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AbbVie reported record 2025 results, with total net revenues of $61.2 billion and adjusted EPS of $10.54, both ahead of expectations. Management said sales grew 8.6% even as Humira continued to face erosion.
The company emphasized long-term pipeline and business-development momentum, saying it has nearly 90 clinical programs in development and invested more than $5 billion in external innovation last year. Priority areas include immunology, neuroscience, oncology and obesity.
Shareholders approved directors and executive pay but rejected two governance proposals, including a plan to eliminate supermajority voting and a call for an independent board chair. AbbVie also highlighted its U.S. government agreement, which includes Medicaid pricing concessions and a commitment to $100 billion in U.S. R&D and capital investments over the next decade.
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AbbVie (NYSE:ABBV) told shareholders at its annual meeting that 2025 was “another excellent year” for the company, citing record sales, stronger-than-expected revenue and continued investment in its drug pipeline and business development.
Rob Michael, AbbVie’s chairman and chief executive officer, said the company delivered total net revenues of $61.2 billion, exceeding its initial expectations by more than $2 billion. Adjusted earnings per share were $10.54, above the company’s initial guidance midpoint excluding the impact of in-process research and development expense.
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Michael said AbbVie’s sales growth of 8.6% drove an all-time high for revenue, surpassing the company’s previous peak by more than $3 billion despite nearly $16 billion of U.S. Humira erosion since loss of exclusivity.
“This has also fueled a substantial increase in our adjusted R&D investment, fully funding approximately 90 clinical programs currently in development,” Michael said.
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AbbVie said proxies representing more than 87% of shares entitled to vote were received, establishing a quorum for the meeting. The company presented five business items: the election of Class II directors, ratification of Ernst & Young as auditor, an advisory vote on executive compensation, a management proposal to eliminate supermajority voting and a shareholder proposal seeking an independent board chair.
Perry Siatis, executive vice president, general counsel and secretary, said preliminary results showed that the director nominees were elected, Ernst & Young’s appointment was ratified and the advisory vote on executive compensation passed.
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The management proposal to eliminate supermajority voting did not receive the required vote to approve the amendment. A shareholder proposal calling for an independent board chair was also not approved. AbbVie said final detailed voting results will be available in an upcoming Form 8-K filing.
During the meeting, Lydia Kuykendall, representing Mercy Investment Services and co-filers, argued in favor of requiring an independent board chair. She said pharmaceutical companies face significant legal and regulatory risks and that separating the CEO and chair roles would “eliminate structural conflicts of interest.” Siatis said AbbVie’s board opposed the proposal for the reasons stated in the company’s proxy statement.
In response to a shareholder question, Michael said AbbVie’s business development efforts have focused on earlier-stage assets that could drive growth in the next decade and beyond, given what he described as a clear growth path into the 2030s from the company’s on-market portfolio and emerging pipeline.
Michael said AbbVie invested more than $5 billion in business development last year. He highlighted several assets and technologies, including an in vivo CAR T platform in immunology from Capstan Therapeutics, bretisilocin for depression, ISB-2001 for multiple myeloma, ABBV-295 for obesity and a next-generation siRNA platform from Arrowhead Pharmaceuticals.
He said AbbVie has “ample financial capacity” to acquire additional external innovation, with a focus on immunology, neuroscience, oncology and obesity.
Siatis also addressed AbbVie’s voluntary agreement with the U.S. government, saying it is intended to advance access and affordability while preserving investment in pharmaceutical innovation.
He said key elements of the three-year agreement include offering low prices for Medicaid, expanding direct-to-patient cash-pay options for Alphagan, Combigan, Humira and Synthroid, and committing $100 billion in U.S. research and development and capital investments over the next decade.
Siatis said AbbVie has already announced more than $2.2 billion in manufacturing investments, including a plant in Durham, North Carolina; plans for three new manufacturing facilities in North Chicago, Illinois; an intention to acquire a manufacturing facility in Tempe, Arizona; and an expansion in Worcester, Massachusetts.
He said the agreement resulted in protection from pharmaceutical tariffs and future pricing mandates, including Most Favored Nation demonstration projects in U.S. government channels, while noting that specific terms are confidential.
Scott Reents, executive vice president and chief financial officer, said AbbVie continues to generate substantial free cash flow to support its capital allocation priorities, including internal R&D, business development, a growing dividend and maintenance of an investment-grade credit rating.
Reents said AbbVie increased its quarterly dividend by 5.5% in 2026 to $1.73 per share beginning with the February payable dividend. Since AbbVie’s inception, he said, the quarterly dividend has increased by more than 330%. He added that while the company expects strong dividend growth going forward, it does not expect the dividend to grow at the same rate as earnings.
Michael also outlined recent pipeline progress, including approvals for Rinvoq in giant cell arteritis, Emrelis in non-squamous non-small cell lung cancer and Epkinly in second-line follicular lymphoma. He cited U.S. regulatory submissions for Rinvoq in alopecia areata and subcutaneous induction for Skyrizi in Crohn’s disease.
Other pipeline highlights included interim data from a Crohn’s platform study combining Skyrizi with AbbVie’s alpha-4 beta-7 program, early-stage obesity data for ABBV-295 and a planned regulatory submission for etentamig by the end of the year. Michael also noted the addition of a PD-1/VEGF bispecific antibody from RemeGen.
Michael closed the meeting by thanking shareholders for their confidence in AbbVie and support for the company’s mission.
AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.
AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.
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The article "AbbVie Touts Record Sales and Pipeline Momentum at Annual Meeting" was originally published by MarketBeat.
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