AbbVie Beats Again on Skyrizi, Rinvoq and Neuroscience and Signals Bolt-Ons, Not Another Allergan
- Third-quarter sales and earnings beat consensus and full-year EPS guidance was raised; Skyrizi and Rinvoq more than offset the Humira decline, and Skyrizi's full-year projection was lifted for the third time this year.
- Neuroscience was the quarter's standout, growing close to 20%, led by Vraylar, Vyalev, Qulipta and Ubrelvy. Aesthetics was soft.
- The CEO prefers bolt-on acquisitions to a transformational deal, saying the portfolio is already broad; net debt is around $60 billion.
💡 Points Based on public reports
The Humira cliff is now a solved problem, which frees AbbVie to be selective. Bolt-ons in neuroscience and immunology fit that. The weak aesthetics line is the one to watch: it is the highest-margin consumer-facing franchise, and its softness is the main reason a diversifying deal could come back onto the table.
AbbVie's Q3 beat should keep 'train rolling' as company eyes bolt-on deals ↗