AbbVie Q3 2026 earnings: immunology drugs drive growth as guidance and dividend rise
AbbVie's Q3 2026 revenue rose about 10% on strong Skyrizi and Rinvoq sales, profit met expectations, and the company raised its full-year guidance and dividend.
| Q3 2026 | Reported | Expected | Surprise |
|---|---|---|---|
| EPS | $3.82 | $3.83 | -0.2% |
| Revenue | $17.40B | $17.66B | -1.5% |
Key takeaways
- Revenue grew about 10% from a year earlier to $17.4 billion, coming in a bit below Wall Street’s revenue forecast, while adjusted profit per share landed almost exactly where analysts expected.
- Growth was powered by AbbVie’s newer immunology drugs, Skyrizi and Rinvoq, which together brought in well over $8 billion in the quarter and more than made up for the ongoing decline of older drug Humira, which keeps losing sales to cheaper generic competition.
- AbbVie raised its full-year 2026 adjusted-profit outlook, telling investors the business continues to perform better than it had expected when the year began.
- The company also raised its quarterly dividend payout, extending a streak of annual increases that has run for decades and underscoring steady cash generation.
- During the quarter AbbVie closed its roughly $10.9 billion purchase of Apogee Therapeutics, a deal meant to add new experimental immunology treatments to its pipeline; upfront costs tied to the deal shaved about 11 cents off per-share earnings.
- A high gross margin of roughly 73% over the past year shows AbbVie still commands strong pricing on its drugs, but its net profit margin is a lower 9.8%, mainly because one-time acquisition and research charges, debt interest, and amortization from past deals eat into the bottom line more than they affect the underlying business.
- Profit (EPS) grew much faster than revenue over the past year — up about 68% versus roughly 10% sales growth — suggesting the company’s cost and tax management, and the shift away from lower-margin Humira, are boosting profitability.
- AbbVie’s return on equity is unusually high, near 96%, largely a byproduct of its thin equity base left over from the large, debt-financed Allergan acquisition years ago, rather than a signal that the company earns outsized returns on its total capital.
Fundamentals
| Metric | Value | Period |
|---|---|---|
| Gross margin | 72.8% | Trailing 12 months |
| Operating margin | 26.2% | Trailing 12 months |
| Net profit margin | 9.8% | Trailing 12 months |
| Pretax margin | 13.5% | Trailing 12 months |
| EPS | $3.56 | Trailing 12 months |
| Revenue growth (YoY) | 10.4% | Trailing 12 months |
| EPS growth (YoY) | 67.6% | Trailing 12 months |
| Return on equity | 95.6% | Trailing 12 months |
Sources: company report