AbbVie (ABBV) Stock Forecast & Price Target

AbbVie is supported by a durable growth engine led by immunology, where Skyrizi and Rinvoq are driving strong execution and sales growth, with 3Q 2026 revenues of $17.404Bn and EPS of $3.82 both above expectations. Its outlook is further strengthened by a clean patent runway to 2035+, no meaningful near-term LOEs, and a broadened portfolio from the 2020 Allergan deal plus the 2024 Cerevel and ImmunoGen acquisitions and the 2026 Apogee addition. The company also appears underappreciated relative to its predictable double-digit EPS growth, strong cash generation, and 3% dividend, while an improving pipeline in neuroscience and oncology adds optionality beyond the core franchises.

AbbVie is facing a deteriorating fundamental backdrop as base business growth weakens faster than expected, with operating margins pressured and EPS growth slowing while the valuation multiple can contract toward 15x or 13x in a downside case. Increasing competition in immunology threatens Skyrizi and Rinvoq, while patent challenges, negative pipeline readouts, and approval delays could further impair confidence in the company’s Humira-to-next-generation transition. Beyond growth, pharmaceutical pricing pressure, single-source supply-chain risk, product liability exposure, and the $3.7 billion in upfront acquisition charges in nine months of 2025 all raise execution and governance risk.