AbbVie (ABBV) Bank of America Global Healthcare Conference 2026 summary

Growth outlook and operating leverage

• Confident in exceeding consensus revenue estimates for SKYRIZI and RINVOQ by 2031, driven by market expansion and share growth.

• Neuroscience, oncology, and aesthetics businesses are expected to contribute to high-teens growth rates.

• R&D investment has increased by over one-third since 2022, now at nearly $10 billion, or 14% of sales.

• Operating margin is projected to reach 50% within two to three years, with further expansion possible.

• Margin growth will primarily come from SG&A leverage, while maintaining robust R&D funding.

M&A and portfolio strategy

• Over $8 billion invested in 30 transactions in the past two years to strengthen the pipeline across core and adjacent therapeutic areas.

• Focus on acquiring differentiated assets that can raise the standard of care, regardless of stage or area.

• No constraints on deal size, stage, or balance sheet capacity; flexibility to pursue attractive opportunities.

• Obesity seen as a large, under-penetrated market; ongoing search for assets to complement existing portfolio.

Innovation in obesity and I&I

• ABBV-295 designed with pricing and cash-pay dynamics in mind, leveraging experience from the aesthetics business.

• New obesity assets sought for improved tolerability, durability, and potential combination with existing drugs.

• SKYRIZI maintains a unique profile in psoriasis, with best-in-class efficacy and convenient dosing.

• Market expansion and new competition (e.g., ICOTYDE) are factored into guidance, with confidence in 2026 targets.