AbbVie (ABBV) Stock Forecast & Price Target

AbbVie is attractive fundamentally because its core immunology franchise remains highly durable and still underpenetrated, with Skyrizi and Rinvoq delivering strong script growth while offsetting the mature decline of Humira and supporting the view that there is no meaningful LOE pressure this decade. Its outlook is further strengthened by diversification from the 2020 Allergan acquisition and the 2024 acquisitions of Cerevel and ImmunoGen, which broaden exposure to aesthetics, neuroscience, and oncology while adding incremental growth avenues such as the next-generation FRα-directed ADC IMGN151 and other pipeline catalysts. Financially, the company’s combination of strong cash generation, top-tier EPS growth expectations around c.17%, and a roughly 3% dividend suggests a resilient, high-quality business that can absorb pricing pressure and competition better than the market seems to appreciate.

AbbVie is viewed negatively because its core growth engine remains vulnerable to persistent U.S. pricing pressure, with continued IRA headwinds expected to drive a 20% year-over-year decline in net pricing for Imbruvica alongside a 14% decline in treatment scripts, while management itself has reiterated full-year guidance of low single-digit price headwinds across the portfolio. Although Skyrizi shows strong momentum with 2Q26 revenue estimated at $5.57 billion versus consensus of $5.42 billion and treatment script growth of 30% year over year, the company still faces a heavy dependence on immunology and legacy brands, leaving it exposed to competition and the continuing erosion of Humira-era economics. The Allergan, Cerevel, and ImmunoGen acquisitions broadened the mix into aesthetics, neuroscience, and oncology, but they also underscore a capital-intensive effort to offset portfolio concentration and legal or reputational risks, including the January 2025 Humira rebating class action, rather than evidence of a clean, durable fundamental inflection.