AbbVie Inc. (NYSE: ABBV) heads into December 2025 as one of the world’s largest healthcare companies, with new migraine data, fresh oncology approvals, a raised 2025 profit forecast and looming U.S. drug‑pricing reforms all shaping sentiment around the stock. [1]
Below is a detailed look at where AbbVie’s stock stands today, what has changed since late November, and how Wall Street now frames the 2026 outlook.
AbbVie stock today: price, performance and valuation
As of the December 1, 2025 close, AbbVie shares trade at around $225 per share, giving the company a market capitalization near $400 billion. [2]
Key snapshot metrics:
- Current price: roughly mid‑$220s per share
- 52‑week range: about $164–$245
- Market cap: ~$400–402 billion, placing AbbVie among the top global healthcare companies by value [3]
- Dividend (forward):$6.92 per share annually, implying a yield of about 3.0–3.1% at current prices [4]
- Forward P/E: ~16–17x 2025 earnings, despite a GAAP P/E that looks inflated by one‑off R&D charges [5]
- 12‑month performance: roughly +25–28%, leaving the stock only modestly below its 52‑week high [6]
The combination of a solid dividend yield, double‑digit total return in 2025 and continued defensive healthcare exposure is a big part of why AbbVie keeps appearing in dividend and “quality compounder” screens. TS2 Tech+1
Q3 2025 results: immunology engine offsets the Humira cliff
AbbVie’s October 31 Q3 2025 report remains the fundamental anchor for current valuations. The quarter did three key things: it beat expectations, raised full‑year guidance, and reinforced the “Skyrizi + Rinvoq > Humira” story. [7]
Q3 2025 highlights
- Net revenue:$15.78 billion, up 9.1% year‑over‑year and modestly ahead of consensus [8]
- Adjusted EPS:$1.86, topping estimates around $1.77–$1.78, though down year‑over‑year due to heavy in‑process R&D and deal‑related charges [9]
- 2025 guidance:
- Adjusted EPS range raised from $10.38–$10.58 to $10.61–$10.65, even after a $2.05 per‑share drag from acquired IPR&D and milestone expenses year‑to‑date [10]
- Dividend: Board approved a 5.5% dividend increase to $1.73 per quarter, starting with the February 17, 2026 payment, extending a 50‑plus‑year dividend‑growth legacy when combined with Abbott’s history. [11]
Segment performance
From AbbVie’s detailed revenue breakdown: [12]
- Immunology (Skyrizi, Rinvoq, Humira, etc.):
- Revenue: $7.89 billion, up 11.9% YoY
- Skyrizi:$4.71 billion, ~+47% YoY
- Rinvoq:$2.18 billion, ~+35% YoY
- Humira:$993 million, down ~55% YoY and below $1 billion for the first time since loss of exclusivity
- Neuroscience (Vraylar, Botox Therapeutic, migraine portfolio):
- Revenue: $2.84 billion, up ~20% YoY
- Oncology:
- Revenue: ~$1.68 billion, essentially flat overall, with declines in Imbruvica offset by growth in Venclexta and newly added assets [13]
- Aesthetics (Botox Cosmetic, Juvederm, others):
- Revenue: $1.19 billion, down 3.7% YoY
- Weakness here was a notable driver of the stock’s pullback on earnings day, as softer consumer spending hits elective procedures. [14]
Net‑net, Q3 confirmed that Skyrizi and Rinvoq are now the primary growth engine, more than offsetting the Humira cliff, while neuroscience is emerging as a strong second pillar. Aesthetics remains a soft spot the market is watching closely.
December 1 headline: Atogepant ECLIPSE data boosts migraine franchise
On December 1, 2025, AbbVie released pivotal Phase 3 ECLIPSE data for atogepant (AQUIPTA/QULIPTA), its CGRP receptor antagonist for migraine. [15]
Key points from the ECLIPSE trial:
- Atogepant significantly outperformed placebo for pain freedom two hours after treating the first migraine attack:
- 24.3% of patients on atogepant vs 13.1% on placebo
- The trial also hit its key secondary endpoint, showing higher rates of freedom from the “most bothersome symptom” at two hours. [16]
- AbbVie has filed with the European Medicines Agency for an expanded atogepant label to cover acute treatment of migraine in adults, on top of existing prophylactic indications. [17]
Why this matters for ABBV stock:
- Atogepant (marketed as QULIPTA in the U.S. and AQUIPTA in the EU) is already a fast‑growing preventive migraine drug; expanding into acute treatment broadens its addressable market and strengthens AbbVie’s neuroscience and migraine franchise alongside Ubrelvy. [18]
- Migraine is a large, under‑treated indication; strong ECLIPSE data supports the case that AbbVie can keep growing its neuroscience revenue double‑digits beyond 2025.
Immunology update: Skyrizi’s Canada win extends AbbVie’s “post‑Humira” moat
In late November, AbbVie’s Canadian unit announced that Canada’s Drug Agency issued a positive reimbursement recommendation for Skyrizi (risankizumab) in adults with moderately to severely active ulcerative colitis who have failed conventional therapy, a biologic or a JAK inhibitor. AbbVie also signed a Letter of Intent with the pan‑Canadian Pharmaceutical Alliance (pCPA), paving the way for broad public‑plan coverage as provincial formularies update. TS2 Tech+1
This follows an earlier Canadian recommendation in Crohn’s disease, creating back‑to‑back inflammatory bowel disease wins that: TS2 Tech
- Reinforce the thesis that Skyrizi + Rinvoq can more than replace Humira globally.
- Support long‑range models that forecast AbbVie’s revenue climbing toward the low‑to‑mid‑$70 billion range by 2028, with earnings power rising accordingly. TS2 Tech+1
For investors, the takeaway is that international reimbursement momentum is still building around Skyrizi, particularly in IBD, strengthening visibility into AbbVie’s immunology growth trajectory into the late 2020s.
Oncology and pipeline: EPKINLY, PVEK and a deep bench of assets
AbbVie has also been active on the oncology front in H2 2025, adding to its longer‑term growth story:
- EPKINLY (epcoritamab‑bysp) combo approval:
In November 2025, the U.S. FDA approved EPKINLY plus rituximab and lenalidomide (R²) for relapsed or refractory follicular lymphoma, making it the first and only bispecific antibody combination available for this indication. [19]- Phase 3 data, highlighted in late‑November coverage, showed a large reduction in risk of progression or death and high complete response rates versus R² alone, giving AbbVie a differentiated asset in an attractive niche. TS2 Tech+1
- Pivekimab sunirine (PVEK) BLA:
On September 30, 2025, AbbVie filed a Biologics License Application with the U.S. FDA for PVEK, an antibody‑drug conjugate targeting CD123 for the rare blood cancer BPDCN. [20] - Broad oncology pipeline:
AbbVie notes that it is advancing more than 35 investigational medicines across blood cancers and solid tumors, using modalities such as ADCs, multispecific antibodies and CAR‑T platforms. [21]
Taken together with recent FDA approvals for EMRELIS (antibiotic), ELAHERE (ovarian cancer), and other niche oncology assets earlier in 2025, AbbVie is clearly positioning itself as a diversified oncology player, even if the segment is currently growing more slowly than immunology. [22]
U.S. manufacturing build‑out and tariff backdrop
Regulation and geopolitics are now a core part of the AbbVie story.
Manufacturing expansion
In 2025, AbbVie broke ground on a $195 million manufacturing facility in North Chicago, part of a plan to invest more than $10 billion over the next decade in U.S. manufacturing capacity for immunology, oncology and neuroscience medicines. [23]
This push has two key implications:
- It helps reshore production from Europe and Asia, improving supply‑chain resilience.
- It positions AbbVie as a potential beneficiary of U.S. industrial policy, including drug‑pricing and tariff frameworks that may favor companies investing heavily in domestic capacity.
100% pharmaceutical tariffs
On October 1, 2025, the U.S. implemented 100% tariffs on imports of branded or patented pharmaceuticals, with exemptions for companies actively building U.S. plants. A 24/7 Wall St analysis highlighted AbbVie as a likely “tariff winner,” noting its substantial U.S. operations and multi‑billion‑dollar domestic capex plan. [24]
For now, analysts generally see minimal direct tariff risk for AbbVie relative to overseas‑centric peers, and even some competitive advantage in pricing as foreign rivals face higher import costs. [25]
Medicare drug price cuts: headwind, but largely modeled in
The other major policy overhang is Medicare drug‑price negotiation under the Inflation Reduction Act.
In late November, the Centers for Medicare & Medicaid Services (CMS) released the second round of negotiated prices for 15 high‑cost drugs, with list‑price cuts of roughly 38–85% and expected savings of about $12 billion annually for the program starting in 2027. [26]
According to detailed sector coverage and TS2 Tech’s AbbVie‑focused roundup, two AbbVie‑linked products are in this wave: TS2 Tech+1
- Linzess (co‑marketed with Ironwood): list price cut of roughly 75%
- Vraylar (antipsychotic): list price cut of around 44%
Analysts generally frame the Abbott/AbbVie impact as: TS2 Tech+2pharmaphorum+2
- Timing: Cuts take effect in 2027, giving several years to adjust.
- Magnitude: The expected revenue hit for AbbVie appears to be in the low hundreds of millions of dollars per year, which is modest versus a quarterly revenue base of $15.8 billion.
- Guidance: AbbVie had already flagged heightened Medicare risk, and reiterated with Q3 results that the new prices do not change its long‑term guidance.
For investors, the main shift is from uncertainty to quantifiable numbers: Medicare remains a structural headwind, but one that now seems manageable relative to AbbVie’s growth drivers.
How Wall Street sees AbbVie heading into 2026
Despite the strong 2025 rally, analyst sentiment remains broadly positive, though upside expectations are now more measured.
Consensus ratings and price targets
Recent forecast snapshots:
- StockAnalysis:
- 17 analysts, consensus rating “Buy”
- Average price target:$240.12 (range $190–$289), implying about 6–7% upside from current levels [27]
- TickerNerd (44 analysts):
- Median target:$245, range $184–$289
- Consensus “Strong Buy” rating (score ~8.1/10)
- Implied upside of ~7–8%, with 20 Buy, 9 Hold and 1 Sell rating on record [28]
- MarketBeat / TS2 Tech aggregation:
- About 25‑analyst average target in the low‑to‑mid $240s
- Overall rating around “Moderate Buy”, with a mix of Strong Buy, Buy and Hold calls, and very few outright Sells TS2 Tech+1
- Other platforms (Zacks, TipRanks, Benzinga, TradingView) similarly cluster around mid‑$240s average targets, with typical high estimates in the $280–$290 range. [29]
This convergence suggests that Wall Street largely views AbbVie as fairly valued to slightly undervalued after its 2025 run, with expected returns skewed toward mid‑single‑digit price appreciation plus the 3% dividend yield rather than explosive upside.
Fundamental forecasts
Consensus modeling also points to healthy, if not spectacular, growth over the next few years: [30]
- Revenue: from about $56.3B in 2024 toward ~$62B in 2025 and ~$67–68B in 2026, implying high single‑digit annual growth.
- EPS: a jump from GAAP‑distorted 2024 levels (burdened by Cerevel and other acquisitions) to around $10.7 in 2025 and mid‑teens EPS (~$14–15) in 2026, as one‑time IPR&D charges normalize.
Valuation discussions in the latest Seeking Alpha and 24/7 Wall St pieces tend to categorize AbbVie as “reasonably priced quality” rather than a deep‑value bargain—especially given its dividend track record and immunology growth. [31]
Key bull and bear arguments from recent analysis
Recent coverage between November 28 and December 1 can be boiled down into a few main themes. TS2 Tech+2Reuters+2
Bullish case
- Immunology strength and durability
- Skyrizi and Rinvoq are growing 30–50% year‑over‑year and have expanding indications (IBD, rheumatology, dermatology), more than offsetting Humira’s erosion. [32]
- Diversifying growth pillars
- Neuroscience (Vraylar, Botox Therapeutic, migraine franchise) and oncology (EPKINLY, ELAHERE, Venclexta, PVEK) provide multiple additional engines beyond immunology. [33]
- Robust cash flow and shareholder returns
- Rising profit guidance, a growing dividend (5.5% hike announced), and ongoing debt reduction following major acquisitions suggest AbbVie can continue funding R&D, deals and shareholder returns simultaneously. [34]
- Favorable policy positioning
- Heavy U.S. manufacturing investment plus tariff exemptions and manageable Medicare exposure leave AbbVie relatively well placed in the new policy regime. [35]
- Technical and sentiment support
- Several technical analyses point to ABBV trading near key moving averages with constructive long‑term trends, while institutional ownership near ~70% underscores strong “big money” interest. [36]
Bearish / cautionary case
- Valuation no longer cheap
- After a ~25–30% move in 2025, much of the easy re‑rating from “post‑Humira fear” to “Skyrizi‑driven growth” appears realized. Upside from here relies more on sustained execution than multiple expansion. TS2 Tech+2Ticker Nerd+2
- Policy risk remains real
- Medicare price cuts for Linzess and Vraylar illustrate that AbbVie is not immune to aggressive U.S. pricing policy. Future negotiation rounds could eventually target more of its growth drivers. TS2 Tech+2Reuters+2
- Portfolio imbalances
- Aesthetics remains weak, and oncology is more of a portfolio of promising assets than a fully mature growth engine. AbbVie still depends heavily on a handful of flagship drugs, especially Skyrizi and Rinvoq, increasing concentration risk. [37]
- Accounting noise and R&D intensity
- Large in‑process R&D and acquisition‑related charges depress GAAP earnings, making traditional P/E screens look stretched and complicating comparisons with peers that rely less on deal‑driven pipelines. [38]
What to watch next
Going into December and early 2026, investors tracking AbbVie stock are focused on several catalysts: TS2 Tech+2AbbVie News Center+2
- European Headache Congress (Dec 3–6, 2025)
- Additional detail on ECLIPSE atogepant data and any commentary on the EU regulatory timeline for acute migraine.
- Piper Sandler Healthcare Conference (Dec 3, 2025)
- AbbVie management is slated to participate in a fireside chat, with investors listening for comments on 2025 guidance, pricing strategy and pipeline priorities.
- Follow‑up analysis on Medicare pricing
- Sell‑side models may still fine‑tune revenue and margin assumptions for Linzess and Vraylar as more CMS documentation is digested.
- EPKINLY, PVEK and other oncology updates
- Uptake trends for the newly approved EPKINLY R² regimen and regulatory progress for PVEK will signal how fast oncology can become a more meaningful growth driver.
- Aesthetics and macro sensitivity
- Any sign that aesthetics demand (Botox Cosmetic, Juvederm) is stabilizing or recovering would help de‑risk one of the key bear arguments.
Bottom line: a high‑quality “income plus growth” name, priced for execution
As of December 1, 2025, AbbVie stands out as:
- A mega‑cap pharma leader with a fast‑growing immunology core (Skyrizi, Rinvoq) and expanding neuroscience and oncology franchises.
- A reliable dividend payer, now yielding about 3%, with a fresh 5.5% hike announced for 2026 and a multi‑decade dividend‑growth track record. [39]
- A company whose policy and pricing risks, while real, look manageable relative to its diversified portfolio and U.S. manufacturing footprint. [40]
Wall Street’s latest forecasts suggest mid‑single‑digit price upside plus the dividend over the next 12 months—consistent with a “quality compounder at a reasonable price” rather than a deep‑value or high‑growth story. [41]
For readers and investors, the key question from here isn’t whether AbbVie can survive the Humira cliff—that phase is largely behind it—but how predictably it can compound earnings over the next 3–5 years as Skyrizi, Rinvoq, atogepant and its oncology pipeline mature under an increasingly assertive global drug‑pricing regime.
Note: This article is for informational and news purposes only and does not constitute financial advice, investment recommendation or an offer to buy or sell any security. Always do your own research or consult a licensed financial adviser before making investment decisions.
References
1. www.fool.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. stockanalysis.com, 5. stockanalysis.com, 6. www.investing.com, 7. www.reuters.com, 8. www.pharmexec.com, 9. www.pharmexec.com, 10. news.abbvie.com, 11. news.abbvie.com, 12. news.abbvie.com, 13. news.abbvie.com, 14. www.reuters.com, 15. news.abbvie.com, 16. news.abbvie.com, 17. news.abbvie.com, 18. news.abbvie.com, 19. news.abbvie.com, 20. news.abbvie.com, 21. www.abbvie.com, 22. news.abbvie.com, 23. www.pharmexec.com, 24. 247wallst.com, 25. 247wallst.com, 26. www.reuters.com, 27. stockanalysis.com, 28. tickernerd.com, 29. www.benzinga.com, 30. stockanalysis.com, 31. seekingalpha.com, 32. news.abbvie.com, 33. news.abbvie.com, 34. news.abbvie.com, 35. 247wallst.com, 36. www.directorstalkinterviews.com, 37. www.reuters.com, 38. www.pharmexec.com, 39. news.abbvie.com, 40. 247wallst.com, 41. stockanalysis.com
