AbbVie Beats on Q2 Earnings & Sales, Stock Up on Raised '25 EPS View

AbbVie Inc. ABBV reported second-quarter 2025 adjusted EPS of $2.97, which beat the Zacks Consensus Estimate of $2.89. The reported figure also exceeded the company’s guidance of $2.84-$2.88 issued earlier this month. Earnings rose 12.1% year over year.

ABBV’s revenues of $15.42 billion beat the Zacks Consensus Estimate of $15.07 billion. Sales rose 6.6% year over year on a reported basis and 6.5% on an operational basis. This reported figure also surpassed the company’s forecast of $15.0 billion.

Revenues in the second quarter were driven by robust sales of key drugs Rinvoq, Skyrizi, Venclexta and Vraylar, coupled with significant contributions from newer drugs, namely Ubrelvy, Epkinly, Qulipta and Vyalev. Sales of Humira and Imbruvica declined year over year.

All growth rates mentioned below are on a year-on-year basis and at constant exchange rates (CER).

Immunology Drugs Drive ABBV’s Top Line

In immunology, net revenues from Rinvoq for the second quarter totaled $2.03 billion, up 41.2%. The upside was likely driven by market share gains across all approved indications, as well as the recent label expansion in giant cell arteritis across the U.S. and EU in April. Rinvoq’s sales beat the Zacks Consensus Estimate and our model estimate of $1.98 billion and $2.00 billion, respectively.

Net revenues recorded from Skyrizi were $4.42 billion, up 61.8%. This surge in sales was likely driven by strong volume growth and continued market share gains. Skyrizi sales beat both the Zacks Consensus Estimate of $4.12 billion and our model estimate of $4.00 billion.

AbbVie’s flagship product Humira recorded a sales decline of 58.2% to $1.18 billion for the second quarter. Sales in the United States declined 66% to $802 million, while ex-U.S. market sales were down 17.2% to $378 million. The drug’s overall sales missed the Zacks Consensus Estimate of $1.41 billion and our model estimate of $1.40 billion.

This substantial decline in Humira sales was due to the drug’s loss of exclusivity in the United States since January 2023. The drug lost its exclusivity in ex-U.S. territories following the launch of generics in 2018.

ABBV Neuroscience Drugs’ Performance

Sales from the neuroscience portfolio increased 24% to $2.68 billion, driven by higher sales of Botox Therapeutic, depression drug Vraylar and migraine drugs Ubrelvy and Qulipta. Neuroscience sales beat the Zacks Consensus Estimate and our model estimate of $2.47 billion and $2.48 billion, respectively.

While Botox Therapeutic sales rose 14.2% to $928 million, sales of Vraylar increased 16.3% to $900 million.

Sales of Ubrelvy totaled $338 million, up 47.2%. Qulipta sales increased 76.9% to $267 million.

Sales of Vyalev, the recently approved transformative therapy for advanced Parkinson’s disease, totaled $98 million, compared with $63 million in the first quarter.

ABBV Oncology Drugs’ Performance

Sales from the oncology franchise rose 2.4% to $1.68 billion in the quarter. This uptick was driven by the newer oncology drugs, Epkinly and Elahere, as well as rising Venclexta sales, which more than offset the declining Imbruvica sales. The metric beat both the Zacks Consensus Estimate and our model estimate of $1.61 billion.

Second-quarter net revenues from Imbruvica totaled $754 million, down 9.5%. However, sales of the drug beat both the Zacks Consensus Estimate of $704 million and our estimate of $690 million. ABBV markets this drug in partnership with Johnson & Johnson JNJ.

U.S. sales of J&J-partnered Imbruvica declined 8.9% to $543 million due to rising competition from novel oral treatments. AbbVie shares international profits earned from Imbruvica with J&J. The company’s share of profit from the drug’s international sales declined 11.2% to $211 million.

AbbVie’s leukemia drug Venclexta generated revenues of $691 million in the reported quarter, reflecting 8.3% growth. The company markets Venclexta in collaboration with Roche RHHBY. Sales from the Roche-partnered drug beat the Zacks Consensus Estimate of $668 million and our model estimate of $669 million.

Sales of the breast cancer drug, Elahere, rose 23.7% to $159 million. However, the metric missed the Zacks Consensus Estimate of $184 million as well as our model estimate of $188 million.

Epkinly sales, which comprise AbbVie’s share of profit from U.S. revenues and product revenues from international markets, amounted to $70 million in the quarter compared with $51 million in the previous quarter.

ABBV’s Aesthetics & Other Drugs

AbbVie’s aesthetics portfolio sales were down 8% to $1.28 billion. Botox Cosmetic sales fell 4.9% to $692 million. Juvederm sales declined 24% to $260 million.

Eye care portfolio sales declined 3.4% to $514 million. Sales of Ozurdex, a key drug in the portfolio, fell 0.4% to $125 million.

ABBV’s Cost Discussion

Adjusted SG&A expenses declined 2.3% year over year to $3.24 billion. Adjusted R&D expenses amounted to $2.12 billion, up 10.3%.

ABBV Raises 2025 EPS Guidance

AbbVie raised its EPS guidance for the full year. The company expects adjusted EPS to be in the range of $11.88-$12.08, up from the previous guidance of $11.67-$11.87.

Our Take on ABBV’s Results

The impressive second-quarter performance sends a clear message – AbbVie is effectively managing its post-Humira transition. The stronger-than-expected sales of Rinvoq and Skyrizi not only mitigate the impact of Humira’s continued erosion but also reaffirm their role as drivers of AbbVie’s growth. Though declining filler sales presented some headwinds, their impact was more than offset by robust performances from newer neuroscience assets like Ubrelvy, Qulipta and Vyalev.

While the oncology franchise continues to gain traction, the sources of growth were somewhat unexpected. Growth was supported by Venclexta and Epkinly, but Elahere sales fell short of expectations. Imbruvica, despite its year-over-year decline, added some stability to the franchise with its better-than-expected performance.

Shares of AbbVie were up over 5% in pre-market trading today, likely due to the upward revision in guidance. Investors were impressed with the rise in outlook despite the company’s ongoing acquisition spree.

Year to date, the stock has gained about 7% against the industry’s 4% decline.

AbbVie continues to invest in its future pipeline through strategic collaborations and partnerships across multiple therapeutic areas. Earlier this month, it signed a licensing deal with New York-based Ichnos Glenmark Innovation for an investigational trispecific antibody targeting oncology and autoimmune diseases. Bloomberg recently reported that ABBV is interested in acquiring clinical-stage neuroscience biotech Gilgamesh Pharmaceuticals in a deal valued at $1 billion. We believe such strategic deals will continue to fuel the company’s long-term growth.

AbbVie Inc. Price

 

AbbVie Inc. price | AbbVie Inc. Quote

ABBV’s Zacks Rank

AbbVie currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research