ABBV US S&P 500Russell 1000 Earnings call · transcribed from the recording
AbbVie (ABBV) · Q3 2026 results and valuation
Share price: $294.98 · 2026-11-11
AbbVie is a biopharmaceutical company that develops and markets medicines for immunology, neuroscience, oncology, and aesthetics. The company provides therapies for autoimmune, inflammatory, and neurological diseases to patients in global markets. Source: 10-K annual report (2026-02-20)
Results Q3 2026 vs Q2 2026 · previous quarter · published 30 Oct 2026 and 31 Jul 2026
Net income up 16.7% on the previous quarter, guidance raised. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+16.7%
Net income vs Q2 2026
Guidance raised
Net income 4.22B vs 3.61B
Revenue +2.4%
Against the same quarter last year (Q3 2025) it is +2167.7%, so it is not just seasonal.
2 · How management spoke
Typical
Less upbeat than 59% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Key theme
Total net revenues were $17.4 billion, reflecting robust operational growth of 10.5%, excluding a 0.2% unfavorable impact from foreign exchange.
Valuation
Is AbbVie undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 1.8% growth a year (3-year revenue growth), the model's fair value is $98.91 a share — the stock trades 198% above it. Today's price assumes 14.3% growth a year.
Current price
$294.98
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+14.3% for 10 yrs
Fair value / share
$98.91
Buy below
$74.18
Price vs fair value
Overvalued 198%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Key theme
The adjusted operating margin was 48.7% of sales, which includes a 1.2% unfavorable impact from acquired IPR &D expense.
Source quote
“The adjusted operating margin was 48.7% of sales, which includes a 1.2% unfavorable impact from acquired IPR &D expense. Adjusted gross margin was 85.1% of sales, adjusted R &D expense was 13.9% of sales, and adjusted SG &A expense was 21.2% of sales. Adjusted net interest expense was $688 million.”
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Guidance ↑
Given the strength of its business and its promising outlook, AbbVie is once again raising its full-year guidance and increasing its quarterly dividend.
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Guidance ↑
Based on the strong performance across its business, including SkyRizzy, Rynvoke, Vralar, Ubrelvi, Qlypta, and BenClexa, AbbVie is raising its full-year revenue guidance by $200 million and have now raised total...
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Figure
Total net revenues were $17.4 billion, beating AbbVie's expectations by $200 million and reflecting robust sales growth of more than 10%.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“In migraine, we continue to deliver robust sales growth, driven by share gains and underlying market growth as well.”
“RINVOC is also exceeding our expectations with particularly strong momentum in both RA and IBD, where we continue to see growing in-play patient share.”
“So we have very strong momentum in immunology to continue delivering robust growth next year and beyond.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 17.40B | 16.99B | +2.4% | 15.78B | +10.3% |
| Gross profit | 13.12B | 12.70B | +3.3% | 10.47B | +25.3% |
| Operating income | 6.27B | 6.43B | −2.6% | 1.90B | +229.1% |
| Net income | 4.22B | 3.61B | +16.7% | 186.0M | +2167.7% |
| EPS | 2.37 | 2.03 | +16.7% | 0.10 | +2270.0% |
| P/E today 50.1 | 45.0 | 71.1 | −26.1 | 175.4 | −130.4 |
Topics
Most discussed now
- For immunology, AbbVie is increasing its global sales outlook to $34.9 billion.
- Detailed results from this trial were presented at the recent ACG and UEG meetings, demonstrating exceptional results across all clinical...
- AbbVie is extremely pleased with Skyrizi's strong performance, particularly in patients who had not previously experienced advanced therapy.
- Turning to its financial outlook, AbbVie is raising its full year adjusted earnings per share guidance range by 11 cents...
- Once a day dosing and the fact that AbbVie doesn't need another complementary drug to offset adverse events and thus...
Top topics in Q2 2026
- Nothing dropped away.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
AbbVie Inc. expanded its Board of Directors from twelve to thirteen members and appointed Dr. John M. Carethers as an independent director on October 14, 2026.
- Results of operations · SEC 8-K
AbbVie reported a Q3 2026 adjusted diluted EPS range of $3.73 to $3.77, which includes $216 million in acquired IPR&D and milestones expense.
- Regulation FD disclosure · SEC 8-K
AbbVie completed the acquisition of Apogee Therapeutics for $135.11 per share in cash, totaling an equity value of approximately $10.9 billion.
- Other events · SEC 8-K
- Other events · SEC 8-K
AbbVie entered into an underwriting agreement to issue various senior notes with expected net proceeds of approximately $9.93 billion.
- Results of operations · SEC 8-K
AbbVie reported second-quarter net revenues of $16.990 billion, an increase of 10.2 percent on a reported basis, and GAAP diluted EPS of $2.03, up 290.4 percent from the previous year.