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- **Record Growth**: Q3 revenue $15.8B (+8.4% YoY), beating estimates by $300M.
- **Pipeline Power**: Skyrizi/Rinvoq at $17.3B+ in 2025, neuroscience up 19.6% to $2.8B.
- **Dividend Boost**: 5.5% increase to $1.73/share, supported by $13B+ free cash flow.
- **Strategic Expansion**: $10B+ U.S. manufacturing investment; new API plant and biologics expansion.
- **Resilience**: Outperformed in oncology (+$1.7B), neuroscience (+$2.8B), despite macro headwinds in aesthetics.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $15.8 billion (+8.4% YoY), driven by 46% growth in Skyrizi and 34% in Rinvoq.
- **Pipeline Momentum**: 90+ programs across immunology, oncology, neuroscience, and aesthetics; Phase III data for Rinvoq in vitiligo and alopecia areata expected soon.
- **Strategic Investments**: $10 billion+ in U.S. manufacturing; new API plant in North Chicago and biologics expansion in Worcester.
- **Dividend Increase**: 5.5% hike to $1.73/share, reflecting strong free cash flow ($13B+ YTD).

**【CFO Financial Commentary】**
- **Earnings**: Adjusted EPS of $1.86 (vs. $1.76 guidance), with $400M revenue beat.
- **Margins**: Gross margin 83.9%, R&D 14.3%, SG&A 21.6%; operating margin 30.9%.
- **2025 Guidance Update**: Full-year revenue $16.9B (+$400M), EPS $10.61-$10.65.
- **2026 Outlook**: Expects high single-digit growth, supported by Skyrizi/Rinvoq (~$17.3B) and neuroscience (~$10.7B).

**【Q&A Highlights】**
- **PBM Model**: CEO confident in AbbVie's ability to adapt; differentiated medicines (e.g., VYALEV, tavapadon) mitigate PBM risks.
- **Aesthetics Recovery**: BOTOX share ~60%, Juvederm ~45%; new campaigns and TrenibotE launch in 2026 may drive rebound.
- **Pipeline Catalysts**: Rinvoq vitiligo/vitiligo data (Q4 2025), tavapadon FDA submission (Q4 2025), Temab-A Phase III in CRC (2026).

AbbVie Inc. (ABBV) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ABBV

ABBV fundamentals

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