AbbVie Inc. Q1 FY2026 earnings call

Rob Michael noted AbbVie had an excellent first quarter with adjusted earnings per share of $2.65, exceeding guidance midpoint, and total net revenues of $15 billion with 12.4% sales growth. Raised full-year adjusted EPS guidance. R&D progress included U.S. regulatory submissions for RENVOC in alopecia areata, SCI-RISI sub-Q induction in Crohn's with promising data, early-stage obesity data, etentamig regulatory submission expected end of year, and Remagen agreement for a novel PD-1 VEGF bispecific antibody. Jeff Stewart highlighted strong immunology sales, Skyrizzy's growth, Renvoke's performance, and Humira's impact from biosimilars. Neuroscience showed strong growth, oncology had mixed results, and aesthetics had Botox up but Juvederm down. Rupal Thakkar discussed dermatology data for Skyrizzy, RENVOC's alopecia areata submission, SCI-RISI Crohn's sub-Q induction results, Crohn's platform study data, early-stage immunology pipeline, neuroscience trial results, oncology solid tumors program progress, aesthetics Trinibot E's CRL, and obesity ABBV295 data

Immunology: Total revenues $7.3 billion, reflecting impressive sales growth of $1 billion. Skyrizzy total sales were $4.5 billion, up 29.2% on an operational basis. Renvoke global sales were $2.1 billion, up 20.2% on an operational basis. Humira global sales were $688 million, down 40.3% on an operational basis. Neuroscience: Total revenues were nearly $2.9 billion, up 24.3% on an operational basis. Oncology: Total revenues were more than $1.6 billion, down 3% on an operational basis. Aesthetics: Global sales were nearly $1.2 billion, up 5.1% on an operational basis

Raised full-year adjusted earnings per share guidance to between $14.08 and $14.28. Total net revenues expected to be approximately $67.3 billion. 2026 adjusted gross margin expected above 84% of sales, adjusted R&D expense ~$9.7 billion, adjusted SG&A expense ~$14.2 billion, adjusted operating margin ratio ~47.5% of sales. Second quarter net revenues anticipated with ~0.6% favorable foreign exchange impact, adjusted operating margin ratio ~50%, adjusted EPS between $3.74 and $3.78

FDA issued complete response letter for Trinibot E application related to manufacturing questions, with no safety, efficacy, or labeling issues but need to address feedback for resubmission. Competitive dynamics in various segments, biosimilar competition impacting Humira, and potential challenges from new competitors in immunology and oncology

Q: David Amselin asked about Skyrizzy's competitive landscape re Icotide.

A: Jeff Stewart discussed Skyrizzy's superiority data, powerful messages to physicians, and ability to navigate the competitor.

Q: Chris Schott inquired about Skyrizzy Alpha-4 Beta-7 program dosing and I&I competitive landscape.

A: Rupal Thakkar spoke on dosing, phase plans, aiming to raise standard of care, and Rob Michael talked about business development in immunology.

Q: Mohit Bansal questioned on IRAC4 in RA.

A: Rupal Thakkar explained early data, biologic-like efficacy, and potential safety profile.

Q: Louise Chin asked about extended half-life IL-23, oral peptide IL-23, and combo positioning.

A: Rupal Thakkar addressed ABB547, dosing plans, and combo in all-comers and refractory patients.

Q: Terrence Flynn asked on M&A.

A: Rob Michael mentioned openness to acquiring external innovation in key areas.

Q: Truong Nguyen inquired about Skyrizzy pricing and Renvoke's exclusivity.

A: Clarification on Skyrizzy pricing and confidence in Skyrizzy's NOE extension