AbbVie (ABBV) delivered a strong start to 2025, with Q1 total net revenues rising 8.4% year-over-year to $13.343 billion—exceeding expectations and signaling broad-based strength across key therapeutic areas. On an operational basis, revenue growth reached 9.8%, highlighting resilience even amid foreign exchange pressures. While GAAP net income declined to $1.286 billion from $1.369 billion a year earlier, driven by investment-related charges, adjusted diluted EPS climbed 6.5% to $2.46, even after accounting for a $0.13 per share headwind from acquired R&D and milestone expenses.

Immunology remained AbbVie’s growth engine, with revenues surging 16.6% to $6.264 billion. Standouts included Skyrizi, soaring 70.5% to $3.425 billion, and Rinvoq, up 57.2% to $1.718 billion, both benefitting from expanding market share in inflammatory bowel disease and dermatology. Meanwhile, Humira sales continued to decline, falling 50.6% to $1.121 billion, reflecting intensifying biosimilar competition.

The neuroscience portfolio also impressed, with revenues growing 16.1% to $2.282 billion, fueled by Vraylar (up 10.3%) and Botox Therapeutic (up 15.8%). Combined migraine franchise sales for Ubrelvy and Qulipta reached $433 million. Oncology grew more modestly, with Venclexta up 8.3% and new asset Elahere contributing $179 million, offsetting a 11.9% drop in Imbruvica due to competitive dynamics.

Aesthetics was a weak spot, declining 11.7% to $1.102 billion, driven by lower sales of Botox Cosmetic (down 12.3%) and Juvederm (down 22.2%), amid macroeconomic softness and cautious consumer spending.

Despite the Humira drag, AbbVie raised its full-year 2025 revenue guidance to approximately $59.7 billion, up $700 million, and boosted adjusted EPS guidance to $12.09–$12.29. Product-specific targets were also raised for Skyrizi ($16.5 billion), Rinvoq ($8.2 billion), and several neuroscience and oncology assets. Humira's full-year outlook was lowered by $500 million to $3.5 billion, while aesthetics was also revised downward.

CEO Robert A. Michael praised the “excellent start to the year,” citing a 21%+ growth in the ex-Humira portfolio and continued pipeline momentum. The company remains confident in surpassing previous peak revenues by year-end and sees a “clear runway” for high single-digit growth through 2029. Strategic deals, such as the acquisitions of Nimble Therapeutics and a licensing partnership with Gubra, underscore AbbVie’s focus on long-term innovation in immunology, oncology, and obesity.

Overall, AbbVie's Q1 2025 results underscore its successful navigation of Humira LOE headwinds, driven by standout performance in immunology, neuroscience, and oncology, while ongoing pipeline investments set the stage for sustained growth in the years ahead.