AbbVie 3Q26 Preview: Anticipating a Largely In-Line Quarter, Focus Increasingly Shifting to Pipeline

Heading into ABBV's 3Q results (Oct 30), we are in line with the Street for the qtr and see modest upside for the full-year with strong growth driven by Skyrizi, Rinvoq, and the neuroscience portfolio. And beyond the qtr, the focus of the ABBV story is increasingly shifting to the pipeline, which we believe can drive shares higher and provide upside to longer term ests. Overall, we continue to see ABBV as well positioned with top tier growth (HSD top line / LDD bottom line) and no major LOEs for the foreseeable future, a progressing pipeline (Skyrizi + A4B7, IL13/TSLP assets from Apogee and a number of additional mid-stage assets) and ongoing BD optionality. And with shares trading at ~16x 2027E EPS, we continue to see an attractive buying opportunity. We establish our Dec-27 Price Target of $300.