amortization
P/E (adjusted fwd est.)	~13–14x	~14x	~11x	~10x	~9x	Based on adjusted non-GAAP EPS
Market Cap	$386B	$556B	$297B	$149B	$107B
Net Debt (FY2025)	$63.8B	~$15B	~$20B	~$31B	~$10B	ABBV heavily leveraged post-Allergan
Enterprise Value (est.)	~$450B	~$571B	~$317B	~$180B	~$117B
EV/EBITDA (FY2025)	~25.6x	~17x	~18x	~12x	~7x	ABBV EBITDA compressed by charges
Gross Margin	70.2%	~68%	~72%	~63%	~70%
FCF / Market Cap	~4.6%	~4%	~5%	~5%	~5%	Strong FCF generation
Dividend Yield	3.10%	2.33%	2.77%	6.57%	5.54%
1Y Stock Return	+20.8%	+48.0%	+60.1%	+19.2%	-8.0%
Analyst Consensus	Strong Buy	Buy	Buy	Neutral	Neutral
Hedge Fund Score	1.00 🏆	0.26	0.76	0.97	0.05

📊 Revenue Breakdown by Segment

Segment Revenue — Q1 FY26 vs. Trend

Segment	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Direction	Commentary
Immunology	$7.29B	$8.63B	$7.89B	$7.63B	↑ Trending up	Core franchise; Skyrizi + Rinvoq driving growth
Neuroscience	$2.88B	$2.96B	$2.84B	$2.68B	↑ Strong growth	Botox Therapeutic, Vraylar, Ubrelvy, Qulipta
Hematologic Oncology	$1.63B	$1.66B	$1.68B	$1.68B	→ Stable	Imbruvica facing generic pressure; Venclexta growing
Aesthetics	$1.19B	$1.29B	$1.19B	$1.28B	↓ Soft	Botox Cosmetic; cash-pay category under pressure
US Revenue	$10.97B	$12.79B	$12.07B	$11.76B	↑ Growing	~73% of total revenue
International	$4.03B	$3.82B	$3.71B	$3.66B	↑ Accelerating	Strong ex-US expansion
TOTAL REVENUE	$15.00B	$16.62B	$15.78B	$15.42B	↑ Growth trajectory	FY2025 full-year: $61.2B

💵 Dividend History & Sustainability

Dividend History — Quarterly Payments

$6.74

Annualized Payout (2026)

3.10%

Current Dividend Yield

Quarterly

Payment Frequency

Period	Ex-Date	Amount / Share	Annualized	Yield at Payment	YoY Growth
Q2 2026	Apr 15, 2026	$1.73	$6.74	3.23%	+5.5%
Q1 2026	Jan 16, 2026	$1.73	$6.65	3.10%	+5.5%
Q4 2025	Oct 15, 2025	$1.64	$6.56	2.90%	+5.8%
Q3 2025	Jul 15, 2025	$1.64	$6.47	3.47%	+5.8%
Q2 2025	Apr 15, 2025	$1.64	$6.38	3.61%	+5.8%
Q1 2025	Jan 15, 2025	$1.64	$6.29	3.67%	+5.8%
Q4 2024	Oct 15, 2024	$1.55	$6.20	3.23%	+4.7%
Q3 2024	Jul 15, 2024	$1.55	$6.13	3.65%	+4.7%
Q2 2024	Apr 12, 2024	$1.55	$6.06	3.73%	+4.7%
Q1 2024	Jan 12, 2024	$1.55	$5.99	3.69%	+4.7%

✅ AbbVie has raised its dividend every year since its 2013 spinoff from Abbott Labs — over 13 consecutive years of dividend growth. FCF of ~$17.8B comfortably covers ~$11.7B in annual dividends (payout ratio of ~66% on FCF). Dividend grows ~5–6% annually.

🚀 Recent Catalysts & Pipeline

Recent Positive Catalysts (May 2026)

🇪🇺 EU Venclyxto Label Expansion — European Commission authorized expanded label for Venclyxto (venetoclax) in combinations with acalabrutinib and ibrutinib for first-line CLL treatment in EU/EEA. Broadens addressable patient population in a growing oncology indication.

🇺🇸 FDA Approval: DECNUPAZ — FDA greenlighted AbbVie's DECNUPAZ for BPDCN (blastic plasmacytoid dendritic cell neoplasm), a rare blood cancer. Adds to oncology portfolio.

🧪 ABBV-519 First-in-Human Trial — New autoimmune drug entering Phase 1 trial in SLE and rheumatoid arthritis patients. Signals next-generation immunology pipeline behind Skyrizi/Rinvoq.

🧪 ABBV-1451 Phase 1 Trial — First-in-human study initiated in healthy volunteers. Signals ongoing pipeline investment in novel mechanisms.

💊 Skyrizi Crohn's Combination Data — Combination therapy showing markedly higher remission rates in difficult-to-treat Crohn's disease; supports label expansion and premium pricing.

Key Pipeline Assets

Asset	Indication	Stage	Significance
Skyrizi	IBD, Psoriasis, PsA, AS	Commercial + Expansion	Flagship growth driver
Rinvoq	RA, PsA, AS, UC, AD, CrD	Commercial + Expansion	12+ approved indications
Venclyxto/Venclexta	CLL, AML	Commercial + EU expansion	Oncology anchor
DECNUPAZ	BPDCN	Newly FDA approved	Rare blood cancer
ABBV-519	SLE, RA	Phase 1	Novel autoimmune
ABBV-1451	TBD	Phase 1	New mechanism
Long-Acting Assets	Various	Pre-clinical / Phase 1	Next-gen adherence

⚖️ Bulls vs. Bears

🐂 Bullish Case

Skyrizi + Rinvoq dominance: High efficacy, durable responses, and convenient dosing sustain commercial competitiveness and defend share against new entrants across multiple indications.

Crohn's disease combination therapy: Recent combination therapy data showing markedly higher remission rates expands patient benefit and supports premium positioning.

Long-acting next-gen assets: Development of longer-acting formulations could broaden clinical use, improve adherence, and drive incremental revenue.

Diversification via M&A: Targeted acquisitions added oncology and neuroscience assets that contribute immediate revenue and upcoming clinical readouts.

Cash machine: ~$17.8B FCF annually. Dividend growing 5–6% per year with 13+ consecutive years of increases. Yield of 3.1% provides meaningful income.

Perfect hedge fund score: 1.00/1.00 — all institutional buyers, no sellers in recent 13F filings. Strongest institutional conviction among all Smart Score 10 stocks.

🐻 Bearish Case

Oral competition in immunology: New oral entrants in psoriasis are increasing competitive pressure on injectable therapies, threatening market share for Skyrizi and Rinvoq.

Toxin manufacturing / regulatory issues: Manufacturing letters and regulatory uncertainty around the toxin program have introduced risk to approval timelines and commercialization.

Aesthetics softness: Cash-pay category (Botox Cosmetic, fillers) is consumer-spending sensitive. Aesthetics revenue has stagnated, pressuring the Allergan acquisition thesis.

High leverage: $63.8B net debt following the Allergan acquisition constrains strategic flexibility. Debt-to-equity is negative (equity negative due to amortization). Interest burden weighs on GAAP earnings.

Imbruvica erosion: BTK inhibitor faces generic/biosimilar pressure. Hematologic oncology segment revenue is essentially flat, which offsets Venclexta growth.

Valuation premium: GAAP P/E is 106x. EV/EBITDA ~25x is above most peers. Requires continued execution to justify premium multiple.

📉 Technical Analysis

Summary Signals (Daily)

Buy

Overall Signal

14 Buy · 4 Neutral · 4 Sell

Strong Buy

Moving Averages

12 Buy · 0 Neutral · 0 Sell

Sell

Oscillators

2 Buy · 4 Neutral · 4 Sell

RSI (14) 62.0 — Neutral (approaching overbought)

MACD (12,26,9) Sell signal

Williams %R (14) -12.7 — Sell (overbought)

CCI (20) 119.4 — Sell (elevated)

ATR (14) 5.17 (~2.4% daily range)

Moving Averages (All Bullish ✅)

MA	SMA Value	EMA Value	Signal
5-day	$216.11	$216.27	Buy
10-day	$214.09	$214.21	Buy
20-day	$210.05	$211.55	Buy
50-day	$207.61	$210.87	Buy
100-day	$214.76	$212.40	Buy
200-day	$216.76	$209.82	Buy

Pivot Point (Classic)$217.97

Support 1$216.56

Support 2$214.49

Resistance 1$220.04

Resistance 2$221.44

⚠ Stock is trading above all 12 moving averages (bullish structure), but short-term oscillators show overbought conditions. Williams %R and CCI suggest a near-term pullback is possible before the next leg higher.

📰 Recent News

AbbVie Inc. (ABBV)