Financial Data and Key Metrics Changes - The company reported full-year adjusted earnings per share of $10, exceeding initial guidance by $0.54, with total net revenues of $61.2 billion, surpassing guidance by over $2 billion [5][6] - Sales growth of 8.6% led to record net sales, exceeding previous peak revenue by more than $3 billion despite nearly $16 billion erosion from U.S. Humira [6][9] - Adjusted earnings per share for the fourth quarter were $2.71, $0.08 above guidance midpoint, with total net revenues of $16.6 billion, reflecting robust growth of 10% [32][33] Business Line Data and Key Metrics Changes - Immunology revenues reached approximately $8.6 billion, with Skyrizi sales of $5 billion (31.9% operational growth) and Rinvoq sales of nearly $2.4 billion (28.6% operational growth) [10][11] - Neuroscience full-year revenues exceeded $10.7 billion, with Vraylar and Botox Therapeutic driving significant growth [17] - Oncology revenues were nearly $1.7 billion in the quarter, with Venclexta sales of $710 million, reflecting strong demand [19] Market Data and Key Metrics Changes - Global sales for Skyrizi in IBD were approximately $6.4 billion, more than double the prior year's performance [13] - Humira delivered global sales of over $1.2 billion, down 26.1% operationally due to biosimilar competition [16] - The aesthetics segment delivered global sales of nearly $1.3 billion, with Botox Cosmetic revenues of $717 million, up 3.8% [20][21] Company Strategy and Development Direction - The company plans to deliver total sales growth of 9.5% in 2026, driven by Skyrizi and Rinvoq, with combined sales expected to exceed $31 billion [7][8] - A voluntary agreement with the U.S. government aims to enhance patient access and affordability while committing $100 billion in U.S. R&D and capital investments over the next decade [9] - The company is focused on expanding its pipeline through strategic transactions, investing over $5 billion in new business development [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position to deliver high single-digit revenue growth through 2029, despite headwinds from Humira erosion and Imbruvica IRA pricing [8][9] - The outlook for diverse product portfolios remains strong, with expectations for substantial sales ramp for Vyalev and continued double-digit growth from migraine products [8][9] - Management highlighted the potential for sustained long-term growth driven by innovative therapies and pipeline advancements [9][10] Other Important Information - The company anticipates free cash flow of approximately $18.5 billion in 2026, supporting a strong and growing quarterly dividend [38][39] - The adjusted operating margin is expected to expand to approximately 48.5% in 2026 [36] Q&A Session Summary Question: Details on the psychedelic therapy in development - Management highlighted the potential of the psychedelic therapy, noting its unique mechanism and observed high levels of efficacy, with further readouts expected [42][43][44] Question: Immunology franchise performance and growth expectations - Management confirmed stable new patient starts for Skyrizi in both Crohn's and UC, with high capture rates despite competition, indicating confidence in continued growth for Skyrizi and Rinvoq [51][53][55][56] Question: Update on external innovation and business development - The company has invested over $8 billion in external innovation, focusing on early-stage opportunities while remaining open to late-stage assets to enhance growth drivers [64][66] Question: Expectations for Rinvoq and Lutikizumab phase 3 data - Management expressed excitement for the upcoming studies, emphasizing the importance of efficacy in treatment failure populations and the potential for both assets to capture significant market share [68][70]

Financial Data and Key Metrics Changes - The company reported full-year adjusted earnings per share of $10, exceeding initial guidance by $0.54, with total net revenues of $61.2 billion, surpassing guidance by over $2 billion [5][6] - Sales growth of 8.6% led to record net sales, exceeding previous peak revenue by more than $3 billion despite nearly $16 billion erosion from U.S. Humira [6][9] - Adjusted earnings per share for the fourth quarter were $2.71, $0.08 above guidance midpoint, with total net revenues of $16.6 billion, reflecting robust growth of 10% [32][33] Business Line Data and Key Metrics Changes - Immunology revenues reached approximately $8.6 billion in the fourth quarter, with Skyrizi sales of $5 billion (31.9% operational growth) and Rinvoq sales of nearly $2.4 billion (28.6% operational growth) [10][11] - Neuroscience full-year revenues exceeded $10.7 billion, with a quarterly revenue of over $2.9 billion, up 17.3% operationally, driven by Vraylar and Botox Therapeutic [16][17] - Oncology revenues were nearly $1.7 billion in the quarter, down 2.5% operationally, with Venclexta sales of $710 million, up 6.4% [19][20] Market Data and Key Metrics Changes - Global sales for Skyrizi in IBD reached approximately $6.4 billion in 2025, more than double the prior year performance [13][14] - The aesthetics market faced economic headwinds, with global sales of nearly $1.3 billion in the quarter, down 1.2% operationally [21][22] - The company anticipates total sales growth of 9.5% in 2026, driven by Skyrizi and Rinvoq, with combined sales expected to exceed $31 billion [7][8] Company Strategy and Development Direction - The company is focused on advancing its pipeline across all stages of development and has invested over $5 billion in new business development [6][7] - A voluntary agreement with the U.S. government aims to enhance patient access and affordability while committing $100 billion in U.S. R&D and capital investments over the next decade [9] - The company plans to leverage its diverse portfolio to deliver high single-digit revenue growth through 2029 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position to deliver robust growth despite headwinds from Humira erosion and pricing pressures [5][7] - The outlook for 2026 includes expectations for substantial sales growth driven by key products, with a focus on maintaining momentum in immunology and neuroscience [8][9] - Management highlighted the potential for long-term growth in neuroscience and oncology, with several promising assets in the pipeline [59][60] Other Important Information - The company anticipates a significant ramp for Vyalev, achieving blockbuster status as a treatment for Parkinson's [8][18] - The adjusted operating margin is expected to expand to approximately 48.5% in 2026, reflecting operational efficiencies [36] - The company expects to generate free cash flow of approximately $18.5 billion in 2026, supporting dividends and investments in business development [38][39] Q&A Session Summary Question: Details on the psychedelic therapy in development - Management highlighted the potential of the psychedelic therapy, noting its unique mechanism and observed high efficacy, with further readouts expected before phase III [42][43][44] Question: Insights on Skyrizi's performance in IBD - Management confirmed stable new patient starts for Skyrizi in both Crohn's and UC, with high capture rates despite competition, indicating strong market positioning [51][53][54] Question: Update on external innovation and business development - The company has invested over $8 billion in external innovation, focusing on early-stage opportunities to enhance its pipeline across core therapeutic areas [64][66] Question: Expectations for Rinvoq and lutikizumab phase III data - Management expressed optimism for Rinvoq's performance in treatment failure populations and highlighted lutikizumab's strong efficacy in phase II, anticipating meaningful results in phase III [68][69][70]

Core Insights - AbbVie reported quarterly earnings of $2.71 per share, exceeding the Zacks Consensus Estimate of $2.66 per share, and showing an increase from $2.16 per share a year ago, resulting in an earnings surprise of +2.02% [1] - The company achieved revenues of $16.62 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.58% and increasing from $15.1 billion year-over-year [2] Earnings Performance - AbbVie has consistently surpassed consensus EPS estimates over the last four quarters, with the latest earnings surprise being +5.08% compared to the previous quarter's expectation of $1.77 per share [1][2] - The current consensus EPS estimate for the upcoming quarter is $3.12, with projected revenues of $15.2 billion, and for the current fiscal year, the estimate is $14.32 on revenues of $67.28 billion [7] Stock Performance and Outlook - AbbVie shares have underperformed the market, losing about 1.2% since the beginning of the year, while the S&P 500 has gained 1.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Large Cap Pharmaceuticals industry, to which AbbVie belongs, is currently ranked in the bottom 22% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Financial Data and Key Metrics Changes - AbbVie reported full-year adjusted earnings per share of $10, exceeding initial guidance by $0.54, and total net revenues of $61.2 billion, surpassing guidance by over $2 billion [4][5] - Sales growth of 8.6% led to record net sales, exceeding previous peak revenue by more than $3 billion despite nearly $16 billion erosion from U.S. Humira [5][6] - Adjusted earnings per share for Q4 were $2.71, $0.08 above guidance midpoint, with total net revenues of $16.6 billion reflecting robust growth of 10% [33][34] Business Line Data and Key Metrics Changes - Immunology revenues reached approximately $8.6 billion in Q4, with Skyrizi sales of $5 billion (31.9% operational growth) and Rinvoq sales of nearly $2.4 billion (28.6% operational growth) [10][11] - Neuroscience full-year revenues exceeded $10.7 billion, with Q4 revenues of over $2.9 billion (17.3% operational growth), driven by Vraylar and Botox Therapeutic [17][18] - Oncology revenues were nearly $1.7 billion in Q4, down 2.5% operationally, with Venclexta sales of $710 million (6.4% operational growth) [19][20] Market Data and Key Metrics Changes - Global sales for Skyrizi in IBD reached approximately $6.4 billion in 2025, more than double the prior year's performance [13] - Humira delivered global sales of over $1.2 billion, down 26.1% operationally due to biosimilar competition [17] - The aesthetics segment saw global sales of nearly $1.3 billion in Q4, down 1.2% operationally, with Botox Cosmetic revenues of $717 million (3.8% operational growth) [20][21] Company Strategy and Development Direction - AbbVie plans to deliver total sales growth of 9.5% in 2026, driven by Skyrizi and Rinvoq, with combined sales expected to exceed $31 billion [6][7] - The company is focused on advancing its pipeline with significant investments in R&D, including over $5 billion in new business development [5][6] - A voluntary agreement with the U.S. government aims to enhance patient access and affordability while committing $100 billion in U.S. R&D and capital investments over the next decade [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AbbVie's strong position to deliver high single-digit revenue growth through 2029, despite headwinds from Humira erosion and Imbruvica pricing [6][9] - The company anticipates key catalysts in R&D across immunology, neuroscience, and oncology over the next 24 months [8][9] - Management highlighted the potential for sustained long-term growth driven by innovative therapies and strategic acquisitions [9][10] Other Important Information - AbbVie increased adjusted R&D expense by nearly $1 billion in 2025, fully funding 90 clinical programs currently in development [5][6] - The company expects to generate free cash flow of approximately $18.5 billion in 2026, supporting a strong and growing quarterly dividend [39][40] Q&A Session Summary Question: Details on the psychedelic therapy in development - Management highlighted the potential of the psychedelic therapy to provide immediate efficacy with a short-acting profile, aiming for a breakthrough in treatment [41][42] Question: Insights on Skyrizi in IBD and market expectations - Management confirmed stable new patient starts for Skyrizi in both Crohn's and UC, with high capture rates despite competition [44][46] - They expressed confidence in the long-term growth potential for Skyrizi and Rinvoq, indicating that current market models may not fully reflect this upside [48][49] Question: Update on external innovation and business development - AbbVie has invested over $8 billion in external innovation, focusing on early-stage opportunities to drive growth in immunology, neuroscience, and oncology [52][54] Question: Expectations for Rinvoq and Lutikizumab phase 3 data - Management emphasized the importance of upcoming studies for Rinvoq and Lutikizumab, particularly in treatment failure populations, and expressed optimism based on previous performance [55][56]

Core Viewpoint - AbbVie reported better-than-expected Q4 results, driven by recovery efforts in its aesthetics business, and raised its 2026 earnings guidance [1] Group 1: Financial Performance - Q4 sales reached $16.6 billion, exceeding market expectations of $16.4 billion [1] - Adjusted EPS for Q4 was $2.71, higher than the analyst average estimate of $2.65 [1] - The company expects adjusted EPS for 2026 to be between $14.37 and $14.57, compared to the analyst average estimate of $14.22 [1] Group 2: Aesthetics Business - The aesthetics segment showed signs of recovery, with Botox sales reaching $717 million, marking the first growth since Q3 2024 and surpassing the analyst average estimate of $683.9 million [1] - Despite Juvederm sales falling short of expectations, the overall marketing strategy, including the "Naturally You" campaign, contributed to the positive performance of Botox [2] Group 3: Immunology Business - Humira's global sales declined by 25.9% to $1.25 billion in Q4, marking the second full year after losing market exclusivity [2] - The immunology segment generated $30.4 billion in net revenue for 2025, a 14% increase year-over-year, with Rinvoq and Skyrizi sales at $2.4 billion and $5 billion, respectively [2] Group 4: Future Challenges and Developments - Botox sales for aesthetic products are projected to decline in 2025, the first drop since AbbVie's acquisition of Allergan in 2019, with potential price adjustments starting in 2028 due to the Inflation Reduction Act [3] - AbbVie is expanding its neuroscience product line, having acquired Cerevel Therapeutics for $8.7 billion, although a schizophrenia drug from this acquisition failed in Phase II trials [3] - The company also acquired a depression treatment drug from Gilgamesh Pharmaceuticals for up to $1.2 billion, which has shown positive results in clinical trials [3]

Core Insights - AbbVie reported higher fourth-quarter revenue driven by growth in its immunology portfolio, particularly from arthritis and Crohn's disease drugs Skyrizi and Rinvoq [1] Revenue Growth - The increase in revenue is attributed to the strong performance of the immunology drugs, which have seen significant demand in the market [1]

AbbVie posts better-than-expected earnings but revenue declines across certain business lines. ...

AbbVie forecast 2026 profit above Wall Street estimates on Wednesday after posting a fourth-quarter results beat, fueled by strong demand for newer immunology drugs Skyrizi and Rinvoq and a smaller-th... ...

Core Insights - AbbVie reported strong financial results for the fourth quarter and full year of 2025, with a notable increase in net revenues and adjusted diluted EPS guidance for 2026 [1] Financial Performance - Fourth-quarter net revenues reached $16.618 billion, marking a 10.0% increase on a reported basis and 9.5% on an operational basis [1] - Full-year net revenues totaled $61.160 billion, an increase of 8.6% on a reported basis and 8.5% on an operational basis [1] - Fourth-quarter diluted EPS was $1.02 on a GAAP basis, while adjusted diluted EPS was $2.71, reflecting an unfavorable impact of $0.71 per share from acquired IPR&D and milestones expense [1] Portfolio Performance - The immunology portfolio generated global net revenues of $30.406 billion for the full year, an increase of 14.0% on a reported basis [1] - The neuroscience portfolio saw a 19.6% increase in global net revenues, totaling $10.767 billion for the full year [1] - The oncology portfolio reported full-year global net revenues of $6.655 billion, a slight increase of 1.5% on a reported basis [1] - The aesthetics portfolio experienced a decline, with full-year global net revenues of $4.860 billion, down 6.1% on a reported basis [1] Recent Developments - AbbVie announced the acquisition of a device manufacturing facility from West Pharmaceutical Services to enhance production capabilities for immunology and neuroscience medicines [1] - An exclusive licensing agreement was established with RemeGen for the development of a novel bispecific antibody, RC148, aimed at treating advanced solid tumors [1] - AbbVie received FDA approval for Epkinly in combination with rituximab and lenalidomide for treating relapsed or refractory follicular lymphoma [1] - The company submitted applications for expanded use of Aquipta for migraine treatment and for Rinvoq in treating non-segmental vitiligo [1] 2026 Outlook - AbbVie provided adjusted diluted EPS guidance for 2026 in the range of $14.37 to $14.57, excluding any unfavorable impacts from acquired IPR&D and milestones [1]

（先声药业公告） 根据该协议，公司将从AbbVie收取首付款，以及最高可达10.55亿美元的选择性权益及里程碑付款，双方还约定就净销 售额收取分级特许权使用费。此次付款的收到，标志着公司与AbbVie在推进SIM0500临床开发合作方面取得了积极进 展。 近日，先声药业发布公告称，近日公司收到来自AbbVie支付的4000万美元款项，这是与AbbVie就研究性新候选药物 SIM0500所签订的海外许可选择权协议下的里程碑付款。 ...