How Did Skyrizi and Rinvoq Sales Contribute to AbbVie's Q2 Results?

AbbVie ABBV delivered encouraging second-quarter 2025 results last week, sending a clear message — it is effectively managing its post-Humira transition. The stronger-than-expected sales of newer immunology medicines, Rinvoq and Skyrizi, not only mitigated the impact of Humira’s continued erosion but also reaffirmed their role as growth drivers for AbbVie.

Skyrizi sales rose 62% year over year on an operational basis to $4.42 billion, while Rinvoq sales added $2.03 billion, up 41%. These upsides were driven by strong volume growth and continued market share gains across all approved indications, especially in the popular inflammatory bowel disease (IBD) space, which includes two conditions — ulcerative colitis (UC) and Crohn’s disease (CD). In its Q2 conference call, AbbVie emphasized the continued robust uptake of both drugs in IBD, noting that Skyrizi and Rinvoq together hold roughly half of the in-place market share in CD and nearly one-third of the in-play share in UC.

AbbVie expects to return to growth in 2025, driven by the robust performance of Skyrizi and Rinvoq, despite it being only the second year following the U.S. Humira LOE. It expects combined sales of these two drugs to cross $25 billion in 2025. AbbVie raised its Skyrizi sales guidance by $600 million to $17.1 billion, driven by continued share gains in psoriasis and IBD. Rinvoq sales remain on track to reach around $8.2 billion for the year.

The upward revision in Skyrizi guidance more than offsets the reduced outlook for Humira guidance. AbbVie now expects U.S. Humira revenues to be $3 billion, down from the prior expectation of $3.5 billion due to higher erosion from biosimilar competition as well as further molecule compression.

ABBV’s Peers in the Immunology Space

The targeted market is highly competitive. A key player in this field is Johnson & Johnson JNJ, which markets two blockbuster drugs — Stelara and Tremfya. Both of these J&J medications are approved for multiple immunology indications, including UC and CD. Since Stelara lost U.S. patent exclusivity earlier this year, J&J has shifted its focus to Tremfya to maintain its market position.

Another pharma giant expanding its presence in immunology is Eli Lilly LLY, following the FDA approval of Omvoh for the UC indication in late 2023. Omvoh marked Lilly’s first immunology drug approved for a type of IBD in the United States, playing a key role in expanding its portfolio in this therapeutic area. The Lilly drug received FDA approval for the CD indication in January.

ABBV’s Price Performance, Valuation and Estimates

Shares of AbbVie have outperformed the industry year to date, as seen in the chart below.

From a valuation standpoint, AbbVie is trading at a premium to the industry. Based on the price/earnings (P/E) ratio, the company’s shares currently trade at 14.58 times forward earnings, a tad higher than its industry’s average of 14.28. The stock is also trading above its five-year mean of 12.61.

Bottom-line estimate movements for 2025 and 2026 have been mixed over the past 7 days.

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

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

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