AbbVie Reports on 30 October: Skyrizi and Rinvoq, Not the Easy EPS Comparison, Decide the Quarter
AbbVie reports Q3 results on 30 October before the open, with consensus at adjusted EPS of $3.73 on revenue of $17.32 billion. EPS is set to double against a weak year-ago quarter, but the real test is whether Skyrizi and Rinvoq, now nearly half of revenue and all of its recent growth, keep growing in the mid-twenties.
Maz Vantage Research ·
AbbVie reports third-quarter 2026 results on Friday 30 October, before the market opens. The headline EPS comparison will look striking, since consensus is roughly double the year-ago figure. That comparison says more about last year than this one. The number that decides how this quarter reads is combined sales of Skyrizi and Rinvoq, the two immunology drugs that now produce almost half of the company's revenue and all of its recent growth.
What the street expects
Consensus calls for adjusted EPS of $3.73 on revenue of $17.32 billion.
| Q3 | Consensus 2026 | Actual 2025 | Change |
|---|---|---|---|
| Revenue | $17.32B | $15.78B | +9.8% |
| Adjusted EPS | $3.73 | $1.86 | +100.5% |
The EPS line needs context. The year-ago quarter was unusually weak. AbbVie's filed income statement for Q3 2025 shows $2.68 billion of other operating expenses and GAAP operating income of just $1.90 billion. The adjusted EPS of $1.86 that quarter was well below the $2.71 to $3.65 range of the four quarters reported since. A doubling of EPS therefore says little about momentum. Revenue growth of just under 10% is the better guide, and it is close to the 10.2% the company reported for the second quarter.
The track record
AbbVie has beaten the EPS and revenue consensus in each of the last four quarters, by steady margins:
- Q2 2026: EPS $3.65 vs $3.61 expected; revenue $16.99B vs $16.80B (+1.1%).
- Q1 2026: EPS $2.65 vs $2.59; revenue $15.00B vs $14.72B (+1.9%).
- Q4 2025: EPS $2.71 vs $2.65; revenue $16.62B vs $16.41B (+1.2%).
- Q3 2025: EPS $1.86 vs $1.77; revenue $15.78B vs $15.59B (+1.2%).
Revenue beats of 1% to 2% have been the pattern. A result much outside that range in either direction would be news. Gross margin, which includes acquisition-related amortisation under GAAP, reached 74.7% in the second quarter, up from 71.8% a year earlier.
The line that decides the quarter
Skyrizi and Rinvoq have taken over from Humira as the core of AbbVie's business:
| Quarter | Skyrizi | Rinvoq | Combined | Share of revenue | Humira |
|---|---|---|---|---|---|
| Q3 2025 | $4.71B | $2.18B | $6.89B | 43.7% | $0.99B |
| Q4 2025 | $5.01B | $2.37B | $7.38B | 44.4% | $1.25B |
| Q1 2026 | $4.48B | $2.12B | $6.60B | 44.0% | $0.69B |
| Q2 2026 | $5.51B | $2.53B | $8.03B | 47.3% | $0.76B |
In the second quarter, both drugs grew about 24.5% year on year. On our arithmetic, revenue from everything else in the portfolio was $8.96 billion, essentially flat against $8.97 billion a year earlier. Growth in products such as Vraylar, at $1.07 billion and up 19%, offset the decline in Humira, down 35.9% to $0.76 billion. In other words, the two immunology drugs accounted for all of the company's net revenue growth.
So the quarter comes down to one question: can Skyrizi and Rinvoq keep growing in the mid-twenties? The year-ago combined figure was $6.89 billion. Growth of 24.5% on that base would mean about $8.58 billion, simple arithmetic rather than a forecast. A figure well short of that would make the 9.8% revenue consensus hard to reach unless the rest of the portfolio improves. Recent coverage points to the pressure. A Zacks preview cited growth from both drugs alongside rising expenses, declining estimates and intensifying competition.
The pipeline is a secondary theme. On 27 October AbbVie announced it had submitted a Biologics License Application to the FDA for etentamig, a BCMA-directed bispecific antibody for relapsed or refractory multiple myeloma. It will not affect this quarter's numbers, but management commentary on it may draw attention on the call.
Valuation and the Maz Rating
At $286.44, AbbVie has a market value of $506 billion. The GAAP trailing P/E of about 80.7 is distorted by amortisation and charges. On the sum of the last four adjusted EPS figures ($10.87), the shares trade at about 26.4 times earnings, our arithmetic. The analyst price-target consensus is $294, with a median of $300 and a range of $235 to $325. A 24/7 Wall St. report said options were pricing a move of roughly 5% on the release, with the shares up about 28.6% year to date.
AbbVie carries a Maz Rating of 4.59 out of 5 (Strong Buy), driven by Profitability (4.95), Growth (4.36) and Momentum (4.27). Financial Health scores 2.92, in line with a balance sheet that shows negative shareholders' equity, and Valuation scores 1.62. The rating is high, but almost all of the growth score rests on the same two drugs.
Bottom line
The doubled EPS figure will be the easiest headline on 30 October, and the least informative. The quarter reads well if Skyrizi and Rinvoq keep growing in the mid-twenties and revenue lands near the usual 1% to 2% above consensus. It reads poorly if the pair slows while the rest of the portfolio stays flat, because nothing else in the business is currently large enough to make up the difference.
This is a preview based on published consensus and filed accounts, not investment advice.