AbbVie opened 2026 with $15.0 billion in first-quarter net revenue, up 12.4% from $13.3 billion a year earlier, while operating earnings reached $4.0 billion and diluted EPS was $0.39. Cash flow from operations totaled $3.8 billion.
The quarter was shaped by two large noncash and valuation items: $1.7 billion of intangible asset amortization and $2.4 billion tied to the change in fair value of contingent consideration liabilities. Gross margin rose to $10.8 billion from $9.3 billion, with gross margin expanding to 72% of revenue from 70%. SG&A increased to $3.6 billion from $3.3 billion, but fell to 24% of revenue from 25%.
U.S. revenue climbed 9.9% to $11.0 billion, while international revenue jumped 19.9% to $4.0 billion, or 11.4% on a constant-currency basis. On that same basis, total company revenue grew 10.3%.
Skyrizi was the biggest growth engine, with first-quarter sales of $4.483 billion, up 29.2% constant currency from $3.425 billion. U.S. Skyrizi revenue rose to $3.775 billion from $2.919 billion, and international revenue increased to $708 million from $506 million. Rinvoq followed with $2.119 billion in sales, up 20.2% constant currency from $1.718 billion.
Humira continued to contract sharply, falling to $688 million from $1.121 billion, a 40.3% constant-currency decline. U.S. Humira sales dropped to $357 million from $744 million, while international sales fell to $331 million from $377 million.
In neuroscience, Vraylar rose 18.4% to $905 million, Botox Therapeutic increased 14.9% to $1.009 billion, Ubrelvy climbed 41.2% to $339 million, Qulipta surged 51.3% to $296 million, and Vyalev more than doubled to $201 million. Vraylar’s U.S. sales were $902 million, Botox Therapeutic’s U.S. sales were $842 million, Ubrelvy’s U.S. sales were $330 million, and Qulipta’s U.S. sales were $250 million.
Oncology was mixed. Venclexta rose 9.7% to $770 million, including $341 million in the U.S. and $429 million internationally. Imbruvica fell 24.7% to $556 million, with U.S. sales down to $332 million from $529 million. Elahere increased 8.3% to $198 million, and Epkinly jumped 57.6% to $83 million.
Aesthetics revenue was led by Botox Cosmetic, which grew 17.0% to $668 million. Juvederm Collection was essentially flat at $232 million, while other aesthetics products declined 10.1% to $286 million.
Among other key products, Mavyret rose 8.6% to $351 million, Creon was $361 million, and Linzess nearly doubled to $283 million.
AbbVie also highlighted a January 2026 voluntary agreement with the U.S. government that gives the company a three-year exemption from tariffs and future price mandates. Under that agreement, AbbVie pledged $100 billion in U.S.-based R&D and capital investment over the next decade. The company said it also selected Botox as one of 15 medicines subject to government-set Medicare prices beginning in 2028.
The pipeline now includes about 90 compounds, devices or indications, with roughly 60 in mid* and late-stage development. In the quarter, AbbVie reported positive Phase 3 AFFIRM results for Skyrizi in Crohn’s disease, filed new Rinvoq indications for vitiligo and severe alopecia areata, won FDA approval for Venclexta plus acalabrutinib in previously untreated CLL, and said Epkinly improved progression-free survival in a Phase 3 DLBCL study but did not show a statistically significant overall survival benefit. AbbVie also received an FDA complete response letter for TrenibotE, with the agency requesting additional manufacturing information. Following these announcements, the company's shares moved -0.68%, and are now trading at a price of $201.325. Check out the company's full 10-Q submission here.
