Earnings Call Intelligence Subscribe
Home › Call Sheets › ABBV › Q4'25
Call sheet · Q4'25

AbbVie (ABBV)

Q4'25 earnings call · held February 4, 2026 · compared with the Q3'25 call · management-credibility review
11/12
Disclosure score
3 medium, 4 low flags
Financial quality
Bottom line
The sleeper story is VYALEV's blockbuster trajectory - hitting $1B in 2026 vs prior 'peak' guidance, with management now talking about a $5B+ Parkinson's franchise nobody's modeling. The SKYRIZI/RINVOQ headline is impressive ($31B+ already beating 2027 targets) but masks a quiet shift to a net pricing world with 'low single-digit headwinds continuing multi-year.' The binding constraint isn't demand - it's pricing power sustainability in an increasingly commoditized biologic market. Robert's most revealing quote: 'We have plenty of capacity to invest in both internal and external innovation to drive very strong long-term growth.' Translation: they're spending their way out of pricing pressure. My view changes if VYALEV's Q1 sequential growth decelerates below 20% or if IBD capture rates show material TREMFYA impact.

The 30-second version

  • The sleeper story: VYALEV's blockbuster trajectory exposes a $5+ billion Parkinson's franchise nobody's pricing in
  • SKYRIZI/RINVOQ momentum masks a quiet pricing reality check
  • The Trump deal's 'future pricing mandate exemption' is more significant than the tariff headlines

What changed this quarter

MetricQ3'25Q4'25Change
Total Net Revenues$15.8B (+8.4% YoY)$16.6B (+10% YoY)+150 bps acceleration
Adjusted EPS$1.86$2.71+$0.85 Q/Q
SKYRIZI Global Sales$4.7B (+46% YoY)$5.0B (+31.9% YoY)1,420 bps deceleration but still robust
RINVOQ Global Sales$2.2B (+34.1% YoY)$2.4B (+28.6% YoY)550 bps deceleration
Combined SKYRIZI/RINVOQ$6.9B$7.4B+$500M sequential
VYALEV Sequential Growth$138M (+40% Q/Q)$183M (+33% Q/Q)Sustained 30%+ sequential momentum
HUMIRA Global Sales$993M (-55.7% YoY)$1.2B (-26.1% YoY)2,960 bps erosion improvement
Neuroscience Total Revenue$2.8B (+19.6% YoY)$2.9B (+17.3% YoY)230 bps deceleration but double-digit
Operating Cash Flow$13B (9 months)Not disclosed for Q4Disclosure gap
Free Cash Flow GuidanceNot provided$18.5B for 2026New disclosure

Accountability tracked

8 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full ABBV Q4'25 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.