AbbVie Nears Record Highs: Have Its Post-Humira Growth Engines Taken Over?

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Bitget2026/09/16 04:58

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AbbVie Nears Record Highs: Have Its Post-Humira Growth Engines Taken Over? image 0

AbbVie (NYSE: ABBV) has recently re-emerged as one of the stronger names among large-cap pharmaceutical stocks. On September 14, the stock gained 1.81% to close at $261.77, marking its fourth consecutive higher close and leaving it just around 2% below its late-July 52-week high of $267.47.

What stands out is that this strength has come during a relatively weaker broader market backdrop, suggesting that investors are paying more attention to AbbVie’s company-specific fundamentals. Positive clinical updates for Qulipta and etentamig have also reinforced expectations for the company’s medium- and long-term pipeline.

Humira Is Still Declining, but the Transition Has Already Happened

For years, the biggest investment debate around AbbVie centered on Humira. As biosimilar competition intensified, revenue from the former blockbuster continued to decline sharply. In the second quarter of 2026, Humira sales fell 35.9% year over year to just $756 million.

However, AbbVie’s overall business has already moved well beyond its dependence on Humira. Total revenue in the second quarter reached $16.99 billion, up 10.2% year over year. Skyrizi generated $5.505 billion in sales, rising 24.4%, while Rinvoq delivered $2.525 billion, up 24.5%. Together, the two immunology drugs contributed more than $8 billion in quarterly revenue, far exceeding Humira’s current contribution.

This marks the key shift in ABBV’s valuation narrative. Investor attention is gradually moving away from how quickly Humira sales are falling and toward how large the next-generation immunology platform built around Skyrizi and Rinvoq can become. Humira’s patent cliff is still visible in the financial statements, but its drag on overall growth is increasingly being absorbed by newer products.

Neuroscience and Oncology Are Adding a Second Layer of Growth

Beyond immunology, AbbVie is also expanding its growth base. The neuroscience segment generated $3.228 billion in second-quarter revenue, up 20.3% year over year, with Vraylar, Botox Therapeutic, Ubrelvy and Qulipta all contributing to the division’s momentum.

On September 10, AbbVie reported positive late-stage data for Qulipta, or atogepant. The drug met its primary endpoint in a study focused on menstrual-related migraine and also showed favorable results across several secondary measures, including functional impairment, cognitive performance and the use of acute migraine medication. The data could support further expansion of the product’s addressable market.

At the same time, AbbVie’s blood cancer candidate etentamig also met its primary objectives in a late-stage multiple myeloma trial. The therapy achieved an objective response rate of 74%, compared with 45.7% in the control group, while reducing the risk of disease progression or death by 60%. If commercialization progresses successfully, etentamig could provide a new growth pillar for AbbVie’s currently weaker oncology business.

AbbVie Is Still Building for the Next Decade

AbbVie is also accelerating its use of external assets to strengthen its pipeline. On September 3, the company completed its acquisition of Apogee Therapeutics in a transaction valued at approximately $10.9 billion in equity value.

Apogee’s key assets include the late-stage atopic dermatitis candidate zumilokibart and APG273, which is being developed for asthma. The acquisition further strengthens AbbVie’s already dominant position in immunology while adding additional potential growth drivers for the years ahead.

The strategy is clear: AbbVie is relying on Skyrizi and Rinvoq to sustain current growth while simultaneously adding new assets in neuroscience, oncology and immunology to support the next phase of expansion.

The risks, however, remain important. Skyrizi and Rinvoq now account for an increasingly large share of AbbVie’s growth profile, meaning any slowdown in either product could quickly pressure the stock’s valuation. In addition, AbbVie’s oncology revenue still declined 1.5% year over year in the second quarter, while aesthetics revenue rose only 0.3%, highlighting the uneven growth profile across the company’s business segments.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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