Strong growth in immunology and neurology prompted AbbVie to raise its 2026 outlook and consider future M&A from a position of “ample financial capacity.”
AbbVie recorded $15 billion in revenue for the first quarter, with its immunology portfolio accounting for nearly half of that number.
Global net revenues from the company’s immunology portfolio—buoyed by heavyweights Skyrizi and Rinvoq, rose 16.4% year-over-year, to reach $7.29 billion, according to a Wednesday earnings release. Overall, AbbVie’s first quarter revenues exceeded Q1 2025 by 12.4%.
AbbVie’s shares were trading up just over 3% to $203.89 at the time of publication.
In a note to investors before the opening bell on Wednesday, William Blair noted that the company’s shares “are up slightly in premarket trading with some investor relief” due to the quarterly consensus beat for Skyrizi and Rinvoq and raised overall guidance for 2026. However, AbbVie’s shares are still down over 10% year-to-date, the firm said, “and we believe investors will continue to be focused on market share dynamics for Skyrizi versus competition,” particularly Tremfya in inflammatory bowel disease.
The regulatory submission of a subcutaneous induction regimen for Skyrizi in Crohn’s disease this week “should help alleviate some investor concerns,” William Blair added.
The Illinois pharma’s push to be known beyond its immunology efforts was supported by a 26% revenue jump from its neuroscience portfolio, which achieved $2.87 billion last quarter. In particular, the once-daily, oral migraine med Qulipta brought in $296 million, an increase of 53.6% on a reported basis.
The newest quarterly financials prompted AbbVie to adjust its guidance for the entire year, raising expected adjusted diluted earnings per share for 2026 from a range of $13.96 to $14.16 to $14.08 to $14.28.
While AbbVie has zeroed in on diversifying its portfolio, with particular emphasis on its oncology offerings, the company did discontinue development of a cancer candidate. The BTK degrader ABBV-101 was being studied in a phase 1 trial of 135 patients with relapsed or refractory non-Hodgkin’s lymphomas.
The study, which was designed to primarily assess adverse events and changes in certain lab results, was expected to read out in 2031, according to ClinicalTrials.gov.
“The decision is not an outcome of M23-647 clinical trial results,” an AbbVie spokesperson told BioSpace. “We remain committed to advancing research across blood cancers including B-cell malignancies to continue elevating the standard of care.”
AbbVie has already set about filling the void, bringing in three new assets across its pipeline in the last quarter. Internally, the Big Pharma has started clinical testing for antibody-drug conjugate ABBV-438, an intravenous drug designed to treat relapsed/refractory multiple myeloma.
On the business development side, AbbVie in January licensed RemeGen’s PD-1/VEGF bispecific for $650 million cash, plus up to $4.95 billion biobucks. The ex-China rights for the phase 1 candidate give the company a spot in a heated race that already includes Bristol Myers Squibb, Merck and Pfizer.
Another new addition is an early-stage clinical candidate from Kestrel Therapeutics. AbbVie’s deal for the oral pan-KRAS inhibitor, announced Tuesday, includes the exclusive right to acquire the entire biotech if certain milestones tied to the solid tumor candidate are met. Overall, the deal could be worth up to $1.45 billion.
The dealmaking—which also includes AbbVie’s recent pain medicine pact with Haisco Pharmaceutical—comes at a cost. Through the first quarter of this year, acquired in-process research and development (IPR&D) and milestones costs reduced the company’s earnings by $0.41 per share. Despite the hit, AbbVie is still bullish on BD.
“We have been and continue to be very open to acquiring external innovation, with a major focus for us in immunology, neuroscience, oncology and obesity,” AbbVie CEO Robert Michael said on the Wednesday earnings call.
“[If] we see a differentiated asset in any of these areas, whether early-stage, late-stage or even on market, we are very willing to pursue it,” Michael continued. The company’s current market portfolio and pipeline provide “a clear line of sight to very strong growth into the 2030s,” allowing AbbVie to operate from a position of “ample financial capacity,” according to the CEO.
While Michael views potential M&A as an opportunity to drive growth, he said it’s not required for AbbVie.
“While we don’t need BD to deliver top tier growth this decade, we’re not opposed to near-term revenue drivers that are differentiated in our core areas of focus,” he added.
