AbbVie’s stock is trading just below record highs as investors digest a powerful mix of rising earnings, a fresh dividend increase and a steady drumbeat of positive pipeline news in immunology, neuroscience and oncology.
As of the close on Friday, December 5, 2025, AbbVie (NYSE: ABBV) finished at $226.08, down about 1.15% on the day and roughly 7–8% below its 52‑week high of $244.81 set on October 1. [1] That still leaves the company with a market capitalization around $400 billion, firmly placing it among the largest healthcare stocks globally. [2]
Below is a deep dive into the latest news, forecasts and analyses shaping AbbVie’s investment story as of December 7, 2025.
AbbVie Stock Price Snapshot and Recent Performance
AbbVie shares have ridden the broader pharma rally in 2025, helped by a rotation back into defensive growth and income names.
- Latest close: $226.08 (December 5, 2025) [3]
- 52‑week range: roughly $164.39 (low) to $244.81 (high). [4]
- Recent trend: after hitting a record high in October, ABBV has eased back by about mid‑single digits, with choppy trading this week including a 2.62% rally on December 3 to $230.24, followed by renewed selling. [5]
- Volatility: a beta near 0.36 reflects AbbVie’s status as a relatively low‑volatility, defensive stock versus the broader market. [6]
From a headline valuation standpoint, GAAP metrics look distorted by large non‑cash and acquisition‑related charges, yielding a very high trailing P/E. On a forward earnings basis, though, AbbVie trades at about 16–17x projected profits, roughly in line with or slightly below the large‑cap pharma peer group. [7]
Q3 2025 Earnings: Beat-and-Raise Keeps the Momentum Going
The most important fundamental news for AbbVie in recent weeks was its third‑quarter 2025 earnings release on October 31.
Strong top line growth
In Q3 2025, AbbVie reported:
- Net revenue:$15.78 billion, up 9.1% year‑over‑year. [8]
- Immunology revenue:$7.89 billion, up about 12% versus Q3 2024. [9]
- Neuroscience revenue:$2.84 billion, growing more than 20% year‑over‑year. [10]
Key product highlights for the quarter:
- Skyrizi (risankizumab): about $4.71 billion in Q3 sales, up roughly 47% year‑over‑year. [11]
- Rinvoq (upadacitinib): around $2.18 billion, up roughly 34–35% vs. prior year. [12]
- Humira: sales fell to just under $1.0 billion, down more than 55% year‑over‑year as biosimilars continue to erode the once‑dominant franchise. [13]
EPS beat and higher guidance
On the bottom line, AbbVie reported:
- Q3 2025 adjusted EPS:$1.86, beating Wall Street’s consensus estimate of $1.77.
- Revenue: slightly ahead of expectations at $15.78 billion versus about $15.58 billion expected. [14]
On the back of this performance, AbbVie raised its full‑year 2025 outlook:
- Adjusted EPS guidance increased to $10.61–$10.65, from a prior range of $10.38–$10.58. [15]
- Revenue guidance was lifted again to about $60.9 billion, driven largely by stronger‑than‑expected Skyrizi and Rinvoq sales. [16]
Management has repeatedly emphasized that AbbVie has “beat and raised” guidance every quarter in 2025, underscoring confidence in current business trends. [17]
Life After Humira: Skyrizi and Rinvoq Now Drive the Story
For years, investors fretted that AbbVie’s heavy reliance on Humira would spell trouble once U.S. patent protection finally expired. That loss of exclusivity hit in 2023. The last two years have basically been a stress test of the entire investment thesis.
So far, the replacement plan is working.
According to recent analysis from Zacks/Nasdaq:
- Skyrizi + Rinvoq combined sales have surged 53% year‑to‑date to about $18.5 billion, and now account for nearly half of AbbVie’s total revenue. [18]
- In inflammatory bowel disease, the two drugs now command roughly half of the “in‑play” Crohn’s disease market and nearly one‑third of the ulcerative colitis market in the U.S., reflecting strong physician adoption and share gains. [19]
- AbbVie expects combined Skyrizi and Rinvoq sales to exceed $25 billion in 2025 and to surpass $31 billion by 2027, assuming continued uptake and new indications. [20]
Skyrizi and Rinvoq have been rolled out across virtually all of Humira’s legacy indications plus newer uses such as atopic dermatitis, with multiple head‑to‑head studies showing competitive – and in some cases superior – efficacy versus rival therapies. [21]
On top of existing labels, AbbVie is pursuing at least five additional indications for Rinvoq over the coming years, including alopecia areata and vitiligo, with regulatory filings planned around late 2025 and early 2026. [22]
Taken together, this immunology engine is the single biggest driver of AbbVie’s 2025–2027 growth story.
Migraine and Neuroscience: Atogepant’s ECLIPSE Data Adds Another Growth Leg
Immunology may be the headline act, but neuroscience is quietly becoming a second major pillar.
AbbVie already markets Ubrelvy and Qulipta (atogepant) for migraine, and both products posted strong double‑digit growth in Q3. Qulipta sales, in particular, jumped more than 60% year‑over‑year as it gains traction for preventive treatment. [23]
On December 1, 2025, AbbVie released pivotal Phase 3 ECLIPSE data for atogepant (AQUIPTA) in the acute treatment of migraine:
- In the trial, 24.3% of patients treated with atogepant achieved pain freedom at two hours after a migraine attack, compared with 13.1% on placebo.
- The drug also met its key secondary endpoint of freedom from the most bothersome symptom at two hours. [24]
- AbbVie has already submitted an application to the European Medicines Agency to expand atogepant’s label to cover acute treatment in adults across Europe. [25]
If approved, atogepant would give AbbVie a rare single molecule that can be used both preventively and acutely for migraine, potentially increasing its share of a large and under‑treated market.
Alongside migraine, AbbVie’s neuroscience franchise also includes Vraylar, therapeutic Botox and the new Alzheimer’s therapy Vyalev, all of which contributed to the more than 20% year‑over‑year revenue growth in the neuroscience segment in Q3. [26]
Oncology and Blood Cancers: ASH 2025 Puts the Hematology Pipeline in Focus
In oncology, AbbVie is working to build a durable third revenue pillar by deepening its presence in blood cancers and solid tumors.
ASH 2025: EPKINLY, VENCLEXTA, PVEK and ABBV‑383
On December 2, 2025, AbbVie announced that it will present a broad slate of data at the American Society of Hematology (ASH) 2025 congress. The presentations feature: [27]
- Etentamig (ABBV‑383): a BCMA‑targeting bispecific antibody being tested in multiple myeloma and light chain amyloidosis.
- Pivekimab sunirine (PVEK): an antibody-drug conjugate under investigation in acute myeloid leukemia and related blood cancers.
- EPKINLY (epcoritamab): a bispecific antibody already approved for certain lymphomas, now being studied in earlier lines and new combinations.
- VENCLEXTA (venetoclax): an established BCL‑2 inhibitor with new data in myelodysplastic syndromes, CLL and AML combinations.
These data follow earlier 2025 disclosures at AACR, ASCO and ESMO, where AbbVie highlighted an expanding oncology pipeline including:
- ABBV‑514, a CCR8‑targeting antibody aimed at tumor‑infiltrating T‑regs in solid tumors. [28]
- Additional studies across difficult‑to‑treat solid tumors and hematologic malignancies. [29]
While oncology currently represents a smaller slice of AbbVie’s revenue than immunology or neuroscience, the company now counts at least five marketed oncology therapies (including Imbruvica, Epkinly, Elahere and Venclexta) and a deep late‑stage hematology pipeline, which collectively support the longer‑term growth narrative. [30]
Dividend Hike: AbbVie Extends Its “Royal” Payout Run
Income investors got fresh confirmation of AbbVie’s shareholder‑return focus with a new dividend increase.
On October 31, 2025, AbbVie’s board approved a 5.5% increase to the quarterly cash dividend:
- Old dividend: $1.64 per share per quarter.
- New dividend:$1.73 per share, starting with the payment on February 17, 2026, to shareholders of record as of January 16, 2026. [31]
On an annualized basis, the new payout is $6.92 per share. At the recent share price near $226, that equates to a dividend yield around 3%, slightly above the large‑cap pharma average. [32]
AbbVie paid roughly $6.65 per share in dividends during 2025, implying a current yield just under 3% before the new bump takes full effect. [33]
On a GAAP basis the payout ratio looks unusually high because of non‑cash charges and amortization related to past acquisitions. However, on adjusted earnings, the dividend remains well covered, and AbbVie once again extended its reputation as a “royal” dividend payer in the healthcare sector. [34]
Wall Street View: AbbVie Stock Forecasts for 2025–2026
Analyst ratings and 12‑month price targets
Across major research platforms, ABBV currently sits in the “Buy” to “Moderate Buy” range:
- MarketBeat: among 25–26 tracked analysts, the average 12‑month price target is about $241.85, with a high of $289 and a low near $194. That implies roughly 7% upside from recent levels, with the consensus rating described as “Moderate Buy.” [35]
- TipRanks: puts the average target around $248.7, implying high single‑digit to low double‑digit upside from current prices, based on a mix of Buy and Hold recommendations. [36]
- StockAnalysis: based on 18 analysts, ABBV receives an overall “Buy” rating with a $240.12 price target, about 6% above the latest trading price. [37]
- Zacks (via Nasdaq): rates AbbVie as Rank #3 (Hold), highlighting strong immunology momentum but noting mixed earnings estimate revisions for 2025–2026 and a forward P/E roughly in line with the industry. [38]
In short: Wall Street is broadly constructive on AbbVie, but not unanimously euphoric. Many analysts see modest upside from today’s price, with the potential for more if immunology growth and the pipeline continue to outperform expectations.
Earnings forecasts
Consensus estimates, as aggregated by data providers, point to solid earnings growth:
- 2025 EPS: around $10.6–$10.7, in line with AbbVie’s own guidance. [39]
- 2026 EPS: roughly $14.2 per share, implying mid‑30% growth versus 2025, largely driven by continuing Skyrizi/Rinvoq expansion and improving leverage as Humira’s drag lessens. [40]
Simply Wall St goes further out, projecting that AbbVie could reach $73 billion in revenue and $20.8 billion in earnings by 2028, which would require about 7.7% annual revenue growth from today’s base. They estimate a fair value around $243–$244 per share, only modestly above current prices, and flag concentration risk in a handful of major franchises as a key issue. [41]
Quant and short‑term forecasts
Algorithmic models, such as those compiled by CoinCodex, suggest relatively muted near‑term swings:
- Their short‑term forecast sees ABBV drifting from $226.08 to roughly $231–232 over the next few trading days, a gain of around 2–3%, while noting that the stock has slipped about 0.7% over the past week. [42]
These models are based largely on historical price patterns rather than fundamentals, so they should be viewed as technical noise, not a roadmap.
Institutional Flows: Big Money Still Likes the Story
Institutional investors continue to play a major role in AbbVie’s shareholder base.
A recent filing highlighted by MarketBeat shows that Epoch Investment Partners:
- Increased its AbbVie position by 67.9% in Q2 2025 to about 1.36 million shares, worth roughly $252 million.
- Made AbbVie its sixth‑largest holding, representing around 1.3% of Epoch’s total portfolio. [43]
Other asset managers also nudged their positions higher, and overall, about 70% of AbbVie’s shares are held by institutions and hedge funds, according to the same report. [44]
Institutional buying doesn’t guarantee future returns, but it does suggest that many professional investors view AbbVie as a core long‑term holding rather than a speculative trade.
Key Risks: Pricing, Patent Cliffs and Concentration
For all the positives, AbbVie is not a risk‑free story. The main issues analysts keep coming back to include: [45]
- Concentration in a few mega‑franchises: Skyrizi and Rinvoq are doing a heroic job replacing Humira, but that also means the business is heavily exposed to any future safety, efficacy or pricing shocks in those two platforms.
- Ongoing pricing pressure: Governments and insurers in the U.S. and abroad are increasingly aggressive about drug pricing, especially in chronic conditions like IBD, psoriasis and rheumatoid arthritis.
- Future patent cliffs: While Humira’s patent drama is now largely behind AbbVie, every big drug eventually faces biosimilar or generic competition. Investors need to watch the patent life and upcoming expiries for Skyrizi, Rinvoq and key neuroscience therapies.
- High balance‑sheet leverage and accounting complexity: AbbVie still carries meaningful debt from past acquisitions and significant amortization charges, complicating GAAP earnings and inflating payout ratios.
- Clinical and regulatory risk: The rich oncology and neuroscience pipeline is a double‑edged sword; each program carries the usual risks of trial failure, regulatory delay or commercial underperformance.
These risks are not unusual for a large biopharma company, but they explain why some research shops (like Zacks) remain neutral even as others (such as certain Seeking Alpha contributors) argue for a “Strong Buy” on the back of immunology and neuroscience growth. [46]
AbbVie Stock Outlook: What to Watch Next
Heading into 2026, the AbbVie investment case revolves around a few central questions:
- Can Skyrizi and Rinvoq keep outrunning Humira’s decline?
So far, yes – and then some. Investors will focus on Q4 2025 results and 2026 guidance, likely to be issued in early 2026, to confirm that mid‑single‑digit or better revenue growth is sustainable. [47] - Will migraine and oncology become truly material growth engines?
The ECLIPSE atogepant data and the broad ASH 2025 hematology slate show real progress, but these areas are still second and third pillars behind immunology. Long‑term upside depends on turning today’s promising data into approved indications and durable sales. [48] - How will regulators and payers treat high‑priced biologics over time?
AbbVie is benefiting from strong demand and competitive data, but the global policy environment is slowly bending toward cost control. Any step‑up in discounting, mandated price cuts or new forms of reference pricing could pressure margins. - Can AbbVie keep funding innovation while raising its dividend?
With about $10–11 in adjusted EPS in 2025, a $6.92 annual dividend and high R&D spend (over $10 billion in 2024), AbbVie has to balance shareholder payouts, debt reduction and pipeline investment. Thus far, management seems comfortable doing all three. [49]
Bottom Line
As of December 7, 2025, AbbVie stock sits in an interesting middle ground:
- The company has successfully navigated the Humira patent cliff, with Skyrizi and Rinvoq powering a clear return to top‑line growth. [50]
- Earnings are beating expectations, guidance is rising, and the dividend has just been increased again, offering investors a blend of growth, income and defensive characteristics. [51]
- The pipeline – from migraine to blood cancers and solid tumors – continues to produce data that could broaden AbbVie’s revenue base in the late 2020s. [52]
Analyst price targets cluster in the mid‑$240s, suggesting modest upside from current levels, with most of the long‑term return now expected to come from steady earnings growth plus a 3%‑ish dividend yield rather than dramatic multiple expansion. [53]
References
1. www.marketwatch.com, 2. www.fool.com, 3. www.marketwatch.com, 4. www.marketbeat.com, 5. www.marketwatch.com, 6. www.marketbeat.com, 7. www.nasdaq.com, 8. news.abbvie.com, 9. news.abbvie.com, 10. news.abbvie.com, 11. news.abbvie.com, 12. news.abbvie.com, 13. news.abbvie.com, 14. www.marketbeat.com, 15. investors.abbvie.com, 16. www.fiercepharma.com, 17. www.fiercepharma.com, 18. www.nasdaq.com, 19. www.nasdaq.com, 20. www.nasdaq.com, 21. www.nasdaq.com, 22. www.nasdaq.com, 23. news.abbvie.com, 24. www.prnewswire.com, 25. www.prnewswire.com, 26. news.abbvie.com, 27. news.abbvie.com, 28. news.abbvie.com, 29. firstwordpharma.com, 30. www.nasdaq.com, 31. investors.abbvie.com, 32. stocksguide.com, 33. stocksguide.com, 34. www.morningstar.com, 35. www.marketbeat.com, 36. www.tipranks.com, 37. stockanalysis.com, 38. www.nasdaq.com, 39. investors.abbvie.com, 40. finance.yahoo.com, 41. simplywall.st, 42. coincodex.com, 43. www.marketbeat.com, 44. www.marketbeat.com, 45. www.nasdaq.com, 46. seekingalpha.com, 47. investors.abbvie.com, 48. www.prnewswire.com, 49. www.abbvie.com, 50. www.nasdaq.com, 51. investors.abbvie.com, 52. www.prnewswire.com, 53. www.marketbeat.com
