AbbVie reported fourth-quarter 2025 adjusted earnings of $2.71 per share, surpassing analyst projections of $2.65, and delivered net revenues of $16.62 billion, exceeding consensus estimates of $16.42 billion. Reported sales grew 10.0% year-over-year, or 9.5% on an operational basis, marking the company’s ninth consecutive quarter of top-line outperformance. Adjusted gross margin expanded to 83.6%, up from 81.2% a year earlier, driven by manufacturing efficiencies and favorable product mix.

The immunology franchise generated $8.63 billion in Q4 sales, up 18.3%, powered by Skyrizi, which delivered $5.01 billion (+32.5%), and Rinvoq at $2.37 billion (+29.5%). Humira revenues declined 25.9% to $1.25 billion due to biosimilar competition. Neuroscience sales rose 17.9% to $2.96 billion, led by Vraylar at $1.02 billion (+10.5%) and Botox Therapeutics at $991 million (+13.4%). Oncology revenues dipped 1.5% to $1.66 billion, as Imbruvica fell 20.8% to $671 million while Venclexta grew 8.6% to $711 million and Elahere climbed 22.6% to $182 million. The aesthetics segment also faced headwinds, with Juvederm down 10.7% to $249 million despite a 4.2% increase in Botox Cosmetic to $717 million.

AbbVie issued full-year 2026 adjusted EPS guidance of $14.37 to $14.57, above the Street’s consensus of $14.24, underpinned by continued momentum in newer immunology products and ongoing cost discipline. Despite the optimistic outlook, shares declined 6.7% in the first trading session post-release, as some analysts underscored the rapid erosion of Humira sales and persistent softness in aesthetic procedures. Investors will closely monitor the company’s ability to sustain margin expansion while scaling launches in inflammation and oncology.