AbbVie 8-K

Summary

Q4 and FY2025 results with FY2026 adjusted EPS guidance. Revenue grew 10.0% in Q4 and 8.6% for the year on a reported basis, led by growth in immunology and neuroscience, including Skyrizi and Rinvoq. AbbVie also reported a three-year U.S. agreement that includes $100B of U.S. R&D and capital investment over the next decade, and announced the FDA approval of Epkinly with R2 for relapsed or refractory follicular lymphoma.

Key Figures

• FY2025 immunology revenue rose 14.0% to $30.4B and neuroscience rose 19.6% to $10.8B; Skyrizi revenue grew 49.9% to $17.6B and Rinvoq grew 39.1% to $8.30B. Aesthetics revenue declined 6.1% to $4.86B.
• Acquired IPR&D and milestones expense was $1.3B in Q4 and $5.0B for FY2025, reducing GAAP and adjusted EPS by $0.71 and $2.76, respectively.
• Under the U.S. agreement, AbbVie committed $100B in U.S. R&D and capital investment, including manufacturing, over 10 years; the three-year agreement provides exemption from tariffs and future pricing mandates.

Guidance

• FY2026 adjusted diluted EPS: $14.37–$14.57; excludes any acquired IPR&D and milestones expense.

Investor Takeaways

• Regulatory discussions following Epkinly’s Phase 3 DLBCL trial are a next step: the study improved progression-free survival but did not show a statistically significant overall-survival improvement.
• FDA and EMA review of Rinvoq for vitiligo and EMA review of Aquipta for acute migraine are upcoming regulatory milestones.