ABBV
The short version: ugly on paper, sturdier in practice
AbbVie just dropped its first-quarter 2026 results, and the headline number looks a little bruised: GAAP diluted EPS fell to $0.39, mostly thanks to acquisition-related R&D and milestone expenses. But the kind of earnings number investors usually care about more — adjusted EPS — came in at $2.65, up 7.7% year over year.
The real plot twist: revenue kept climbing
Net revenue hit $15.002 billion, up 12.4% reported and 10.3% operational. That’s not “company limping along” territory; that’s more like “the portfolio is still hauling the wagon.”
A few areas did the heavy lifting:
- Immunology revenue rose 16.4% reported, with Skyrizi at $4.483 billion and Rinvoq at $2.119 billion.
- Neuroscience jumped 26%, helped by Vraylar, Botox Therapeutic, Ubrelvy/Qulipta, and Vyalev.
- Aesthetics also grew, while oncology was basically flat.
Guidance gets the mic drop
AbbVie also lifted its 2026 adjusted EPS guidance to $14.08 to $14.28 from $13.96 to $14.16. Translation: management sees enough momentum to lean a little more optimistic, even with the IPR&D drag hanging around like an uninvited guest.
Why investors should care
For a mature pharma name, the game is simple: keep the growth engines firing while replacing older revenue with newer drugs. AbbVie’s latest quarter says the engine is still running, and the raised guidance tells you management isn’t just whistling past the graveyard.
Big picture: the GAAP number looked messy, but the underlying business is still acting like a growth stock in a trench coat.