AbbVie

Bull case

AbbVie is supported by a durable immunology franchise, with Skyrizi and Rinvoq still showing strong prescription momentum and new-patient starts, while Humira’s legacy remains offset by the newer products’ growth and expected Crohn’s approval later this year. Its outlook is further strengthened by a deepening pipeline in neuroscience and oncology, including bretisilocin and IMGN151, plus recent acquisitions such as Cerevel and ImmunoGen that broaden long-term optionality beyond the core brands. Near-term fundamentals also look solid, with 3Q 2026 revenue and EPS expected around $17.29 billion and $3.75, and management’s portfolio execution, including Allergan’s Botox and cash-generative aesthetics business, helping support resilience.

Bear case

• AbbVie is facing a fundamentally pressured setup because 3Q 2026 is expected to be only roughly in line, with net revenues of $17.29Bn versus Street estimates of $17.31Bn and EPS of $3.75 versus $3.85, while 2026E EPS of $13.81 also trails consensus.
• The outlook is further weakened by a $216M pre-tax acquired IPR&D and milestones expense in 3Q 2026, which trims EPS by $0.11 and highlights acquisition-related earnings dilution and integration risk, including the planned Apogee transaction.
• AbbVie also faces execution and commercial risks across Skyrizi, Rinvoq, Botox, Vraylar, and Ubrelvy, plus competitive and macro pressure on its ~8% Aesthetics business, making downside more likely than upside.