Here's What Will Drive AbbVie's Top-line Growth in 2026

AbbVie ABBV had an encouraging year in 2025, registering a sales growth of about 8.5% year over year at constant exchange rates. This number is impressive for a company that has been facing biosimilar erosion for its flagship drug Humira, which was one of the top-selling medications of all time before losing exclusivity in early 2023.

On the fourth-quarter conference call, management issued encouraging guidance for full-year 2026, expecting the top line to reach $67 billion, suggesting growth of about 9.5% over 2025 levels. This growth is largely expected to be driven by its newer immunology drugs, Rinvoq and Skyrizi. AbbVie anticipates one of its newer neuroscience drugs to achieve blockbuster status in sales this year.

Let’s break it down.

ABBV to Generate Over $31B From Skyrizi & Rinvoq Sales

AbbVie has effectively fended off its biggest challenge — Humira biosimilar erosion — quite well through the successful launches of Skyrizi and Rinvoq, which are approved across Humira's major indications and a distinct new indication, atopic dermatitis. Both drugs have delivered strong performance across approved indications, especially in the popular inflammatory bowel disease (IBD) space, which includes ulcerative colitis (UC) and Crohn’s disease (CD).

It is mainly based on the robust commercial performance of Skyrizi and Rinvoq that AbbVie is projecting overall sales to increase at a high single-digit revenue CAGR through 2029. The company forecasts the combined sales of both these drugs to grow more than 20% year over year in 2026 — Skyrizi sales at about $21.5 billion and Rinvoq sales of around $10.1 billion.

Despite generic erosion, AbbVie expects to record about $2.9 billion from Humira sales this year.

ABBV’s Neuroscience Franchise to Aid Sales Growth

Although smaller in scale when compared to the immunology segment, neuroscience drugs provide diversification and steady growth that support AbbVie’s overall performance. While the segment was initially anchored by Botox Therapeutic and the depression drug Vraylar, its offerings now include the oral migraine drugs Ubrelvy and Qulipta, and the Parkinson’s disease (PD) therapy Vyalev (launched last year in the United States).

For the full-year 2026, AbbVie expects to record $12.5 billion from the neuroscience franchise, suggesting 16% growth over the 2025 levels. While Botox Therapeutic sales are expected to grow in the high single digit percent, the company projects double-digit growth in sales of other drugs. ABBV expects Vyalev to cross the $1 billion mark in global sales, which is encouraging for a drug that was launched last year in the United States.

Beyond the expected uptake of its marketed therapies, AbbVie is preparing to broaden this portfolio with new offerings. A regulatory filing is currently under FDA review, seeking approval for a once-daily oral therapy for PD called tavapadon, which is backed by late-stage data showing symptomatic improvement across a broad patient group. If approved, tavapadon could launch later this year, thereby expanding AbbVie’s PD footprint and further strengthening the long-term contribution of its neuroscience segment.

Oncology Segment to Face Near-Term Headwinds

Despite encouraging growth, AbbVie expects to face near-term headwinds in its oncology franchise, or more specifically, with the J&J JNJ-partnered Imbruvica. Sales of this drug, which has been declining steadily over the years amid rising competition from novel oral therapies, are expected to decline further due to IRA-related pricing that went into effect starting this year. AbbVie expects the drug to generate $2.2 billion in sales this year, indicating a decline of more than 23% over the 2025 levels.

AbbVie expects this decline to negatively impact the overall oncology franchise in 2026. However, the fall is expected to be partially cushioned by the sales growth of other oncology drugs, namely, Roche RHHBY-partnered Venclexta (for blood cancer), Genmab GMAB-partnered Epkinly (for lymphoma), Elahere (for ovarian cancer) and Emrelis (for lung cancer).

ABBV’s Price Performance, Valuation & Estimates

Shares of AbbVie have underperformed the industry in the past year, as seen in the chart below.

From a valuation standpoint, AbbVie is trading at a discount to the industry. Based on the price/earnings (P/E) ratio, the company’s shares currently trade at 15.25 times forward earnings, lower than its industry’s average of 18.75. The stock is also trading above its five-year mean of 13.63.

The bottom-line estimate per share for 2026 and 2027 has declined in 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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