AbbVie Inc.

AbbVie Inc. is an American research-based biopharmaceutical company that discovers, develops, manufactures and commercialises branded medicines, principally in immunology, neuroscience, oncology, eye care and medical aesthetics, and it generated $61.2 billion of net revenues in 2025. It runs as a single global business segment, sells into more than 70 countries, and employs roughly 57,000 people from a base in North Chicago, Illinois.

This is the story of a company that has just finished absorbing the largest patent cliff in pharmaceutical history and is now asking the market to believe it can survive a second one. Humira, which produced $14.4 billion as recently as 2023, fell to $4.5 billion in 2025 as biosimilars dismantled its US franchise; the replacement pair, Skyrizi and Rinvoq, reached $25.9 billion between them the same year and were still compounding at a rate above 40%. The question a buyer has to answer is not whether the Humira handoff worked — it plainly did — but what comes after the replacements.

The file turns on whether Skyrizi and Rinvoq can be defended and their successors built before their own US composition-of-matter patents lapse in 2033, and whether a roughly $433 billion market capitalisation — about 69 times trailing GAAP earnings but only about 17.5 times guided 2026 adjusted earnings — is the right price for that bet.