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AbbVie Reports Full-Year and Fourth-Quarter 2025 Financial Results

Key Takeaway: AbbVie reported strong financial results for the fourth quarter and full year of 2025, achieving record net sales despite the loss of exclusivity for Humira. The company anticipates continued robust growth in 2026, supported by strategic investments and a diverse pipeline of treatments. CEO Robert A. Michael emphasized the company's commitment to innovation and long-term success.
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Market Sentiment Analysis

POSITIVE FACTORS

  • Record net sales achieved in 2025.
  • Strong growth expected for 2026.
  • Advancements in new treatments and pipeline.
  • Diversified growth platform highlighted.

Full Press Release Details

NORTH CHICAGO, Ill.,Feb. 4, 2026/PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the fourth quarter and full year ended December 31, 2025.
"2025 was another outstanding year for AbbVie. We delivered record net sales in just the second full year following the U.S. Humira loss of exclusivity, underscoring the strength of our diversified growth platform. We also advanced promising new treatments for patients while enhancing the breadth and depth of our pipeline with strategic investments," said Robert A. Michael, chairman and chief executive officer, AbbVie. "Based on our strong fundamentals, we expect another year of robust growth in 2026. This momentum combined with our investments in innovation position AbbVie for long-term success."

Fourth

-Quarter Results
Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.

Recent Events

Full-Year 2026 Outlook

AbbVie is issuing its adjusted diluted EPS guidance for the full-year 2026 of $14.37 to $14.57. The company's 2026 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred during 2026, as both cannot be reliably forecasted.

About AbbVie

AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us atwww.abbvie.com. Follow @abbvie onLinkedIn,Facebook,Instagram,XandYouTube.

Conference Call

AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our fourth-quarter performance. The call will be webcast through AbbVie's Investor Relations website atinvestors.abbvie.com. An archived edition of the call will be available after 11:00 a.m. Central Time.

Non-GAAP Financial Results

Financial results for 2025 and 2024 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with generally accepted accounting principles in the United States (GAAP) and include all revenue and expenses recognized during the period. Non-GAAP results adjust for certain non-cash items and for factors that are unusual or unpredictable, and exclude those costs, expenses, and other specified items presented in the reconciliation tables later in this release. AbbVie's management believes non-GAAP financial measures provide useful information to investors regarding AbbVie's results of operations and assist management, analysts, and investors in evaluating the performance of the business. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.

Forward-Looking Statements

Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2024 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
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AbbVie Inc.Key Product RevenuesQuarter Ended December 31, 2025(Unaudited)
% Change vs. 4Q24
Net Revenues (in millions) Reported Operationala
U.S. Int'l. Total U.S. Int'l. Total Int'l. Total
NET REVENUES $  12,794 $  3,824 $  16,618 9.0 % 13.5 % 10.0 % 11.0 % 9.5 %
Immunology 6,961 1,665 8,626 17.9 19.7 18.3 16.8 17.7
Skyrizi 4,355 651 5,006 31.5 39.8 32.5 35.1 31.9
Rinvoq 1,709 665 2,374 26.9 36.4 29.5 33.2 28.6
Humira 897 349 1,246 (27.9) (20.3) (25.9) (21.0) (26.1)
Neuroscience 2,572 389 2,961 16.3 30.3 17.9 25.6 17.3
Vraylar 1,020 2 1,022 10.5 21.7 10.5 24.5 10.5
Botox Therapeutic 828 162 990 13.5 13.1 13.4 10.7 13.0
Ubrelvy 332 7 339 12.3 (3.7) 12.0 (3.0) 12.0
Qulipta 245 43 288 30.9 >100.0 42.6 >100.0 41.8
Vyalev 86 97 183 >100.0 >100.0 >100.0 >100.0 >100.0
Duodopa 17 75 92 (31.6) (10.4) (15.1) (14.9) (18.6)
Other Neuroscience 44 3 47 (13.9) (20.1) (14.4) (19.0) (14.3)
Oncology 997 667 1,664 (9.6) 13.6 (1.5) 10.8 (2.5)
Imbruvicab 469 202 671 (25.0) (9.0) (20.8) (9.0) (20.8)
Venclexta 332 378 710 6.2 10.8 8.6 6.6 6.4
Elahere 154 28 182 5.0 >100.0 22.6 >100.0 21.3
Epkinlyc 22 59 81 23.8 >100.0 >100.0 >100.0 >100.0
Other Oncology 20 20 n/m n/m n/m n/m n/m
Aesthetics 811 475 1,286 (3.3) 3.3 (0.9) 2.5 (1.2)
Botox Cosmetic 420 297 717 (2.1) 14.7 4.2 13.5 3.8
Juvederm Collection 107 142 249 (11.0) (10.5) (10.7) (10.7) (10.8)
Other Aesthetics 284 36 320 (1.8) (14.5) (3.4) (15.0) (3.5)
Eye Care 286 294 580 (19.7) 1.6 (10.1) (0.4) (11.0)
Ozurdex 32 96 128 (10.4) 14.1 6.9 10.4 4.3
Lumigan/Ganfort 47 57 104 (19.0) (6.6) (12.6) (9.1) (13.9)
Alphagan/Combigan 18 36 54 (54.8) (4.5) (30.5) (5.4) (30.9)
Other Eye Care 189 105 294 (14.9) (1.5) (10.5) (2.3) (10.8)
Other Key Products 711 173 884 (5.1) 5.3 (3.2) 1.3 (3.9)
Mavyret 163 161 324 17.9 4.9 11.0 0.8 8.9
Creon 385 385 (0.8) n/m (0.8) n/m (0.8)
Linzess/Constella 163 12 175 (26.8) 12.1 (25.1) 9.0 (25.2)
a "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
b Reflects profit sharing for Imbruvica international revenues.
c Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.
n/m = not meaningful
AbbVie Inc.Key Product RevenuesTwelve Months Ended December 31, 2025(Unaudited)
% Change vs. 12M24
Net Revenues (in millions) Reported Operationala
U.S. Int'l. Total U.S. Int'l. Total Int'l. Total
NET REVENUES $  46,603 $  14,557 $  61,160 8.3 % 9.4 % 8.6 % 9.2 % 8.5 %
Immunology 24,204 6,202 30,406 12.7 19.4 14.0 18.8 13.9
Skyrizi 15,202 2,360 17,562 50.7 44.6 49.9 43.0 49.7
Rinvoq 5,940 2,364 8,304 39.5 38.0 39.1 37.1 38.8
Humira 3,062 1,478 4,540 (57.1) (20.2) (49.5) (19.5) (49.4)
Neuroscience 9,340 1,427 10,767 18.1 30.7 19.6 29.3 19.4
Vraylar 3,612 9 3,621 10.8 33.3 10.8 36.8 10.8
Botox Therapeutic 3,151 618 3,769 16.0 9.3 14.8 9.9 14.9
Ubrelvy 1,239 32 1,271 26.3 28.6 26.4 30.7 26.5
Qulipta 906 130 1,036 44.1 >100.0 57.3 >100.0 56.8
Vyalev 167 315 482 >100.0 >100.0 >100.0 >100.0 >100.0
Duodopa 73 308 381 (23.7) (12.3) (14.8) (14.1) (16.2)
Other Neuroscience 192 15 207 (13.9) (0.4) (13.0) 2.8 (12.8)
Oncology 4,080 2,575 6,655 (3.3) 10.3 1.5 9.9 1.4
Imbruvicab 2,048 821 2,869 (16.4) (8.6) (14.3) (8.6) (14.3)
Venclexta 1,306 1,486 2,792 5.9 10.2 8.1 9.8 7.9
Elahere 607 83 690 27.2 >100.0 44.0 >100.0 43.4
Epkinlyc 86 185 271 42.3 >100.0 85.5 >100.0 85.0
Other Oncology 33 33 n/m n/m n/m n/m n/m
Aesthetics 2,990 1,870 4,860 (8.5) (2.0) (6.1) (1.5) (5.9)
Botox Cosmetic 1,504 1,098 2,602 (10.5) 5.7 (4.3) 6.2 (4.1)
Juvederm Collection 385 608 993 (18.0) (14.1) (15.6) (13.6) (15.3)
Other Aesthetics 1,101 164 1,265 (1.5) 1.8 (1.1) 2.7 (1.0)
Eye Care 954 1,155 2,109 (10.2) (2.0) (5.9) (1.2) (5.5)
Ozurdex 124 369 493 (10.1) 3.7 (0.2) 3.0 (0.7)
Lumigan/Ganfort 189 221 410 1.2 (8.7) (4.4) (8.3) (4.2)
Alphagan/Combigan 53 144 197 (43.3) (6.3) (20.4) (4.6) (19.4)
Other Eye Care 588 421 1,009 (8.7) (1.4) (5.8) 0.5 (5.0)
Other Key Products 3,011 725 3,736 4.0 (3.8) 2.4 (4.8) 2.2
Mavyret 635 682 1,317 6.7 (4.7) 0.4 (5.7) (0.2)
Creon 1,512 1,512 9.3 n/m 9.3 n/m 9.3
Linzess/Constella 864 43 907 (5.7) 13.6 (4.9) 13.3 (4.9)
a "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
b Reflects profit sharing for Imbruvica international revenues.
c Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.
n/m = not meaningful
AbbVie Inc.Consolidated Statements of Earnings(Unaudited)
(in millions, except per share data) Fourth QuarterEnded December 31 Twelve MonthsEnded December 31
2025 2024 2025 2024
Net revenues $       16,618 $       15,102 $       61,160 $       56,334
Cost of products sold 4,552 4,396 18,204 16,904
Selling, general and administrative 3,895 3,855 14,010 14,752
Research and development 2,579 6,774 9,096 12,791
Acquired IPR&D and milestones 1,265 1,574 5,016 2,757
Other operating income (217) (7) (241) (7)
Total operating costs and expenses 12,074 16,592 46,085 47,197
Operating earnings (loss) 4,544 (1,490) 15,075 9,137
Interest expense, net 655 610 2,627 2,160
Net foreign exchange loss 11 19 58 21
Other expense, net 1,210 150 5,793 3,240
Earnings (loss) before income tax expense 2,668 (2,269) 6,597 3,716
Income tax expense (benefit) 853 (2,246) 2,364 (570)
Net earnings (loss) 1,815 (23) 4,233 4,286
Net earnings (loss) attributable to noncontrolling interest (1) (1) 7 8
Net earnings (loss) attributable to AbbVie Inc. $          1,816 $              (22) $          4,226 $          4,278
Diluted earnings (loss) per share attributable to AbbVie Inc. $            1.02 $           (0.02) $            2.36 $            2.39
Adjusted diluted earnings per sharea $            2.71 $            2.16 $          10.00 $          10.12
Weighted-average diluted shares outstanding 1,774 1,769 1,773 1,773
Adjusted weighted-average diluted shares outstandinga 1,774 1,773 1,773 1,773
a Refer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details. Weighted-average diluted shares outstanding includes the effect of dilutive securities. Due to the GAAP net loss in the fourth quarter ended December 31, 2024, certain shares issuable under stock-based compensation plans that were dilutive on a non-GAAP basis were excluded from the computation of GAAP diluted EPS because the effects would have been antidilutive.
AbbVie Inc.Reconciliation of GAAP Reported to Non-GAAP Adjusted Information(Unaudited)
1.     Specified items impacted results as follows:
Quarter Ended December 31, 2025
(in millions, except per share data) Earnings Diluted
Pre-tax After-taxa EPS
As reported (GAAP) $              2,668 $              1,816 $                1.02
Adjusted for specified items:
Intangible asset amortization 1,784 1,500 0.85
Change in fair value of contingent consideration 1,406 1,368 0.77
Other 51 146 0.07
As adjusted (non-GAAP) $              5,909 $              4,830 $                2.71
aRepresents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended December 31, 2025 included acquired IPR&Dand milestones expense of $1.3 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $0.71 to both dilutedEPS and adjusted diluted EPS.
2.     The impact of the specified items by line item was as follows:
Quarter Ended December 31, 2025
(in millions) Cost ofproductssold SG&A R&D Otheroperatingincome Otherexpense,net
As reported (GAAP) $    4,552 $    3,895 $    2,579 $       (217) $    1,210
Adjusted for specified items:
Intangible asset amortization (1,784)
Change in fair value of contingent consideration (1,406)
Other (42) (190) (16) 217 (20)
As adjusted (non-GAAP) $    2,726 $    3,705 $    2,563 $           — $      (216)
3.     The adjusted tax rate for the fourth quarter of 2025 was 18.3 percent, as detailed below:
Quarter Ended December 31, 2025
(dollars in millions) Pre-taxearnings Income taxes Tax rate
As reported (GAAP) $             2,668 $                853 32.0 %
Specified items 3,241 227 7.0 %
As adjusted (non-GAAP) $             5,909 $             1,080 18.3 %
AbbVie Inc.Reconciliation of GAAP Reported to Non-GAAP Adjusted Information(Unaudited)
1.     Specified items impacted results as follows:
Quarter Ended December 31, 2024
(in millions, except per share data) Earnings (Loss) Diluted
Pre-tax After-taxa EPS
As reported (GAAP) $            (2,269) $                 (22) $              (0.02)
Adjusted for specified items:
Intangible asset amortization 1,896 1,607 0.90
Intangible asset impairment 4,476 3,512 1.98
Change in fair value of contingent consideration 279 271 0.15
Litigation matters 173 136 0.08
Income tax items (1,869) (1.05)
Other 258 209 0.12
As adjusted (non-GAAP) $              4,813 $              3,844 $                2.16
aRepresents net earnings (loss) attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Intangible asset impairment reflects a partial after-tax impairment charge of $3.5 billion related to the emraclidine intangible assetacquired as part of the Cerevel Therapeutics acquisition. Income tax items primarily reflect an income tax benefit related to thesettlement of income tax examinations, partially offset by changes in income tax reserves.
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended December 31, 2024 included acquired IPR&Dand milestones expense of $1.6 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $0.88 to both dilutedEPS and adjusted diluted EPS.
2.     The impact of the specified items by line item was as follows:
Quarter Ended December 31, 2024
(in millions) Cost ofproductssold SG&A R&D Otheroperatingincome Otherexpense,net
As reported (GAAP) $     4,396 $     3,855 $     6,774 $           (7) $        150
Adjusted for specified items:
Intangible asset amortization (1,896)
Intangible asset impairment (4,476)
Change in fair value of contingent consideration (279)
Litigation matters (173)
Other (47) (121) (25) 7 (72)
As adjusted(non-GAAP) $     2,453 $     3,561 $     2,273 $           — $      (201)
3.     The adjusted tax rate for the fourth quarter of 2024 was 20.2 percent, as detailed below:
Quarter Ended December 31, 2024
(dollars in millions) Pre-taxearnings (loss) Income taxes Tax rate
As reported (GAAP) $            (2,269) $            (2,246) 99.0 %
Specified items 7,082 3,216 45.4 %
As adjusted(non-GAAP) $             4,813 $                970 20.2 %
AbbVie Inc.Reconciliation of GAAP Reported to Non-GAAP Adjusted Information(Unaudited)
1.     Specified items impacted results as follows:
Twelve Months Ended December 31, 2025
(in millions, except per share data) Earnings Diluted
Pre-tax After-taxa EPS
As reported (GAAP) $              6,597 $              4,226 $                2.36
Adjusted for specified items:
Intangible asset amortization 7,377 6,221 3.50
Intangible asset impairment 847 701 0.39
Acquisition and integration costs 276 262 0.15
Change in fair value of contingent consideration 6,495 6,309 3.56
Other 100 65 0.04
As adjusted (non-GAAP) $           21,692 $           17,784 $              10.00
aRepresents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Intangible asset impairment reflects impairment charges of $847 million related to the Resonic and Durysta intangible assets.Acquisition and integration costs primarily reflect costs related to the Capstan Therapeutics acquisition.
Reported GAAP earnings and adjusted non-GAAP earnings for the twelve months ended December 31, 2025 included acquiredIPR&D and milestones expense of $5.0 billion on a pre-tax and $4.9 billion on an after-tax basis, representing an unfavorableimpact of $2.76 to both diluted EPS and adjusted diluted EPS.
2.     The impact of the specified items by line item was as follows:
Twelve Months Ended December 31, 2025
(in millions) Cost ofproductssold SG&A R&D Otheroperatingincome Otherexpense,net
As reported (GAAP) $  18,204 $  14,010 $    9,096 $      (241) $    5,793
Adjusted for specified items:
Intangible asset amortization (7,377)
Intangible asset impairment (847)
Acquisition and integration costs (15) (172) (89)
Change in fair value of contingent consideration (6,495)
Other (163) (202) (22) 241 46
As adjusted (non-GAAP) $    9,802 $  13,636 $    8,985 $           — $      (656)
3.     The adjusted tax rate for the full-year 2025 was 18.0 percent, as detailed below:
Twelve Months Ended December 31, 2025
(dollars in millions) Pre-taxearnings Income taxes Tax rate
As reported (GAAP) $             6,597 $             2,364 35.8 %
Specified items 15,095 1,537 10.2 %
As adjusted (non-GAAP) $           21,692 $             3,901 18.0 %
AbbVie Inc.Reconciliation of GAAP Reported to Non-GAAP Adjusted Information(Unaudited)
1.     Specified items impacted results as follows:
Twelve Months Ended December 31, 2024
(in millions, except per share data) Earnings Diluted
Pre-tax After-taxa EPS
As reported (GAAP) $              3,716 $              4,278 $                2.39
Adjusted for specified items:
Intangible asset amortization 7,622 6,461 3.63
Intangible asset impairment 4,476 3,512 1.98
Acquisition and integration costs 1,061 978 0.55
Change in fair value of contingent consideration 3,771 3,673 2.07
Litigation matters 910 721 0.41
Income tax items (1,819) (1.02)
Other 256 197 0.11
As adjusted (non-GAAP) $           21,812 $           18,001 $              10.12
aRepresents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Intangible asset impairment reflects a partial after-tax impairment charge of $3.5 billion related to the emraclidine intangible assetacquired as part of the Cerevel Therapeutics acquisition. Acquisition and integration costs primarily reflect costs related to theImmunoGen and Cerevel Therapeutics acquisitions. Income tax items primarily reflect an income tax benefit related to thesettlement of income tax examinations, partially offset by changes in income tax reserves. Litigation matters primarily includecharges related to actual and potential settlements of litigation.
Reported GAAP earnings and adjusted non-GAAP earnings for the twelve months ended December 31, 2024 included acquiredIPR&D and milestones expense of $2.8 billion on a pre-tax and $2.7 billion on an after-tax basis, representing an unfavorableimpact of $1.52 to both diluted EPS and adjusted diluted EPS.
2.     The impact of the specified items by line item was as follows:
Twelve Months Ended December 31, 2024
(in millions) Cost ofproductssold SG&A R&D Otheroperatingincome Interestexpense,net Otherexpense,net
As reported (GAAP) $  16,904 $  14,752 $  12,791 $           (7) $    2,160 $    3,240
Adjusted for specified items:
Intangible asset amortization (7,622)
Intangible asset impairment (4,476)
Acquisition and integration costs (225) (554) (258) (24)
Change in fair value of contingent consideration (3,771)
Litigation matters (910)
Other (110) (54) (1) 7 (98)
As adjusted (non-GAAP) $    8,947 $  13,234 $    8,056 $           — $    2,136 $      (629)
3.     The adjusted tax rate for the full-year 2024 was 17.4 percent, as detailed below:
Twelve Months Ended December 31, 2024
(dollars in millions) Pre-taxearnings Income taxes Tax rate
As reported (GAAP) $             3,716 $               (570) (15.3) %
Specified items 18,096 4,373 24.2 %
As adjusted (non-GAAP) $           21,812 $             3,803 17.4 %

Frequently Asked Questions

What were AbbVie's financial results for 2025?

AbbVie reported record net sales for the year 2025.

What is AbbVie's EPS guidance for 2026?

AbbVie expects adjusted diluted EPS of $14.37 to $14.57 for 2026.

What did AbbVie achieve in 2025 despite Humira's loss of exclusivity?

AbbVie achieved record net sales and continued to advance new treatments.

When will AbbVie host its investor conference call?

AbbVie will host the investor conference call on February 4, 2026, at 8:00 a.m. CT.

Last updated: Feb 4, 2026