How Much Did Skyrizi and Rinvoq Drive AbbVie's Q3 Performance?

AbbVie’s ABBV key top-line drivers are its newer immunology medicines, Rinvoq and Skyrizi. Sales of both these drugs have effectively replaced the company’s flagship drug, Humira, which began facing generic erosion in the United States starting in 2023. In the recently reported third-quarter 2025 results, Rinvoq and Skyrizi together generated more than 40% of AbbVie’s total revenues, underscoring their critical role in sustaining the company’s growth trajectory.

Skyrizi increased 46% year over year to $4.71 billion, Rinvoq added $2.18 billion, up 34%. These upticks were fueled 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). During its Q3 conference call, AbbVie noted that the two drugs together now command roughly half of the in-play market share in CD and nearly one-third in UC within the United States — reflecting strong physician adoption and continued demand for the therapies.

Based on the encouraging uptake for these two therapies, AbbVie has reported robust mid-single-digit revenue growth in the first nine months of this year, despite it being just under three years following the U.S. Humira LOE. The company recently raised its Skyrizi sales guidance by $200 million to $17.3 billion, driven by continued share gains in psoriasis and IBD. It expects combined Skyrizi and Rinvoq sales to surpass $25 billion this year.

Strong immunology market growth, market share gains and momentum from new indications, such as the recent launch of Skyrizi in UC, along with the potential for five new indications for Rinvoq over the next few years, are expected to drive these drugs’ future growth. While AbbVie expects to file a regulatory submission for Rinvoq for the alopecia areata indication before year-end, it also intends to submit a regulatory filing for the drug in vitiligo in early 2026. The company is on track to report data on late-stage studies evaluating Rinvoq in hidradenitis suppurativa and systemic lupus erythematosus indications next year. AbbVie believes that the next wave of potential approvals in Rinvoq could add roughly $2 billion to peak-year sales for the product.

ABBV’s Competition 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 16.19 times forward earnings, a tad higher than its industry’s average of 15.84. The stock is also trading above its five-year mean of 13.36.

Bottom-line estimate movements for 2025 and 2026 have declined over the past 30 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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