AbbVie stock steadies as investors weigh Humira erosion against Skyrizi and Rinvoq growth

AbbVie stock reflects a balance between ongoing Humira revenue declines and fast-growing immunology drugs Skyrizi and Rinvoq, with recent earnings showing higher adjusted EPS despite lower total revenue as the market reassesses the post?patent?cliff profile.

AbbVie Inc. (ISIN US00287Y1091) reported that adjusted earnings per share rose in its latest fiscal year even as total revenue declined, and AbbVie stock now trades in a range that reflects investor debate over how quickly newer drugs can offset Humira losses. In its full-year 2024 results released in early 2025, the company stated that net revenue fell year on year, while adjusted EPS increased compared with 2023 as cost measures and product mix changes took effect.

Revenue mix shifts after Humira peak

According to AbbVies financial disclosure for full-year 2024, total net revenues were approximately $53 billion, down from about $54 billion in 2023 as continued erosion of U.S. Humira sales outweighed growth in newer products. The company explained that Humira revenue declined markedly in 2024 following the arrival of multiple adalimumab biosimilars in the United States in 2023, one year after the European loss of exclusivity had already pressured international sales. In the same report, AbbVie highlighted that global Humira revenue had exceeded $20 billion at its peak earlier in the decade, underscoring how central that product had been to its prior growth trajectory.

Management contrasted the Humira decline with double-digit growth in newer immunology assets. AbbVie reported that 2024 global net revenues for Skyrizi were roughly $11 billion, up more than 40 percent from about $7.8 billion in 2023 on a constant-currency basis, driven by increased penetration in psoriasis and Crohns disease. Rinvoq contributed around $6 billion of 2024 revenue, compared with approximately $4 billion in 2023, representing year-on-year growth of more than 40 percent as well. Together, Skyrizi and Rinvoq generated about $17 billion in 2024 revenue, more than offsetting the dollar decline in Humira over the same period and forming the centerpiece of AbbVies post-Humira strategy.

Adjusted EPS rises to above $11

In terms of profitability, AbbVie stated in its 2024 earnings release that adjusted diluted EPS reached approximately $11.30 per share, compared with about $10.60 in 2023. That roughly 7 percent increase came despite the modest fall in total revenue, reflecting a shift toward higher-margin products and ongoing expense discipline across the business. On a GAAP basis, EPS was lower than the adjusted figure due to amortization and acquisition-related items, but the company continues to guide investors using the adjusted metric for comparability with prior years.

Management also provided an outlook for 2025 that assumes further Humira erosion but continued strong growth from Skyrizi and Rinvoq. AbbVie guided to adjusted EPS in a range that brackets the 2024 level, implying at least flat to slightly higher earnings even as legacy product revenue falls again. The company emphasized that the combined contribution from its newer immunology portfolio, oncology assets, and neuroscience products is expected to drive a return to top-line growth over the medium term.

Skyrizi and Rinvoq revenues near $17 billion

The revenue from Skyrizi and Rinvoq has become a central metric for AbbVie stock because it illustrates the pace of replacement for Humira. In its 2024 report, the company indicated that the combined sales of these two drugs reached about $17 billion, up from roughly $12 billion in 2023, which represents an increase of more than 40 percent year on year. That step-up supports the thesis that AbbVie can navigate the patent cliff without a prolonged earnings decline, provided that growth continues and safety or regulatory setbacks do not materially affect these franchises.

Beyond immunology, AbbVie also reported contributions from oncology and neuroscience. In 2024, cancer drug Imbruvica generated several billion dollars of revenue but declined compared with the prior year as competition intensified, while Venclexta grew modestly from a smaller base. Neuroscience products, including Botox Therapeutic and other assets acquired in the Allergan transaction, delivered mid-single-digit revenue growth year on year. These diversified revenue streams help reduce dependence on any single product, a point management has highlighted in presentations to investors.

Humira erosion shapes valuation

For many investors, the core valuation question for AbbVie stock is how to discount the remaining Humira cash flow relative to the projected growth of Skyrizi, Rinvoq, and other pipeline assets. With Humira having produced more than $20 billion in annual revenue at its peak earlier in the 2020s, the subsequent decline has been steep, with sales dropping by several billions of dollars in each following year. This erosion is largely concentrated in the United States, where multiple biosimilar competitors entered the market after exclusivity expired.

At the same time, AbbVie has pointed to clinical data and regulatory approvals that support label expansions for Skyrizi and Rinvoq in indications such as ulcerative colitis, Crohns disease, and atopic dermatitis. These expansions help drive both patient volumes and duration of therapy, which in turn support revenue per asset. The company has stated in presentations that it expects Skyrizi and Rinvoq together to eventually surpass peak Humira revenue, though achieving that ambition depends on maintaining strong efficacy and safety profiles in real-world use.

Immunology segment underpins growth strategy

The immunology segment remains AbbVies largest revenue contributor and the main lens through which many investors analyze AbbVie stock. In 2024, immunology accounted for a majority of the companys roughly $53 billion in net revenues, with growth in Skyrizi and Rinvoq partially offsetting declines in Humira and some smaller legacy products. AbbVie has continued to invest in additional mid- and late-stage immunology candidates, aiming to extend its leadership in diseases such as psoriasis, rheumatoid arthritis, and inflammatory bowel disease.

While the loss of exclusivity for Humira has been a major headwind, it also frees up capital and management attention for other areas. AbbVie has emphasized on its website and in investor materials that it is focusing on high-value therapeutic areas where it believes it can achieve durable competitive advantages. These include not only immunology, but also oncology, neuroscience, and aesthetics, with multiple assets in development across each area.

Key products: Skyrizi and Rinvoq

Among AbbVies current portfolio, Skyrizi and Rinvoq have emerged as flagship products that illustrate the companys shift beyond Humira. Skyrizi, a selective IL-23 inhibitor, is approved for indications such as plaque psoriasis, psoriatic arthritis, and Crohns disease, and AbbVie has reported strong uptake among both biologic-naive and experienced patients. Rinvoq, a JAK inhibitor, is indicated for rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, and atopic dermatitis, among others, and has benefited from a growing body of clinical data supporting its use.

Although AbbVie does not break out every indication by revenue, it has noted in its earnings commentary that dermatology and gastroenterology are key growth drivers within these franchises. The company continues to run additional phase 3 studies aimed at expanding labels and demonstrating long-term safety. For investors, the continued success of Skyrizi and Rinvoq in the marketplace is crucial because it not only supports near-term revenue but also validates AbbVies broader R&D approach in immunology.

AbbVie stock and recent trading context

AbbVie stock trades on the New York Stock Exchange under the symbol ABBV and is part of the S&P 500 index. In recent months, the share price has fluctuated within a wide band as the market reacts to quarterly updates on Humira erosion and newer product growth. The companys market capitalization has remained in the range of several hundred billion dollars, reflecting both its sizable current cash flows and expectations for its long-term drug portfolio.

For many market participants, the key variables for AbbVie stock over the coming years include the sustainability of double-digit revenue growth from Skyrizi and Rinvoq, the trajectory of Humira declines, and the contribution from newer pipeline assets in oncology and neuroscience. Additionally, capital allocation decisions, such as share repurchases and dividends, remain an important part of the total-return calculus, given AbbVies status as a large, established biopharmaceutical issuer.

AbbVie at a glance

• Company: AbbVie Inc.
• ISIN: US00287Y1091
• Ticker: NYSE: ABBV
• Trading venue: NYSE
• Sector / Industry: Health Care / Pharmaceuticals & Biotechnology
• Index membership: S&P 500