AbbVie Raises 2026 Outlook as Botox Sales Rebound
Pharmaceutical giant beats quarterly earnings with 13% growth in aesthetic treatments
AbbVie lifted its 2026 earnings forecast after the pharmaceutical giant reported better-than-expected quarterly results, powered by a resurgence in Botox sales that offset continued pressure from patent expirations on its flagship Humira treatment.
The company raised its adjusted earnings per share guidance to $14.37 to $14.57 for 2026, above the $14.32 analyst consensus, as it delivered record net sales in just the second full year following the US loss of exclusivity for Humira, the world's best-selling drug. Shares of AbbVie rose 0.9% in pre-market trading to $225.66.
Fourth-quarter adjusted earnings reached $2.71 per share, beating analyst estimates of $2.65, while revenue climbed to $16.62 billion, exceeding the $16.39 billion forecast. The results represent a 10% revenue increase on a reported basis from the same period last year.
The standout performer was Botox Therapeutic, with global sales jumping 13.4% to $990 million in the quarter. For the full year 2025, Botox Therapeutic revenue reached $3.77 billion, demonstrating the aesthetic treatment's resilience as consumers return to non-essential healthcare procedures.
Robert A. Michael, chairman and chief executive officer, hailed the performance as evidence of AbbVie's successful pivot beyond Humira. "2025 was another outstanding year for AbbVie," Michael said in a statement. "We delivered record net sales in just the second full year following the US Humira loss of exclusivity, underscoring the strength of our diversified growth platform."
The strong Botox performance is particularly significant as AbbVie navigates the competitive biosimilar market for Humira, which has faced intensifying generic competition since its US patent expired in 2023. The company has been working to diversify its portfolio across immunology, oncology, and neuroscience, with acquisitions including the $63 billion purchase of Allergan in 2020 that brought Botox into its stable.
Full-year 2025 revenue grew 8.6% to $61.16 billion, demonstrating that AbbVie's growth strategy is gaining traction despite the Humira headwinds. The company's adjusted earnings per share for 2025 were not disclosed in the preliminary release.
Analysts have maintained a positive outlook on AbbVie, with 19 of the 29 analysts covering the stock rating it a buy or strong buy, according to market data. The consensus price target stands at $243.35, suggesting potential upside of nearly 8% from current levels. No analysts currently recommend selling the stock.
AbbVie's forward price-to-earnings ratio of 15.7 reflects investor confidence in its ability to sustain growth, particularly as the Botox franchise continues to expand both therapeutically and aesthetically. The company's strong cash flow has also supported its dividend, which yields 2.94% at current levels.
Looking ahead, Michael said the company expects "another year of robust growth in 2026," driven by what he described as "strong fundamentals" and continued investment in innovation. The 2026 guidance excludes potential unfavorable impacts from acquired research and development expenses and milestone payments, suggesting the actual earnings could come in even higher if AbbVie manages these costs effectively.
The Botox rebound also signals broader strength in the medical aesthetics market, which has recovered from pandemic-related disruptions as consumers prioritize discretionary healthcare spending. AbbVie's aesthetic portfolio, which includes Juvederm and other treatments, positions the company to benefit from this secular trend.
Investors will be watching closely for updates on AbbVie's pipeline progress, particularly in oncology and neuroscience, as the company seeks to build on its current momentum. The next major catalyst could come from regulatory approvals or late-stage clinical trial readouts from its development programs, which management highlighted as a key focus area for 2026.