AbbVie Inc.

AbbVie Inc. is an American global biopharmaceutical company that discovers, develops, manufactures, and commercializes therapies in immunology, neuroscience, oncology, and aesthetics, generating $61.2 billion in revenue in fiscal 2025. The company was spun out of Abbott Laboratories in 2013, acquired Allergan in 2020 in a $63 billion transaction that reshaped its portfolio, and has since executed what may be the most consequential patent-cliff rotation in the industry's recent history: replacing more than $16 billion of annual Humira revenue lost to US biosimilars with two of the fastest-ramping immunology drugs ever launched.

This is a story about whether that rotation has further to run. Skyrizi and Rinvoq have already surpassed peak Humira sales by more than $4.5 billion, and the company guided to roughly $32 billion combined in 2026 ($21.6 billion Skyrizi plus $10.2 billion Rinvoq) — $500 million above the 2027 target it set years earlier. The question is not whether AbbVie survived the Humira cliff. It did. The question is whether the portfolio that replaced Humira can itself sustain double-digit growth into the next decade, and whether the pipeline behind it — combination therapies in immunology, an emerging neuroscience franchise, an unproven oncology platform — is deep enough to make the stock something other than a countdown to the next LOE cycle.

The file turns on one debate: is AbbVie a franchise with genuine multi-decade staying power across multiple therapeutic areas, or is it a well-executed immunology duopoly whose growth will naturally decelerate as the easy share gains are captured and competition intensifies?