AbbVie (ABBV) official guidance

We now forecast our non-GAAP tax rate to be approximately 14.5%, which reflects the impact of acquired IPR&D.

Turning to our financial outlook, we are updating our full-year adjusted earnings per share guidance to between $13.87 and $14.07.

We also forecast adjusted earnings per share between $3.84 and $3.88.

Moving to the P&L for 2026, we continue to forecast full year adjusted gross margin above 84% of sales.

We also expect adjusted net interest expense of approximately $2.9 billion, an increase of $200 million, which reflects the partial year financing cost of the planned Apogee transaction.

We anticipate an adjusted operating margin ratio approaching 47% of sales.

We now expect adjusted R&D expense of approximately $9.8 billion, an increase of $100 million reflecting Apogee-related pipeline investments.

Total neuroscience revenues of $12.7 billion, an increase of $100 million, now reflecting VRAYLAR sales approaching $4.1 billion and BOTOX therapeutic sales approaching $4.2 billion.

We now expect SKYRIZI global revenues of $21.7 billion, an increase of $100 million based on momentum across psoriatic and IBD indications.

We now expect total net revenues of approximately $67.6 billion, an increase of $300 million.

Turning to the third quarter, we anticipate net revenues of approximately $17.2 billion, which includes an estimated 0.4% unfavorable impact from foreign exchange.

We expect adjusted SG&A expense of approximately $14.5 billion as we continue to support our significant commercial momentum.

We expect adjusted earnings per share between $3.74 and $3.78.

We are forecasting an adjusted operating margin ratio of approximately 50%.

RINVOQ global sales of $10.2 billion, an increase of $100 million, reflecting strong performance in the rheum and gastro indications.

Moving to Parkinson's disease, we continue to see encouraging uptake for VYALEV, which is on track to achieve blockbuster revenue this year.

Turning to the second quarter, we anticipate net revenues of approximately $16.7 billion.

Performance also remains very robust in IBD, where SKYRIZI is on track to deliver more than 30% global sales growth across Crohn's disease and ulcerative colitis this year.

Finally, we expect our share count to be roughly in line with 2025.

We are forecasting an adjusted operating margin ratio of roughly 46% and model a non-GAAP tax rate of approximately 13.7%.

We expect adjusted earnings per share between $2.97-$3.01.

We expect to generate free cash flow of approximately $18.5 billion in 2026, which includes roughly $3.5 billion of Skyrizi royalty payments.

We are forecasting an adjusted operating margin ratio of roughly 46% and model a non-GAAP tax rate of approximately 13.7%.

For aesthetics, we expect global sales of $5 billion. This includes Botox cosmetic revenue of $2.7 billion, reflecting modest market growth and relatively stable market share. And Juvéderm sales of $950 million, reflecting continued headwinds in key dermal filler markets.

We also anticipate neuroscience revenue of $2.8 billion, oncology sales of $1.6 billion, and aesthetics revenue of $1.2 billion, reflecting growth of roughly 9%, including a favorable comparison as we lap one-time price headwinds associated with changes to the Allē program.

For aesthetics, we expect global sales of $5 billion. This includes Botox cosmetic revenue of $2.7 billion, reflecting modest market growth and relatively stable market share. And Juvéderm sales of $950 million, reflecting continued headwinds in key dermal filler markets.

This includes Vraylar revenue of $4 billion, driven by continued strong prescription demand, Botox therapeutic sales of $4.1 billion, with strong performance across indications, total oral CGRP revenue of $2.9 billion, supported by market growth and share gains, and Vyalev sales of $1 billion, demonstrating the brand's impressive launch and multi-billion dollar potential.

In oncology, we expect global sales of $6.5 billion, including Imbruvica revenue of $2.2 billion, reflecting competitive headwinds and the impact of lower IRA-related pricing. Venclexta sales of $3 billion, which reflects continued strong demand. And Elahere revenue of $850 million.

We expect global immunology sales of $34.5 billion, including Skyrizi revenue of $21.5 billion, driven by market growth and share gains across the psoriatic and IBD indications, Rinvoq revenue of $10.1 billion, with growth across rheum, derm, and gastro indications, and Humira total revenue of $2.9 billion, reflecting continued biosimilar impact.

In oncology, we expect global sales of $6.5 billion, including Imbruvica revenue of $2.2 billion, reflecting competitive headwinds and the impact of lower IRA-related pricing. Venclexta sales of $3 billion, which reflects continued strong demand. And Elahere revenue of $850 million.

We expect global immunology sales of $34.5 billion, including Skyrizi revenue of $21.5 billion, driven by market growth and share gains across the psoriatic and IBD indications, Rinvoq revenue of $10.1 billion, with growth across rheum, derm, and gastro indications, and Humira total revenue of $2.9 billion, reflecting continued biosimilar impact.

We expect global immunology sales to approach $7.1 billion, including Skyrizi sales of $4.4 billion and Rinvoq revenue of $2 billion, reflecting typical seasonality as well as an unfavorable price comparison for Rinvoq related to timing of prior year rebates in the first half.

For aesthetics, we expect global sales of $5 billion. This includes Botox cosmetic revenue of $2.7 billion, reflecting modest market growth and relatively stable market share. And Juvéderm sales of $950 million, reflecting continued headwinds in key dermal filler markets.

We also anticipate neuroscience revenue of $2.8 billion, oncology sales of $1.6 billion, and aesthetics revenue of $1.2 billion, reflecting growth of roughly 9%, including a favorable comparison as we lap one-time price headwinds associated with changes to the Allē program.

In oncology, we expect global sales of $6.5 billion, including Imbruvica revenue of $2.2 billion, reflecting competitive headwinds and the impact of lower IRA-related pricing. Venclexta sales of $3 billion, which reflects continued strong demand. And Elahere revenue of $850 million.

We also anticipate neuroscience revenue of $2.8 billion, oncology sales of $1.6 billion, and aesthetics revenue of $1.2 billion, reflecting growth of roughly 9%, including a favorable comparison as we lap one-time price headwinds associated with changes to the Allē program.

This includes Vraylar revenue of $4 billion, driven by continued strong prescription demand, Botox therapeutic sales of $4.1 billion, with strong performance across indications, total oral CGRP revenue of $2.9 billion, supported by market growth and share gains, and Vyalev sales of $1 billion, demonstrating the brand's impressive launch and multi-billion dollar potential.

We expect global immunology sales to approach $7.1 billion, including Skyrizi sales of $4.4 billion and Rinvoq revenue of $2 billion, reflecting typical seasonality as well as an unfavorable price comparison for Rinvoq related to timing of prior year rebates in the first half.

We expect global immunology sales to approach $7.1 billion, including Skyrizi sales of $4.4 billion and Rinvoq revenue of $2 billion, reflecting typical seasonality as well as an unfavorable price comparison for Rinvoq related to timing of prior year rebates in the first half.

In oncology, we expect global sales of $6.5 billion, including Imbruvica revenue of $2.2 billion, reflecting competitive headwinds and the impact of lower IRA-related pricing. Venclexta sales of $3 billion, which reflects continued strong demand. And Elahere revenue of $850 million.

This includes Vraylar revenue of $4 billion, driven by continued strong prescription demand, Botox therapeutic sales of $4.1 billion, with strong performance across indications, total oral CGRP revenue of $2.9 billion, supported by market growth and share gains, and Vyalev sales of $1 billion, demonstrating the brand's impressive launch and multi-billion dollar potential.

Turning to the first quarter, we anticipate net revenues of approximately $14.7 billion.

And we expect continued double-digit revenue growth from our leading migraine products, which are also trending significantly above our long-term expectations.

We anticipate total sales growth of 9.5%, reflecting another year of robust sales results despite headwinds from continued Humira erosion and Imbruvica IRA pricing.

Given the strong outlook of our diverse portfolio, we are well-positioned to deliver high single-digit revenue growth through 2029.

In line with our previous expectations after including the roughly 6% unfavorable impact of acquired IPR&D expense incurred through the third quarter, we now forecast our non-GAAP tax rate to be approximately 17.3%, also reflecting the impact of acquired IPR&D.

Turning to our financial outlook, we are raising our full-year adjusted earnings per share guidance to between $10.61 and $10.65.

We expect adjusted earnings per share between $3.32 and $3.36.

Moving to the P&L for full year 2025, we continue to expect adjusted gross margin of 84% of sales, adjusted R&D expense of $9 billion, and adjusted SG&A expense of $13.5 billion.

We also remain on track to achieve a net leverage ratio of 2x by the end of 2026.

We now anticipate an adjusted operating margin ratio of approximately 41% of sales.

Moving to the P&L for full year 2025, we continue to expect adjusted gross margin of 84% of sales, adjusted R&D expense of $9 billion, and adjusted SG&A expense of $13.5 billion.

Aesthetics total sales of $4.9 billion, a decrease of $200 million, reflecting greater than expected market softness globally, with the remaining $200 million increase reflecting the collective momentum from RINVOQ and several other products across our diverse portfolio.

Neuroscience global revenues of $10.7 billion, an increase of $200 million, reflecting continued strength across VRAYLAR, BOTOX Therapeutic, VYALEV, and the total oral CGRP portfolio.

This updated forecast primarily reflects SKYRIZI global sales of $17.3 billion, an increase of $200 million with continued share gains in psoriasis and IBD.

We now expect total net revenues of approximately $60.9 billion, an increase of $400 million.

Turning to the fourth quarter, we anticipate net revenues of more than $16.3 billion.

Moving to the P&L for full year 2025, we continue to expect adjusted gross margin of 84% of sales, adjusted R&D expense of $9 billion, and adjusted SG&A expense of $13.5 billion.