ABBV Analysis: AbbVie's Post-Humira Reinvention — How Rinvoq and Skyrizi Are Rewriting the Growth Story
AbbVie Inc. (NYSE: ABBV) trades at $224.81 with a market capitalization of $397 billion, making it one of the largest pharmaceutical companies in the world. The stock sits just 8% below its 52-week high of $244.81, reflecting investor confidence in the company's ability to navigate one of the most closely watched patent cliffs in biopharma history — the loss of Humira exclusivity. The numbers tell a compelling story. Full-year 2025 revenue reached $61.2 billion across four quarters that showed accelerating momentum: from $13.3 billion in Q1 to $16.6 billion in Q4. That sequential ramp wasn't an accident — it was the payoff from AbbVie's multi-year bet on its immunology successors, Rinvoq and Skyrizi, which have not only absorbed the Humira erosion but are now driving the company to new revenue heights. With a trailing P/E of 95x that looks alarming at first glance but masks significant acquisition-related amortization, a dividend yield of 0.72%, and a fresh FDA approval for its VENCLEXTA combination therapy in oncology, AbbVie presents a complex analytical picture. The question for investors isn't whether AbbVie survived the Humira cliff — it clearly has — but whether the current valuation already prices in the next phase of growth.