What happened with ABBV today?
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AbbVie researches, manufactures and sells treatments in immunology, neuroscience and oncology, alongside aesthetics products such as Botox Cosmetic. Skyrizi and Rinvoq account for a large share of revenue, making the business particularly dependent on these two medicines.
Most revenue comes from the United States, where McKesson, Cardinal Health and Cencora account for nearly all pharmaceutical product sales. These wholesalers are AbbVie’s direct customers, rather than the patients who use its medicines. Elsewhere, it sells mainly through wholesalers and distributors; some aesthetics products are sold directly to physicians and other licensed healthcare providers.
Sales depend on doctors prescribing its medicines and insurers and government health programs covering them. Payers can restrict access and demand rebates or discounts, while U.S. law allows government-set Medicare prices for selected medicines. Regulatory approvals limit which uses AbbVie can market. Patent protection helps preserve pricing and sales against cheaper substitutes, so the company needs successful new medicines and approved uses to replace revenue lost to competition.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
AbbVie’s growth hinges on Skyrizi and Rinvoq winning immunology market share from these rivals and others, including UCB’s Bimzelx.
Johnson & Johnson competes for immunology medicine sales with Tremfya and Stelara, but also jointly sells Imbruvica with AbbVie in the United States. Watch Tremfya and Stelara for pressure on AbbVie’s immunology business, and Imbruvica for the demand they share.
Eli Lilly competes for the psoriasis and atopic dermatitis patients behind AbbVie’s Skyrizi and Rinvoq sales. Taltz’s performance shows the psoriasis competition, while Olumiant and Ebglyss are the medicines to watch in atopic dermatitis.
Amgen’s Enbrel and Otezla compete for psoriasis patients with AbbVie’s Humira and Skyrizi; Amgen sells its medicines through wholesalers and healthcare providers. Enbrel and Otezla sales are the lines to watch for competition in that patient group.
Takeda competes with AbbVie’s Skyrizi and Rinvoq through its top-selling bowel-disease medicine Entyvio, and AbbVie also depends on Takeda for leuprorelin supply. Watch Entyvio sales for competition in ulcerative colitis and Crohn’s disease, and manufacturing news for supply disruptions like the shortage that led to their contract dispute.
Novartis sells Cosentyx against AbbVie’s Skyrizi and Humira for psoriasis and related inflammatory diseases. Cosentyx sales and product news matter more to this rivalry than Novartis’s overall prescription-medicine sales.
Sanofi’s Dupixent competes for the atopic dermatitis patients who generate sales for AbbVie’s Rinvoq. Watch Dupixent’s performance specifically in atopic dermatitis to judge the competition Rinvoq faces.
Regeneron’s partnered medicine Dupixent competes with AbbVie’s Rinvoq for atopic dermatitis treatment sales. Dupixent news in that disease is the relevant signal for AbbVie, rather than Regeneron’s eye-medicine sales.
Bristol Myers Squibb sells the oral psoriasis medicine Sotyktu against AbbVie’s Skyrizi and Humira. Watch Sotyktu sales for how this oral treatment is competing for psoriasis patients.
Pfizer competes with AbbVie in two patient groups: Cibinqo challenges Rinvoq in atopic dermatitis, while Pfizer’s bowel-disease medicines compete with AbbVie’s immunology portfolio. Watch sales and product news in those treatments, rather than Pfizer’s broader drug business.
BeOne Medicines’ leading blood-cancer medicine Brukinsa competes directly for patients with AbbVie’s Imbruvica. Brukinsa generated $3.9 billion in 2025 sales, making its sales and reimbursement progress important to watch for competition in B-cell malignancies.
AstraZeneca’s Calquence competes with AbbVie’s Imbruvica for B-cell malignancy treatment sales. Watch Calquence’s US sales in particular: lower US demand and unfavorable US pricing were among the reasons AbbVie’s Imbruvica revenue fell in 2025.
Genmab A/S and AbbVie share the business of developing and selling epcoritamab, with AbbVie manufacturing the medicine. Their joint commercialization ties the two companies to the same product’s progress.
Teva competes for part of the movement-disorder treatment spending served by AbbVie’s Botox Therapeutic through Austedo, while its Ajovy competes with AbbVie’s migraine medicines.
Gilead Sciences sells Epclusa against AbbVie’s Mavyret for hepatitis C treatment, putting the two medicines in competition for the same treatment market.
Novartis AG earningsNVS
Novartis’s report will show whether Cosentyx sales in psoriasis and related inflammatory diseases are competing for patients with AbbVie’s Skyrizi and Humira.
Focus on Novartis’s Cosentyx sales and product updates in psoriasis and related inflammatory diseases, not its overall drug sales. Strong performance there would point to tougher competition for AbbVie’s Skyrizi and Humira; weak performance would suggest less pressure from this rival.
Fed Interest Rate Decision
The Fed’s rate decision signals the cost of borrowing across the economy; for AbbVie, it can change interest paid on its SOFR-linked loan and the cost of future borrowing, while most of its debt is fixed-rate.
Expected4.0%Last release4.0%
If it comes in above expectations
If rates are higher than expected, interest on AbbVie’s SOFR-linked loan may rise and new borrowing may cost more, leaving less cash for operations and growth; most existing debt is fixed-rate, limiting the direct effect.
If it comes in below expectations
If rates are lower than expected, interest on AbbVie’s SOFR-linked loan may fall and new borrowing may cost less, leaving more cash for operations and growth; most existing debt is fixed-rate, limiting the direct benefit.
ABBVIE INC. earningsThis company
AbbVie’s report will show whether growth in Skyrizi and Rinvoq is offsetting sales lost to biosimilar competition for Humira.
Read Skyrizi and Rinvoq sales growth alongside the change in Humira sales. Continued growth in the first two as Humira declines would show the newer drugs are replacing lost sales; if their growth slows, Humira’s erosion becomes harder to offset and AbbVie’s revenue growth harder to sustain.
