BID TerminalOpen complete report
Research library Healthcare

Back of Napkin

AbbVie Inc. ABBV

Three-pass checkedFresh as companies report

Skyrizi and Rinvoq together did $8.03B last quarter, growing 15%. Humira did $756M.

The drug that once earned $21B a year is now 4% of the company, and almost nobody noticed it happen.

ABBV · price with moving averages

Daily · 6MWeekly · 3Y
$128$165$202$238$275 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

AbbVie sells four things. Immunology is the company: Skyrizi for psoriasis and Crohn's, Rinvoq for rheumatoid arthritis and a widening list of conditions, and Humira, the biggest-selling drug in pharmaceutical history, now in managed decline against biosimilars. Neuroscience is Vraylar and the therapeutic use of Botox. Oncology is a portfolio in slow decline. Aesthetics is cosmetic Botox and fillers, sold to dermatologists and med spas.

The whole corporate story of the last five years was whether the two successors could replace Humira before the patent cliff took it. That question is now answered.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

Continue with ABBV

Get the complete Back of Napkin free.

Choose this as your free complete report. No card required.

Read the complete report

More company research

View all research
ClearPoint Neuro, Inc. CLPTClearPoint Neuro sells $42.3M of trailing revenue for about twelve times sales while losing more each quarter than the quarter before. Back of Napkin UnitedHealth Group Incorporated UNHUnitedHealth's operating income collapsed to $380M in the December quarter, from $5.15B a year earlier, and has since recovered to $7.99B. Back of Napkin Bristol-Myers Squibb Company BMYBristol Myers now calls $7.6B of its $13.0B quarterly revenue the Growth Portfolio, and that half grew 15% last quarter. Back of Napkin Abbott Laboratories ABTFive days ago it agreed to pay roughly $670M to settle infant formula litigation, with about 1,700 lawsuits still outstanding. Back of Napkin