AbbVie is down today after releasing first-quarter 2026 results that beat expectations and included a raised full-year adjusted EPS outlook, but investors focused on transition risks away from Humira and a regulatory setback in the pipeline. The company posted Q1 net revenue of $15.002 billion and adjusted diluted EPS of $2.65, and lifted 2026 adjusted EPS guidance to $14.08–$14.28 from $13.96–$14.16.

First, Humira continues to decline rapidly in the U.S. biosimilar era: Q1 global Humira net revenue fell 38.6% year over year to $688 million, slightly below expectations cited in market coverage. Second, AbbVie disclosed it received an FDA complete response letter for trenibotulinumtoxinE tied to a manufacturing information request (with no safety or efficacy concerns flagged), which can still push timelines and add uncertainty around launch cadence.

Skyrizi and Rinvoq again did the heavy lifting. Q1 Skyrizi revenue was $4.483 billion and Rinvoq was $2.119 billion, supporting a 16.4% reported increase in immunology portfolio revenue to $7.290 billion. The results reinforce that the growth platform is scaling, but today’s price action suggests the market is demanding cleaner visibility on the pace of Humira erosion and the timing of key regulatory milestones.