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Company Research30 Jun 2025
Eli Lilly: The Pharma Giant Behind Mounjaro and Zepbound
Eli Lilly's journey from insulin pioneer to global pharma giant, leading innovation in diabetes, obesity, and the future of metabolic health.
AbbVie
AbbVie (ABBV) investor relations material
AbbVie Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Achieved record net sales of $61.2 billion for 2025, up 8.6% year-over-year, exceeding initial guidance by over $2 billion despite significant Humira erosion.
Full-year adjusted EPS reached $10.00, $0.54 above initial guidance midpoint, but down 1.2% year-over-year due to $2.76 per share in acquired IPR&D and milestones expense.
Advanced pipeline with 90 clinical programs, multiple new product/indication approvals, and over $5 billion invested in business development.
Entering 2026 with strong momentum, expecting robust growth across core franchises and new launches.
Record net sales achieved in the second full year after U.S. Humira loss of exclusivity, highlighting portfolio strength.
Financial highlights
Q4 adjusted EPS was $2.71, $0.08 above guidance midpoint, with a $0.71 IPR&D expense impact.
Q4 net revenues were $16.6 billion, up 10% year-over-year, with ex-Humira growth platform up 14.5%.
Adjusted gross margin: 83.6%; adjusted R&D: 15.4% of sales; adjusted SG&A: 22.3% of sales; adjusted operating margin: 38.3%.
Net interest expense: $655 million; adjusted tax rate: 18.3%.
Immunology portfolio full-year revenues were $30.41 billion, up 14.0%; Skyrizi $17.56 billion (+49.9%), Rinvoq $8.30 billion (+39.1%), Humira $4.54 billion (-49.5%).
Outlook and guidance
2026 full-year adjusted EPS guidance: $14.37–$14.57 (excluding future IPR&D expense).
2026 net revenue guidance: ~$67 billion, up 9.5%, with FX expected to add 0.8% to growth.
Immunology sales expected at $34.5 billion (Skyrizi: $21.5B, Rinvoq: $10.1B, Humira: $2.9B).
Neuroscience sales forecast at $12.5 billion, oncology at $6.5 billion, aesthetics at $5 billion.
Q1 2026 net revenues expected at $14.7 billion; adjusted EPS $2.97–$3.01.
Skyrizi/Rinvoq growth offsetting Humira decline?
Strategy to manage IPR&D expense volatility?
How will $100B US R&D investment impact pipeline?
Future growth drivers beyond Skyrizi/Rinvoq?
Skyrizi IBD share stability amid competition?
TrenibotE's impact on Botox market share?
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Next AbbVie earnings date
Q1 202624 Apr, 2026
AbbVie
Next AbbVie earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Innovative therapies for improved health worldwide
Abbvie is a global biopharmaceutical company that focuses on the discovery, development, and commercialization of innovative medicines. The company's mission is to address complex health challenges and improve the lives of people around the world. Abbvie's primary areas of therapeutic focus include immunology, oncology, neuroscience, virology, and general medicine.
Abbvie's business model revolves around research and development (R&D) to discover and advance novel therapies, obtaining regulatory approvals for its products, and commercializing them in global markets. The company's revenue primarily comes from the sales of its pharmaceutical products.
Structural tailwinds
Opportunities for Abbvie lie in several areas. The global healthcare market continues to grow as the population ages, and there is a constant need for effective treatments for various diseases. Abbvie can leverage its R&D capabilities to develop innovative therapies that address unmet medical needs, expanding its product portfolio and capturing market share.
Furthermore, Abbvie has a robust pipeline of potential new drugs, which presents opportunities for future growth. By successfully developing and commercializing these pipeline candidates, the company can strengthen its market position and drive revenue growth.
Challenges faced by Abbvie include the competitive nature of the pharmaceutical industry. There are other established pharmaceutical companies and biotech firms developing treatments for similar indications. Abbvie needs to navigate patent expirations, competition from generic drugs, and the potential impact of biosimilars on its revenue.
Additionally, the regulatory environment poses challenges for Abbvie. Obtaining regulatory approvals for new drugs is a complex and time-consuming process, and the company must meet stringent safety and efficacy requirements set by regulatory authorities worldwide.
Three listed peers to Abbvie
Johnson & Johnson, a multinational healthcare conglomerate that operates in various segments, including pharmaceuticals, medical devices, and consumer health. It develops and sells a wide range of products and therapies across multiple therapeutic areas.
The leading global pharmaceutical company Pfizer that develops, manufactures, and markets a diverse portfolio of prescription drugs, vaccines, and consumer healthcare products. It has a strong presence in various therapeutic areas, including oncology, immunology, and rare diseases.
Eli Lilly and Company, a global pharmaceutical company that focuses on developing and commercializing innovative medicines in areas such as oncology, diabetes, neuroscience, and immunology. The company is known for its expertise in biotechnology and has a strong pipeline of potential new drugs.
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