Shares of AbbVie (ABBV) lost ~7% on Wednesday after the Chicago-based pharma giant posted better-than-expected Q4 2025 results, which, according to BNP Paribas, were driven by its older blockbuster Humira and not Rinvoq, one of its newer immunology drugs.
The results come as the company relies on Rinvoq and its sister drug Skyrizi to offset the impact of low-cost generics targeting Humira, which flooded the U.S. market after the arthritis drug lost its market exclusivity in 2023.
However, the former bestseller added $1.2B to AbbVie’s (ABBV) topline in Q4, well ahead of the $993.8M projected by analysts, according to Bloomberg data. Meanwhile, Rinvoq and Skyrizi generated $2.37B and $5.00B in net revenue compared to $2.38B and $4.9B in the consensus.
“We expect a negative stock reaction for ABBV upon market open despite the slight beat that was unusually driven by a large beat in US Humira,” read a research note from Navann Ty, senior analyst at BNP Paribas Equity Research.
“The usual AbbVie’s ‘beaters’ and growth drivers reported marginally lower (Rinvoq) to slightly better (Skyrizi) revenues,” the analyst added, reaffirming her Neutral rating on the stock.
BMO Markets analyst Evan Seigerman agreed, noting that investors might view ABBV’s Q4 report as “somewhat lower quality,” as it was led by better-than-expected sales for Humira, which, however, indicated a ~26% YoY drop during the quarter.
According to William Blair analyst Matt Phipps, the results marked the second consecutive quarter in which “Rinvoq has not beat consensus, and Skyrizi has only had a slight beat.”