AbbVie (ABBV) Q1 2026 earnings summary

Executive summary

• First-quarter 2026 net revenues reached $15.002 billion, up 12.4% year-over-year, driven by strong immunology and neuroscience performance.

• Adjusted EPS was $2.65, up 7.7% year-over-year, while GAAP EPS was $0.39, reflecting a $0.41/share impact from acquired IPR&D and milestones expense.

• Full-year adjusted EPS guidance was raised to $14.08–$14.28, and net revenue forecast to $67.3 billion.

• Major investments included $1.4 billion for a new manufacturing campus in North Carolina and $380 million for new plants in North Chicago.

• Strategic focus on pipeline expansion, regulatory submissions, and diversified revenue streams.

Financial highlights

• Net revenues were $15.0 billion, up 12.4% year-over-year, with a 2.1% favorable FX impact.

• Adjusted gross margin was 83.6%, GAAP gross margin 71.9%; adjusted operating margin 40.8%, GAAP 26.6%.

• Operating cash flow rose to $3.8 billion from $1.6 billion year-over-year.

• Quarterly dividend increased to $1.73 per share.

• Net interest expense was $645 million.

Outlook and guidance

• Full-year adjusted EPS guidance raised to $14.08–$14.28, net revenue guidance to $67.3 billion.

• Q2 net revenues expected at $16.7 billion, adjusted EPS $3.74–$3.78, and operating margin ~50%.

• Multiple regulatory submissions, approvals, and key clinical trial data readouts anticipated in the next 12 months.

• Guidance excludes further IPR&D and milestones expense beyond Q1 2026.

• Ongoing impact expected from the Inflation Reduction Act and government price negotiations.