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AbbVie Reports Third-Quarter 2025 Financial Results

Friday, October 31, 2025 5 min read
Key Takeaway: AbbVie announced its financial results for the third quarter of 2025, showcasing strong performance with a notable increase in adjusted diluted EPS guidance. The company declared a 5.5% increase in its quarterly cash dividend, emphasizing its commitment to returning value to shareholders. Despite some challenges, including a decline in Humira's revenue, AbbVie maintains a positive outlook for its portfolio and pipeline.

Market Sentiment Analysis

POSITIVE FACTORS

  • AbbVie reported strong financial results for Q3 2025.
  • The company raised its adjusted diluted EPS guidance for the full year.
  • A dividend increase of 5.5% reflects AbbVie's commitment to shareholders.
  • Significant momentum across key areas of the portfolio was noted.

CONCERNS & RISKS

  • The company incurred an unfavorable impact of $2.05 per share related to acquired IPR&D.
  • Humira's revenue continues to decline significantly.

Full Press Release Details

NORTH CHICAGO, Ill.,Oct. 31, 2025/PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the third quarter ended September 30, 2025.
"AbbVie continues to deliver outstanding results, with significant momentum across key areas of our portfolio. We are also making great progress advancing our pipeline and investing in innovation to support AbbVie's long-term growth," said Robert A. Michael, chairman and chief executive officer, AbbVie. "Based upon the strength of our business and its promising outlook, we are once again raising our quarterly cash dividend."
Third-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 2025 Outlook
AbbVie is raising its adjusted diluted EPS guidance for the full year 2025 from $10.38 - $10.58 to $10.61 - $10.65, which includes an unfavorable impact of $2.05 per share related to acquired IPR&D and milestones expense incurred year-to-date through the third quarter 2025. The company's 2025 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the third quarter of 2025, as both cannot be reliably forecasted.
Company Declares Dividend Increase of 5.5 Percent
AbbVie is announcing today that its board of directors declared an increase in the company's quarterly cash dividend from $1.64 per share to $1.73 per share beginning with the dividend payable on February 17, 2026 to shareholders of record as of January 16, 2026. This reflects an increase of approximately 5.5 percent, continuing AbbVie's strong commitment to returning cash to shareholders through a growing dividend. Since the company's inception in 2013, AbbVie has increased its quarterly dividend by more than 330 percent. AbbVie is a member of the S&P Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines 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: immunology, neuroscience, oncology, and eye care - and products and services across our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us atwww.abbvie.com. Follow@abbvieon X (formerly Twitter),Facebook,Instagram,YouTubeorLinkedIn.
Conference Call
AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our third-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.
AbbVie Inc.
Key Product Revenues
(Unaudited)
AbbVie Inc.
Key Product Revenues
(Unaudited)
AbbVie Inc.
Consolidated Statements of Earnings
(Unaudited)
Third Quarter
Ended September 30
Nine Months
Ended September 30
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
SOURCE AbbVie
Media: Investors:
Gabby Tarbert Liz Shea
(224) 244-0111 (847) 935-2211
Todd Bosse
(847) 936-1182
Jeffrey Byrne
(847) 938-2923
AbbVie Inc.Key Product RevenuesQuarter Ended September 30, 2025(Unaudited)
% Change vs. 3Q24
Net Revenues (in millions) Reported Operationala
U.S. Int'l. Total U.S. Int'l. Total Int'l. Total
NET REVENUES $12,068 $3,708 $15,776 8.2 % 12.0 % 9.1 % 9.0 % 8.4 %
Immunology 6,263 1,622 7,885 9.6 21.7 11.9 17.9 11.2
Skyrizi 4,085 623 4,708 47.0 45.9 46.8 40.2 46.0
Rinvoq 1,559 625 2,184 33.3 40.7 35.3 36.5 34.1
Humira 619 374 993 (65.0) (18.9) (55.4) (20.5) (55.7)
Neuroscience 2,463 378 2,841 18.0 37.2 20.2 32.3 19.6
Vraylar 931 3 934 6.7 31.5 6.7 32.3 6.7
Botox Therapeutic 825 160 985 16.6 13.4 16.1 11.3 15.8
Ubrelvy 344 10 354 31.4 34.1 31.5 34.2 31.5
Qulipta 252 36 288 50.2 >100.0 64.1 >100.0 63.1
Vyalev 53 85 138 n/m >100.0 >100.0 >100.0 >100.0
Duodopa 16 80 96 (29.9) (9.0) (13.5) (13.8) (17.3)
Other Neuroscience 42 4 46 (21.7) 92.3 (17.3) 94.0 (17.2)
Oncology 1,030 652 1,682 (7.4) 13.4 (0.3) 10.4 (1.3)
Imbruvicab 507 199 706 (17.9) (5.8) (14.8) (5.8) (14.8)
Venclexta 341 385 726 — 14.3 7.1 10.0 4.9
Elahere 150 20 170 8.6 n/m 23.3 n/m 22.4
Epkinlyc 21 48 69 30.8 75.7 59.1 70.3 55.7
Other Oncology 11 — 11 n/m n/m n/m n/m n/m
Aesthetics 742 451 1,193 (6.2) 0.8 (3.7) (0.6) (4.2)
Botox Cosmetic 379 258 637 (8.4) 0.7 (4.9) (0.6) (5.4)
Juvederm Collection 98 155 253 (7.5) 1.4 (2.2) (0.2) (3.2)
Other Aesthetics 265 38 303 (2.3) (0.8) (2.1) (2.2) (2.3)
Eye Care 221 288 509 (8.0) 1.3 (3.0) (1.0) (4.2)
Ozurdex 32 85 117 (4.9) (0.3) (1.6) (3.6) (4.0)
Lumigan/Ganfort 42 55 97 (26.1) (6.0) (15.9) (8.7) (17.3)
Alphagan/Combigan 9 38 47 (67.4) 6.8 (24.7) 4.7 (25.9)
Other Eye Care 138 110 248 12.3 4.7 8.8 3.5 8.2
Other Key Products 829 177 1,006 16.9 8.1 15.2 3.4 14.3
Mavyret 146 166 312 (0.2) 6.9 3.5 2.1 1.0
Creon 368 — 368 9.1 n/m 9.1 n/m 9.1
Linzess/Constella 315 11 326 39.6 29.7 39.2 26.0 39.1
a"Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
bReflects profit sharing for Imbruvica international revenues.
cEpkinly 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 RevenuesNine Months Ended September 30, 2025(Unaudited)
% Change vs. 9M24
Net Revenues (in millions) Reported Operationala
U.S. Int'l. Total U.S. Int'l. Total Int'l. Total
NET REVENUES $33,809 $10,733 $44,542 8.0 % 8.0 % 8.0 % 8.6 % 8.2 %
Immunology 17,243 4,537 21,780 10.6 19.2 12.3 19.5 12.4
Skyrizi 10,847 1,709 12,556 60.1 46.5 58.1 46.1 58.0
Rinvoq 4,231 1,699 5,930 45.3 38.7 43.3 38.7 43.3
Humira 2,165 1,129 3,294 (63.3) (20.2) (55.0) (19.1) (54.8)
Neuroscience 6,768 1,038 7,806 18.8 30.8 20.3 30.6 20.3
Vraylar 2,592 7 2,599 10.9 38.0 10.9 41.8 10.9
Botox Therapeutic 2,323 456 2,779 16.9 8.0 15.3 9.5 15.6
Ubrelvy 907 25 932 32.4 41.5 32.6 44.2 32.7
Qulipta 661 87 748 49.8 >100.0 63.8 >100.0 63.4
Vyalev 81 218 299 n/m >100.0 >100.0 >100.0 >100.0
Duodopa 56 233 289 (21.1) (13.0) (14.7) (14.0) (15.5)
Other Neuroscience 148 12 160 (13.9) 8.1 (12.6) 12.2 (12.4)
Oncology 3,083 1,908 4,991 (1.1) 9.2 2.6 9.6 2.7
Imbruvicab 1,579 619 2,198 (13.4) (8.5) (12.1) (8.5) (12.1)
Venclexta 974 1,108 2,082 5.8 10.0 8.0 10.9 8.4
Elahere 453 55 508 37.0 n/m 53.7 n/m 53.3
Epkinlyc 64 126 190 50.1 97.6 78.7 96.5 78.0
Other Oncology 13 — 13 n/m n/m n/m n/m n/m
Aesthetics 2,179 1,395 3,574 (10.3) (3.6) (7.8) (2.7) (7.4)
Botox Cosmetic 1,084 801 1,885 (13.4) 2.7 (7.2) 3.7 (6.8)
Juvederm Collection 278 466 744 (20.4) (15.1) (17.2) (14.3) (16.7)
Other Aesthetics 817 128 945 (1.4) 7.6 (0.3) 9.0 (0.1)
Eye Care 668 861 1,529 (5.5) (3.2) (4.2) (1.5) (3.3)
Ozurdex 92 273 365 (9.9) 0.4 (2.4) 0.6 (2.2)
Lumigan/Ganfort 142 164 306 10.3 (9.4) (1.2) (8.0) (0.4)
Alphagan/Combigan 35 108 143 (34.7) (6.9) (15.8) (4.4) (14.1)
Other Eye Care 399 316 715 (5.5) (1.4) (3.7) 1.4 (2.5)
Other Key Products 2,300 552 2,852 7.2 (6.4) 4.3 (6.5) 4.3
Mavyret 472 521 993 3.3 (7.4) (2.6) (7.6) (2.7)
Creon 1,127 — 1,127 13.3 n/m 13.3 n/m 13.3
Linzess/Constella 701 31 732 1.1 14.2 1.6 14.9 1.6
a"Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
bReflects profit sharing for Imbruvica international revenues.
cEpkinly 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) Third QuarterEnded September 30 Nine MonthsEnded September 30
2025 2024 2025 2024
Net revenues $       15,776 $       14,460 $       44,542 $        41,232
Cost of products sold 5,304 4,212 13,652 12,508
Selling, general and administrative 3,569 4,205 10,115 10,897
Research and development 2,319 2,130 6,517 6,017
Acquired IPR&D and milestones 2,680 82 3,751 1,183
Other operating income — — (24) —
Total operating costs and expenses 13,872 10,629 34,011 30,605
Operating earnings 1,904 3,831 10,531 10,627
Interest expense, net 667 591 1,972 1,550
Net foreign exchange loss (gain) 20 (3) 47 2
Other expense, net 503 1,159 4,583 3,090
Earnings before income tax expense 714 2,084 3,929 5,985
Income tax expense 526 520 1,511 1,676
Net earnings 188 1,564 2,418 4,309
Net earnings attributable to noncontrolling interest 2 3 8 9
Net earnings attributable to AbbVie Inc. $             186 $          1,561 $          2,410 $          4,300
Diluted earnings per share attributable to AbbVie Inc. $            0.10 $            0.88 $            1.34 $            2.41
Adjusted diluted earnings per sharea $            1.86 $            3.00 $            7.29 $            7.96
Weighted-average diluted shares outstanding 1,772 1,772 1,772 1,772
aRefer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details.
AbbVie Inc.Reconciliation of GAAP Reported to Non-GAAP Adjusted Information(Unaudited)
1.     Specified items impacted results as follows:
Quarter Ended September 30, 2025
(in millions, except per share data) Earnings Diluted
Pre-tax After-taxa EPS
As reported (GAAP) $                 714 $                 186 $                0.10
Adjusted for specified items:
Intangible asset amortization 1,871 1,576 0.89
Intangible asset impairment 847 701 0.39
Acquisition and integration costs 212 207 0.12
Change in fair value of contingent consideration 776 755 0.43
Other (40) (119) (0.07)
As adjusted (non-GAAP) $              4,380 $              3,306 $                1.86
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 three months ended September 30, 2025 included acquiredIPR&D and milestone expense of $2.7 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $1.50 toboth diluted EPS and adjusted diluted EPS.
2.     The impact of the specified items by line item was as follows:
Quarter Ended September 30, 2025
(in millions) Cost ofproductssold SG&A R&D Otherexpense,net
As reported (GAAP) $      5,304 $      3,569 $      2,319 $         503
Adjusted for specified items:
Intangible asset amortization (1,871) — — —
Intangible asset impairment (847) — — —
Acquisition and integration costs (5) (144) (63) —
Change in fair value of contingent consideration — — — (776)
Other (34) (13) — 87
As adjusted(non-GAAP) $      2,547 $      3,412 $      2,256 $       (186)
3.     The adjusted tax rate for the third quarter of 2025 was 24.5 percent, as detailed below:
Quarter Ended September 30, 2025
(dollars in millions) Pre-taxearnings Income taxes Tax rate
As reported (GAAP) $                 714 $                 526 73.7 %
Specified items 3,666 546 14.9 %
As adjusted(non-GAAP) $              4,380 $              1,072 24.5 %
AbbVie Inc.Reconciliation of GAAP Reported to Non-GAAP Adjusted Information(Unaudited)
1.     Specified items impacted results as follows:
Quarter Ended September 30, 2024
(in millions, except per share data) Earnings Diluted
Pre-tax After-taxa EPS
As reported (GAAP) $              2,084 $              1,561 $                0.88
Adjusted for specified items:
Intangible asset amortization 1,888 1,600 0.89
Acquisition and integration costs 307 283 0.16
Change in fair value of contingent consideration 1,356 1,321 0.75
Litigation matters 692 543 0.31
Other 30 19 0.01
As adjusted (non-GAAP) $              6,357 $              5,327 $                3.00
aRepresents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Acquisition and integration costs primarily reflect costs related to the Cerevel Therapeutics acquisition. Litigation mattersprimarily include charges related to actual and potential settlements of litigation.
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended September 30, 2024 includedacquired IPR&D and milestone expense of $82 million on a pre-tax and $74 million on an after-tax basis, representingan unfavorable impact of $0.04 to both diluted EPS and adjusted diluted EPS.
2.     The impact of the specified items by line item was as follows:
Quarter Ended September 30, 2024
(in millions) Cost ofproductssold SG&A R&D Otherexpense,net
As reported (GAAP) $     4,212 $     4,205 $     2,130 $     1,159
Adjusted for specified items:
Intangible asset amortization (1,888) — — —
Acquisition and integration costs (43) (189) (75) —
Change in fair value of contingent consideration — — — (1,356)
Litigation matters — (692) — —
Other (30) 2 — (2)
As adjusted(non-GAAP) $     2,251 $     3,326 $     2,055 $      (199)
3.     The adjusted tax rate for the third quarter of 2024 was 16.2 percent, as detailed below:
Quarter Ended September 30, 2024
(dollars in millions) Pre-taxearnings Income taxes Tax rate
As reported (GAAP) $              2,084 $                 520 25.0 %
Specified items 4,273 507 11.9 %
As adjusted(non-GAAP) $              6,357 $              1,027 16.2 %
AbbVie Inc.Reconciliation of GAAP Reported to Non-GAAP Adjusted Information(Unaudited)
1.     Specified items impacted results as follows:
Nine Months Ended September 30, 2025
(in millions, except per share data) Earnings Diluted
Pre-tax After-taxa EPS
As reported (GAAP) $              3,929 $              2,410 $                1.34
Adjusted for specified items:
Intangible asset amortization 5,593 4,721 2.67
Intangible asset impairment 847 701 0.39
Acquisition and integration costs 273 256 0.14
Change in fair value of contingent consideration 5,089 4,941 2.79
Other 52 (75) (0.04)
As adjusted (non-GAAP) $            15,783 $           12,954 $                7.29
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 nine months ended September 30, 2025 included acquiredIPR&D and milestones expense of $3.8 billion on a pre-tax and $3.6 billion on an after-tax basis, representing an unfavorableimpact of $2.05 to both diluted EPS and adjusted diluted EPS.
2.     The impact of the specified items by line item was as follows:
Nine Months Ended September 30, 2025
(in millions) Cost ofproductssold SG&A R&D Otheroperatingincome Otherexpense,net
As reported (GAAP) $    13,652 $    10,115 $      6,517 $          (24) $      4,583
Adjusted for specified items:
Intangible asset amortization (5,593) — — — —
Intangible asset impairment (847) — — — —
Acquisition and integration costs (10) (171) (92) — —
Change in fair value of contingent consideration — — — — (5,089)
Other (126) (13) (3) 24 66
As adjusted(non-GAAP) $      7,076 $      9,931 $      6,422 $            — $        (440)
3.     The adjusted tax rate for the first nine months of 2025 was 17.9 percent, as detailed below:
Nine Months Ended September 30, 2025
(dollars in millions) Pre-taxearnings Income taxes Tax rate
As reported (GAAP) $              3,929 $              1,511 38.5 %
Specified items 11,854 1,310 11.1 %
As adjusted(non-GAAP) $            15,783 $              2,821 17.9 %
AbbVie Inc.Reconciliation of GAAP Reported to Non-GAAP Adjusted Information(Unaudited)
1.     Specified items impacted results as follows:
Nine Months Ended September 30, 2024
(in millions, except per share data) Earnings Diluted
Pre-tax After-taxa EPS
As reported (GAAP) $              5,985 $              4,300 $                2.41
Adjusted for specified items:
Intangible asset amortization 5,726 4,854 2.73
Acquisition and integration costs 963 894 0.50
Change in fair value of contingent consideration 3,492 3,402 1.92
Litigation matters 737 585 0.33
Other 96 122 0.07
As adjusted (non-GAAP) $           16,999 $           14,157 $                7.96
aRepresents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Acquisition and integration costs primarily reflect costs primarily reflect costs related to the ImmunoGen and Cerevel Therapeuticsacquisitions. Litigation matters primarily include charges related to actual and potential settlements of litigation.
Reported GAAP earnings and adjusted non-GAAP earnings for the nine months ended September 30, 2024 included acquiredIPR&D and milestones expense of $1.2 billion on a pre-tax and $1.1 billion on an after-tax basis, representing an unfavorableimpact of $0.64 to both diluted EPS and adjusted diluted EPS.
2.     The impact of the specified items by line item was as follows:
Nine Months Ended September 30, 2024
(in millions) Cost ofproductssold SG&A R&D Interestexpense,net Otherexpense,net
As reported (GAAP) $  12,508 $  10,897 $     6,017 $     1,550 $     3,090
Adjusted for specified items:
Intangible asset amortization (5,726) — — — —
Acquisition and integration costs (201) (504) (234) (24) —
Change in fair value of contingent consideration — — — — (3,492)
Litigation matters — (737) — — —
Other (87) 17 — — (26)
As adjusted(non-GAAP) $     6,494 $     9,673 $     5,783 $     1,526 $      (428)
3.     The adjusted tax rate for the first nine months of 2024 was 16.7 percent, as detailed below:
Nine Months Ended September 30, 2024
(dollars in millions) Pre-taxearnings Income taxes Tax rate
As reported (GAAP) $              5,985 $              1,676 28.0 %
Specified items 11,014 1,157 10.5 %
As adjusted(non-GAAP) $            16,999 $              2,833 16.7 %

Frequently Asked Questions

What were AbbVie's Q3 2025 financial results?

AbbVie reported net revenues of $15.776 billion for Q3 2025, an increase from $14.460 billion in Q3 2024.

How much did AbbVie increase its dividend?

AbbVie announced a 5.5% increase in its quarterly cash dividend, raising it from $1.64 to $1.73 per share.

What is AbbVie's adjusted EPS guidance for 2025?

AbbVie raised its adjusted diluted EPS guidance for 2025 to a range of $10.61 to $10.65.

What challenges did AbbVie face in Q3 2025?

AbbVie faced a significant decline in Humira's revenue, which decreased by 65% year-over-year.

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Last updated: Oct 31, 2025