AbbVie’s Post-Humira Surge: How Skyrizi and Rinvoq Are Driving a New Era of Growth

The pharmaceutical landscape is rarely static, but few companies have executed a strategic pivot as deftly as AbbVie (ABBV) in recent years. As its blockbuster drug Humira faces fierce competition from biosimilars, the company’s future now hinges on two newer therapies: Skyrizi and Rinvoq. These drugs, which together now account for nearly half of AbbVie’s revenue, have propelled the company to revise its financial outlook upward—and its stock price higher.

The Q1 Performance: A Post-Humira Blueprint
AbbVie’s first-quarter 2025 results underscore the power of this transition. Global revenue rose 8.4% to $13.34 billion, with its immunology portfolio—led by Skyrizi and Rinvoq—surging 18.1% to $6.26 billion. Skyrizi, used to treat conditions like psoriasis and Crohn’s disease, saw sales skyrocket 72% year-over-year to $3.43 billion. Rinvoq, which targets rheumatoid arthritis and other autoimmune diseases, grew 59.7% to $1.72 billion. Combined, the two drugs now generate more than triple the revenue of Humira, which plummeted 50.6% to $1.12 billion due to biosimilar erosion.

The growth is not merely domestic: Skyrizi’s international sales jumped 43.9%, while Rinvoq’s overseas revenue rose 35.3%. This geographic diversification, paired with expanding indications (e.g., Rinvoq’s recent EU approval for giant cell arteritis), suggests the drugs’ potential is far from tapped.

The Guidance Boost—and Why It Matters
Buoyed by these results, AbbVie raised its full-year 2025 adjusted EPS guidance to $12.09–$12.29, up from $11.99–$12.19. This revision reflects not just Q1’s strength but confidence in the pipeline’s momentum. However, the company cautioned that its outlook assumes no new trade policies, such as tariffs on pharmaceutical imports—a critical caveat given its reliance on global manufacturing, including for Botox, which is produced outside the U.S.

The stock’s 12% year-to-date gain reflects investor optimism, but the chart above highlights AbbVie’s outperformance: it has surged 22% since January, compared to a 4% rise for the sector. This divergence suggests markets are pricing in the durability of Skyrizi and Rinvoq’s growth.

Pipeline Progress and Risks Ahead
Beyond the near-term, AbbVie is bolstering its future. In Q1, it secured FDA approval for Emblaveo, an antibiotic for intra-abdominal infections, and licensed Gubra’s obesity drug candidate GUB014295. These moves, alongside neuroscience and migraine therapies (e.g., Ubrelvy and Qulipta), aim to reduce reliance on its immunology franchise.

Yet challenges linger. The aesthetics segment, which includes Botox Cosmetic, declined 11.7% on weaker demand, signaling vulnerability to macroeconomic headwinds. More critically, the company’s $0.13 EPS drag from R&D expenses—a recurring theme—raises questions about long-term profitability if investments outpace returns.

Conclusion: A Strong Foundation, but Watch the Horizon
AbbVie’s Q1 results are a clear victory for its post-Humira strategy. Skyrizi and Rinvoq are not just compensating for the loss of their predecessor—they’re redefining the company’s potential. With combined sales now exceeding $5 billion annually and indications expanding, these drugs could sustain high-single-digit revenue growth for years.

However, the risks are material. The FDA’s ongoing review of Rinvoq’s cardiovascular safety, coupled with the geopolitical uncertainty around tariffs, could disrupt this trajectory. Investors should also note that the company’s revised guidance excludes further IPR&D costs—a reminder that innovation comes at a price.

For now, the data supports AbbVie’s stock as a buy: its forward P/E of 14.5x is reasonable given its 12%+ EPS growth outlook, and its dividend yield of 3.8% adds stability. Yet shareholders must remain vigilant—this era of growth is still unproven beyond the next few years. As AbbVie moves deeper into its post-Humira world, the question isn’t whether Skyrizi and Rinvoq can carry it, but whether they can do so without new vulnerabilities. The first quarter suggests they’re up to the task.