$ABBV · AbbVie Inc.
AbbVie filed its Q3 2026 10-Q, reporting net revenues of $17.404B (+10.3% YoY) and diluted EPS of $2.37, up from $0.10 in Q3 2025. The dramatic earnings swing reflects the prior-year period's $2.68B acquired IPR&D charge versus only $216M this quarter. Skyrizi ($5.78B) and Rinvoq ($2.71B) led growth, while Humira continued its post-LOE decline to $683M. Operating cash flow for the nine months was $14.87B.
- Q3 net earnings attributable to AbbVie Inc. were $4.218B, up from $186M in Q3 2025, driven by a sharp drop in Acquired IPR&D and milestones ($216M vs $2.68B).
- Q3 net revenues rose 10.3% YoY to $17.404B, with U.S. up 10.5% and International up 9.8% at actual currency rates.
- Skyrizi Q3 revenue grew 22.7% YoY to $5.776B; Rinvoq grew 23.9% to $2.706B, together more than offsetting Humira's 31.2% decline to $683M.
- Operating margin expanded dramatically: Q3 operating earnings were $6.267B (36.0% margin) vs $1.904B a year ago.
- Nine-month operating cash flow reached $14.871B, up from $13.812B, while long-term debt rose to $72.23B after $17.974B in new issuances.
ABBV is down 0.27% since filing at $287.68, a muted reaction for a $508B market-cap stock despite the massive YoY earnings swing. The prior-year Q3 was depressed by a $2.68B acquired IPR&D charge, so the comp was well understood.
AbbVie's immunology duo Skyrizi and Rinvoq now generate $8.48B quarterly, proving the Humira patent-cliff transition is complete — but the balance sheet carries $80.9B in total debt.
AbbVie's immunology franchise (Skyrizi + Rinvoq = $8.48B in Q3) demonstrates successful Humira LOE transition, a blueprint peers like J&J and Pfizer are attempting with their own patent-cliff portfolios. The $10.6B business acquisition in the nine-month period signals continued bolt-on M&A appetite.
Humira erosion continues: U.S. revenue fell 39.9% YoY to $372M and international fell 16.8%. Imbruvica U.S. revenue dropped 33% to $340M. Long-term debt increased to $72.23B from $58.94B at year-end 2025, with $17.974B in new issuances. Contingent consideration liabilities drove $4.734B in non-cash fair-value charges over nine months.