AbbVie Earnings: Skyrizi Holds Steady Share Despite Competition

Key Morningstar Metrics for AbbVie

• Fair Value Estimate: $184
• Morningstar Rating: ★★
• Morningstar Economic Moat Rating: Wide
• Morningstar Uncertainty Rating: High

What We Thought of AbbVie’s Earnings

AbbVie ABBV reported 9% revenue growth in 2025 and provided 2026 guidance of $67 billion in revenue (10% growth) and a 150-basis-point improvement in adjusted operating margin. Shares fell 4% in trading on Feb. 4.

Why it matters: AbbVie has no significant exposure to patent expirations for the rest of the decade, positioning the firm for solid growth driven by its immunology, oncology, neurology, and aesthetics products.

• New drugs like Parkinson’s therapy Vyalev are building on the continued growth of key immunology drugs Skyrizi and Rinvoq, further cementing the firm’s sustainable growth.
• Despite competition from J&J’s Tremfya, Skyrizi is maintaining market share and benefiting from the growing use of both drugs within the IL-23 class of antibodies.

The bottom line: We’re maintaining our $184 fair value estimate for wide-moat AbbVie. Even after the decline in share price tied to earnings, we think the shares are slightly overvalued at current prices. We’re waiting for further progress in AbbVie’s pipeline before raising our forecast.

• We’re particularly focused on AbbVie’s strategy to build on the success of Skyrizi with novel combination therapies that are even more effective for patients, and we await phase 2 data this year for Skyrizi in Crohn’s disease in combination with ABBV-382 or lutikizumab.
• An ongoing head-to-head study of Skyrizi versus Takeda’s Entyvio in ulcerative colitis could also drive greater Skyrizi market penetration in the midterm, with a long runway before patents expire in 2033.