AbbVie’s first quarter results for 2026 exceeded management’s guidance midpoint and internal expectations, with adjusted earnings per share and revenue coming in above what the company had projected for itself. Management attributed the quarter’s outperformance to robust growth in its immunology and neuroscience portfolios, particularly through the continued momentum of Skyrizi and Rinvoq in psoriatic disease and inflammatory bowel disease. CEO Robert Michael highlighted, “Momentum in immunology and neuroscience is delivering share gains in growing markets,” while commercial chief Jeff Stewart pointed to Skyrizi’s strong efficacy data in hard-to-treat areas like genital and scalp psoriasis as a competitive advantage. Neuroscience revenues also benefited from strong demand for migraine and psychiatric treatments.
Is now the time to buy ABBV? Find out in our full research report (it’s free for active Edge members).
AbbVie (ABBV) Q1 CY2026 Highlights:
- Revenue: $15 billion vs analyst estimates of $14.75 billion (12.4% year-on-year growth, 1.7% beat)
- Adjusted EPS: $2.65 vs analyst expectations of $2.67 (0.7% miss)
- Adjusted EBITDA: $6.31 billion vs analyst estimates of $6.25 billion (42.1% margin, 1% beat)
- Management lowered its full-year Adjusted EPS guidance to $14.18 at the midpoint, a 2% decrease
- Operating Margin: 26.6%, down from 28% in the same quarter last year
- Constant Currency Revenue rose 10.3% year on year, in line with the same quarter last year
- Market Capitalization: $364.6 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From AbbVie’s Q1 Earnings Call
- David Amsellem (Piper Sandler) inquired about Skyrizi’s ability to defend market share against new competitors. Chief Commercial Officer Jeffrey Stewart explained that strong efficacy data and broad label indications are key to maintaining leadership, citing “category-leading durability in the real world.”
- Chris Schott (JPMorgan) questioned the long-term competitive position in immunology and the importance of Skyrizi combination therapies. Chief R&D Officer Roopal Thakkar detailed ongoing combination studies and highlighted AbbVie’s business development to deepen the pipeline, while CEO Robert Michael emphasized their “tremendous amount of confidence” in remaining ahead.
- Louis Chen (Scotiabank) asked about pipeline progress for extended half-life and oral IL-23 assets. Thakkar explained that both are entering clinical studies this year, with the aim of providing dosing flexibility and higher potency, especially in difficult-to-treat patient populations.
- Terence Flynn (Morgan Stanley) sought clarity on M&A strategy and asset focus. Michael confirmed AbbVie’s willingness to pursue differentiated assets in neuroscience, oncology, and obesity, and sees room for additional business development even as current portfolios provide a strong growth outlook.
- Steve Scala (TD Cowen) questioned management’s view on consensus peak sales for Skyrizi and Rinvoq. Michael replied that AbbVie expects both products to exceed current consensus forecasts and sees “significant runway and upside opportunity for both assets.”
Catalysts in Upcoming Quarters
In the upcoming quarters, the StockStory team will be closely monitoring (1) regulatory approvals and new indication launches for Skyrizi, Rinvoq, and Tavapadon, (2) progress on R&D milestones in obesity and oncology, especially interim and pivotal trial readouts, and (3) the impact of manufacturing capacity expansions on supply reliability and margin trends. Execution on business development and integration of new assets will also be key performance indicators.
AbbVie currently trades at $206, up from $197.69 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it’s free).
Our Favorite Stocks Right Now
ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively.
Find out which 5 stocks it's flagging for this month - FREE. Get Our Top 5 Growth Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.
