Here's What We Expect From AbbVie's Immunology Segment in Q4

Core Insights - AbbVie generates significant revenue from its immunology franchise, particularly from the strong uptake of its blockbuster drugs, Skyrizi and Rinvoq, which have helped the company achieve top-line growth despite the loss of exclusivity for Humira three years ago [1][8] - The company is expected to report Q4 and full-year 2025 results on February 4, 2025, with investors keenly awaiting sales figures for Skyrizi and Rinvoq [1] Immunology Performance - Skyrizi and Rinvoq have been successfully launched across major indications previously covered by Humira, including a new indication for atopic dermatitis, and have shown strong performance in the inflammatory bowel disease (IBD) market, particularly for ulcerative colitis (UC) and Crohn's disease (CD) [2] - Sales estimates for Q4 2025 are projected at $4.87 billion for Skyrizi and $2.33 billion for Rinvoq, driven by strong demand in the IBD market and new indications [3][8] Expansion into Other Therapeutic Areas - AbbVie is expanding its presence in neuroscience and oncology, with growth in neuroscience supported by the uptake of oral migraine therapies, Ubrelvy and Qulipta [4] - In oncology, AbbVie has broadened its portfolio to include solid tumors, led by newer assets such as Elahere and Emrelis [4] Competitive Landscape - The immunology market is highly competitive, with Johnson & Johnson (JNJ) as a key player, marketing blockbuster drugs Stelara and Tremfya, and focusing on Tremfya after Stelara lost U.S. patent exclusivity [5] - Eli Lilly (LLY) is also expanding its immunology presence with the FDA approval of Omvoh for UC, marking its first immunology drug approved for IBD in the U.S. [6] Financial Performance and Valuation - AbbVie shares have outperformed the industry year to date, trading at a P/E ratio of 15.50, which is lower than the industry average of 17.91 [7][9] - The bottom-line estimate per share for 2025 has slightly declined from $10.73 to $10.64, while estimates for 2026 have increased from $14.41 to $14.42 over the past 60 days [10]