The main objective is to assess the feasibility of treatment by injecting botulinum toxin A into the hand or foot of patients with signs of critical ischemia secondary to Buerger's disease. The injection of botulinum toxin A is carried out at the end of a single session during an hospitalization. Furthermore, tolerance and effects on the disease are evaluated at 1, 3 and 6 months post injections.

开始日期2027-01-01

申办/合作机构

Toulouse University Hospital

NCT07470164

/ Not yet recruiting临床3期IIT

A Randomized Trial of Botulinum Toxin A vs Strabismus Surgery for Esotropia >10 to ≤30PD

Childhood esotropia (ET) is a common cause of visual disability, and its early management is critical for optimal visual and developmental outcomes.
The proposed study addresses a need to evaluate botulinum toxin A (BTX-A) as a less invasive, cost-effective alternative to incisional strabismus surgery. If BTX-A is demonstrated to be non-inferior to incisional strabismus surgery in treating ET >10 to ≤30PD, this could reduce surgical and anesthesia-related risks in infants, lower the economic burden on families and healthcare systems, and reduce disparities in access to care, particularly in underserved settings where surgical resources are limited.

开始日期2027-01-01

申办/合作机构

Jaeb Center For Health Research Foundation, Inc.

[+1]

NCT07796490

/ Not yet recruiting临床1/2期IIT

A Pilot Randomized, Single Blind, Placebo Controlled Study of Neoadjuvant Intraprostatic OnabotulinumtoxinA Prior to Radical Prostatectomy in Patients With High Risk Localized Prostate Cancer

This pilot randomized, single-blind, placebo-controlled study evaluates the feasibility, safety, and preliminary biological activity of neoadjuvant intraprostatic onabotulinumtoxinA (BOTOX®) administered before radical prostatectomy in men with high-risk localized prostate cancer. Thirty participants will be randomized 1:1 to receive a single transrectal ultrasound-guided intraprostatic injection of onabotulinumtoxinA (50 units) or placebo 6 to 8 weeks before surgery. Outcomes include feasibility metrics, safety, adverse events, pathological findings at prostatectomy, and postoperative prostate-specific antigen (PSA) levels

开始日期2026-11-01

申办/合作机构

The Methodist Hospital Research Institute

100 项与 A型肉毒毒素相关的临床结果

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100 项与 A型肉毒毒素相关的转化医学

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100 项与 A型肉毒毒素相关的专利（医药）

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4,663

项与 A型肉毒毒素相关的文献（医药）

2027-03-01·Value in Health Regional Issues

Botulinum Toxin Type A for the Treatment of Focal Spasticity in Children With Cerebral Palsy in Thailand: A Cost-Utility and Budget Impact Analysis

Article

作者: Kumthornthip, Witsanu ; Srinonprasert, Varalak ; Chueluecha, Chuenchom ; Leelahavarong, Pattara ; Prawjaeng, Juthamas ; Ploypetch, Teerada ; Lomaninoparat, Ratcha ; Jintakul, Nawarat ; Wathanadilokul, Ubonwon ; Hadnorntun, Phorntida

OBJECTIVES:

Cerebral palsy (CP) causes lifelong functional impairment and societal burden. In Thailand, botulinum toxin type A (BoNT-A) is not reimbursed for CP-related focal spasticity. This study evaluated the cost-utility and budget impact of adding abobotulinumtoxinA (aboBoNT-A) or onabotulinumtoxinA (onaBoNT-A) to standard care (SoC) versus SoC alone.

METHODS:

A Markov model (societal perspective; lifetime horizon; 3% annual discount) was used to estimate costs and outcomes for SoC+aboBoNT-A and SoC+onaBoNT-A compared with SoC. Direct medical and nonmedical costs, utility, and transitional probabilities were collected from tertiary hospitals. Treatment efficacies were derived from a network meta-analysis. Deterministic and probabilistic sensitivity analyses were conducted. Lifetime cost, life-years, quality-adjusted life-years (QALYs), and an incremental cost-effectiveness ratio were estimated and assessed against a Thai threshold of 160 000 (US $4468) THB per QALY. A budget impact analysis was conducted using epidemiological estimates and projected uptake rates (30% in year 1, 50% in year 2, and up to 100% thereafter; alternative scenario: 80% from year 3 onward).

RESULTS:

SoC + aboBoNT-A and SoC + onaBoNT-A elicited 0.0033 and 0.0026 QALYs gained with additional costs of US $20 and US $29, yielding incremental cost-effectiveness ratios of US $6003 and US $11 147 per QALY, respectively. Results were most sensitive to direct nonmedical costs among nonresponders. The 5-year budget impact was US $228 961 to $284 805, with similar estimates under conservative uptake.

CONCLUSION:

Neither SoC + BoNT-A therapy was cost-effective, although both improved spasticity-related quality of life. A 14% price reduction for aboBoNT-A could improve cost-effectiveness. The projected 5-year budget impact was modest across uptake scenarios.

2026-12-01·JOURNAL OF COLLOID AND INTERFACE SCIENCE

Hollow tannic acid-etched zeolitic imidazolate frameworks with proposed ångström-scale ion trapping for anti-corrosive coatings

Article

作者: Dam-Johansen, Kim ; Ghaderi, Mohammad ; Bi, Huichao

Zeolitic imidazolate framework-8 (ZIF-8) holds great promise as a corrosion inhibitor carrier owing to its high specific surface area; however, its 3.4 Å aperture restricts the diffusion of inhibitors into the 11.6 Å cavities. Herein, ZIF-8 was etched into a hollow structure (hZIF-8) using tannic acid (TA), leading to phenolate-rich, hydrophilic functional shell and enlarged pore sizes. When incorporated into epoxy (EP) coatings, hZIF-8 proposed to introduce an ångström-scale ion-trapping mechanism. The hydrated radii of Cl^- and Na⁺ exceed the pore window, necessitating partial dehydration, which is followed by rehydration inside the confined cavity, and a second dehydration step to exit. This dehydration-rehydration loop, combined with electrostatic Cl^- repulsion, partial Na⁺ trapping, and ultra-tortuous diffusion pathways for ions within the cavities, enhances the corrosion resistance of EP coatings. Further grafting of benzotriazole onto hZIF-8 (BTA@hZIF-8) provides active inhibition properties while providing chloride trapping and/or barrier ability. Incorporation of the synthesized pigments into EP coatings resulted in high impedance at low frequency (|Z|_{0.01 Hz}) of ∼8 × 10¹⁰ and ∼ 10¹¹ Ω.cm² for hZIF-8/EP and BTA@hZIF-8/EP coatings after 245 days of immersion in salt media, which is two and three orders of magnitude higher than the blank EP coatings.

2026-11-01·CLINICAL ANATOMY

A Novel Patient‐Specific Landmark‐Guided Approach for Intramuscular Botulinum Neurotoxin Injections Into the Rotator Cuff: A Cadaveric Study

Article

作者: Kang, Niel ; Lee, David Kwan Ryung ; Duru, Dave Osinachukwu ; Brassett, Cecilia ; Chaudhury, Salma ; Jarvis, Gavin E.

ABSTRACT:

Myofascial pain syndrome (MFPS) causes chronic shoulder pain. Supraspinatus and infraspinatus, rotator cuff muscles innervated by the suprascapular nerve, are commonly affected. Intramuscular botulinum neurotoxin (BoNT) injections near motor points (i.e. , visible nerve branch entry sites used as a proxy for motor endplates) are an effective treatment for such pain. However, current techniques limit accessibility. This study aimed to develop a patient‐specific, landmark‐guided technique for BoNT delivery into supraspinatus and infraspinatus using scapular dimensions. Ten pairs of cadaveric shoulders ( n = 20) were dissected to identify supraspinatus and infraspinatus motor points. Distances from scapular landmarks to these motor points were measured in two axes. These distances were correlated with scapular dimensions (height, spine length, width) using linear regression. Patient‐specific predictive formulae were derived. For validation, landmark‐guided methylene blue dye injections were performed on four additional shoulders using calculated coordinates. For supraspinatus, motor points were predicted using deltoid tubercle and root of the scapular spine ( r = 0.58–0.64, p = 0.0016–0.021). For infraspinatus, root of the scapular spine and lateral acromion were used ( r = 0.46–0.60, p = 0.0054–0.0500). In all validation specimens, injected dye accurately reached the motor points. This study provides a validated, patient‐specific, landmark‐guided technique for BoNT delivery into the rotator cuff, offering an approach for accessible analgesia.

625

项与 A型肉毒毒素相关的新闻（医药）

2026-11-03

·BioSpace

Allergan Aesthetics to Present New Research on Aesthetic Care Following Medical Weight Loss and Evolving Patient Needs at ASDS 2026

– Nine abstracts will be presented, including new data from Phase 4 research examining aesthetic treatment following medical weight loss, with a focus on patient satisfaction and psychosocial outcomes – A digital image analysis evaluating glabellar line severity and brow position following treatment with investigational trenibotulinumtoxinE (trenibotE) and BOTOX ® Cosmetic (onabotulinumtoxinA) will be presented during the Cosmetic Oral Abstract Presentations: Top Ten session – Expert panel to explore shifting consumer expectations, common misconceptions and medical weight loss in aesthetics, drawing on insights from the Allergan Aesthetics "What Consumers Really Want" report IRVINE, Calif. , Nov. 3, 2026 /PRNewswire/ -- Allergan Aesthetics, an AbbVie company (NYSE: ABBV), will present nine abstracts at the 2026 American Society for Dermatologic Surgery (ASDS) Annual Meeting, Nov. 5-8 in San Diego, underscoring the company's continued investment in generating scientific evidence to inform care across multiple aesthetic categories. The presentations include new data from two Phase 4 studies examining aesthetic treatment in patients on glucagon-like peptide-1 ( GLP-1 )-related medications for weight management, with a focus on patient satisfaction and psychosocial outcomes. Additional presentations span multimodal aesthetic treatment across diverse patient populations, neurotoxin innovation, body contouring and skin quality, including exosome research. "Advancing aesthetic medicine starts with understanding patients' evolving needs and generating the scientific evidence to keep pace," said Darin Messina, Ph.D., senior vice president, head of aesthetics research and development, AbbVie. "We continue to build on our extensive body of clinical research, including studies of multimodal treatment approaches, to help providers make informed decisions about using our products to address a range of aesthetic concerns." Two video oral abstract presentations will share new data from Phase 4 studies exploring aesthetic treatment in patients taking GLP-1 -related medications for weight loss, with research examining facial appearance, skin quality, patient satisfaction and psychosocial outcomes: HARMONY IN DIVERSITY: Improved Satisfaction With Aesthetic Appearance and Psychosocial Function Following Multimodal Aesthetic Treatment in a Medical Weight Loss Cohort Satisfaction With Overall Facial Appearance and Psychological Outcomes After Treatment With Hyaluronic Acid Injectables in Patients With Medical Weight Loss "Patients experiencing medical weight loss may have aesthetic concerns that extend beyond changes in facial volume or skin quality," said Joely Kaufman-Janette, M.D., board-certified dermatologist, Skin Research Institute, and study investigator. "By examining patient satisfaction and psychosocial well-being alongside changes in physical appearance, we can gain a more complete picture of their needs and support them with individualized treatment approaches throughout their aesthetic journeys." A digital image analysis of glabellar line severity and brow position following treatment with investigational trenibotE and BOTOX ® Cosmetic will be presented during the Cosmetic Oral Abstract Presentations: Top Ten session at 7:30 a.m. PT on Sunday, Nov. 8. The analysis uses objective digital imaging to add quantitative measures that complement clinician assessment. Similar Clinical Outcomes in Glabellar Line Severity and Brow Position Following TrenibotE and OnabotA Treatment: A Digital Image Analysis (presented by Jean Carruthers, M.D. on behalf of Shannon Humphrey, M.D.) Allergan Aesthetics will also host The Aesthetics Evolution: Inside the Changing Consumer Landscape expert panel at 12:30 p.m. PT on Thursday, Nov. 5, in the Special Events Room. Drawing on insights from the company's "What Consumers Really Want" report, the panel will examine shifting consumer expectations, common misconceptions and medical weight loss in aesthetics. Tiffany Libby, M.D., will moderate the panel, featuring Anthony Rossi, M.D.; Joely Kaufman-Janette, M.D.; and Vince Bertucci, M.D. Other presentations from Allergan Aesthetics highlight new data on multimodal aesthetic treatment of the face and neck across a diverse patient population, including patient-reported satisfaction and psychosocial outcomes; the use of a topical cosmetic human fibroblast-derived exosome serum to support skin quality, both as part of a daily skincare regimen and alongside in-office procedures such as radiofrequency microneedling, non-ablative laser and diamond tip microdermabrasion; and how treatment sequence may influence outcomes and patient experience when combining cryolipolysis and electromagnetic muscle stimulation for abdominal body contouring. A full list of Allergan Aesthetics' presentations is below. Title Authors Format Medical Weight Loss Satisfaction With Overall Facial Appearance and Psychological Outcomes After Treatment With Hyaluronic Acid Injectables in Patients With Medical Weight Loss Sabrina Fabi, M.D.; Jeremy B. Green, M.D.; Katherine Zibilich Holcomb, M.D.; Kian Karimi, M.D.; Sarah Jackson, M.D.; Julie Garcia; Hongsuk Song; Carinna Kison; Nazanin Ashourian, Ph.D. Video Oral Abstract HARMONY IN DIVERSITY: Improved Satisfaction With Aesthetic Appearance and Psychosocial Function Following Multimodal Aesthetic Treatment in a Medical Weight Loss Cohort Joely Kaufman-Janette, M.D.; Craig Teller, M.D.; Terrence Keaney, M.D.; Amir Moradi, M.D.; Elena Dimitrijevic, Ph.D.; Warren Tong; Nazanin Ashourian, Ph.D.; Lynn Zhang; Amy Weitzenfeld, M.D.; Helena Pavicic; Sachin Shridharani, M.D. Video Oral Abstract TrenibotE (Cosmetic Oral Abstract Presentations: Top Ten) Similar Clinical Outcomes in Glabellar Line Severity and Brow Position Following TrenibotE and OnabotA Treatment: A Digital Image Analysis Shannon Humphrey, M.D.; Jean Carruthers, M.D.; Terrence Keaney, M.D.; Sachin Shridharani, M.D.; Emily McCusker, Ph.D.; Siavash Mortezavi; Maria Musumeci, Ph.D.; Rafael Tuazon; Elena Dimitrijevic, Ph.D. Oral Presentation Multimodal Treatment HARMONY IN DIVERSITY: Positive Impact of Multimodal Aesthetic Treatment of the Face and Neck on Patient-Reported Satisfaction With Appearance and Psychosocial Function Cheryl Burgess, M.D.; Charles Boyd, M.D.; Deirdre Hooper, M.D.; Keith Marcus, M.D.; Nazanin Ashourian, Ph.D.; Warren Tong; Helena Pavicic; Lynn Zhang; Amy Weitzenfeld, M.D.; Elena Dimitrijevic, Ph.D.; Younghoon Cho, M.D. Video Oral Abstract Skincare/Exosomes A Topical Fibroblast-Derived Exosomes Serum Improved Skin Quality Parameters in Premenopausal and Postmenopausal Women: Results From a 12-Week Study Shannon Humphrey, M.D.; Priscilla Huang; Elizabeth Makino; Tsing Cheng, Ph.D.; Nana Thompson, Ph.D.; Prithwiraj Maitra, Ph.D. Video Oral Abstract Efficacy of a Topical Skincare Regimen Including Cosmetic Human Fibroblast-Derived Exosome Serum and Growth Factor Serum: A Multisite Study Edward Lain, M.D.; Priscilla Huang; Elizabeth Makino; Tsing Cheng, Ph.D.; Nancy D. Rodgers, Ph.D.; Prithwiraj Maitra, Ph.D. Video Oral Abstract Topical Cosmetic Human Fibroblast-Derived Exosomes Serum Helps Support Radiofrequency Microneedling or Non-Ablative Laser Treatment Recovery and Rejuvenation Benefits Saami Khalifian, M.D.; Jessica Shisler, Ph.D.; Elizabeth Makino; Priscilla Huang; Tsing Cheng, Ph.D.; Prithwiraj Maitra, Ph.D. Video Oral Abstract Skin Quality Improvements Following Diamond Tip Microdermabrasion With Exosome Serum and Topical Exosome Skincare Before and After Cosmetic Neurotoxin Treatment Amelia Hausauer, M.D.; Lisa T. Goberdhan; Katie Schneider; Arielle Bautista; Tsing Cheng, Ph.D.; Elizabeth Makino Video Oral Abstract Body Contouring Safety and Effectiveness of Two Sequencing Strategies Combining Cryolipolysis and Electromagnetic Muscle Stimulation for Abdominal Body Contouring Amy Taub, M.D.; Elana Block; Christopher Tokarczyk; Agnesa Avanesian, Ph.D. Video Oral Abstract BOTOX ® Cosmetic (onabotulinumtoxinA) Important Information Indications BOTOX ® Cosmetic (onabotulinumtoxinA) is indicated in adult patients for the temporary improvement in the appearance of: - Moderate to severe glabellar lines associated with corrugator and/or procerus muscle activity - Moderate to severe lateral canthal lines associated with orbicularis oculi activity - Moderate to severe forehead lines associated with frontalis activity - Moderate to severe platysma bands associated with platysma muscle activity IMPORTANT SAFETY INFORMATION, INCLUDING BOXED WARNING WARNING: DISTANT SPREAD OF TOXIN EFFECT Postmarketing reports indicate that the effects of BOTOX® Cosmetic and all botulinum toxin products may spread from the area of injection to produce symptoms consistent with botulinum toxin effects. These may include asthenia, generalized muscle weakness, diplopia, ptosis, dysphagia, dysphonia, dysarthria, urinary incontinence, and breathing difficulties. These symptoms have been reported hours to weeks after injection. Swallowing and breathing difficulties can be life threatening and there have been reports of death. The risk of symptoms is probably greatest in children treated for spasticity, but symptoms can also occur in adults treated for spasticity and other conditions, particularly in those patients who have an underlying condition that would predispose them to these symptoms. In unapproved uses and approved indications, cases of spread of effect have been reported at doses comparable to those used to treat cervical dystonia and spasticity and at lower doses. CONTRAINDICATIONS BOTOX ® Cosmetic is contraindicated in the presence of infection at the proposed injection site(s) and in individuals with known hypersensitivity to any botulinum toxin preparation or to any of the components in the formulation. WARNINGS AND PRECAUTIONS Lack of Equivalency Between Botulinum Toxin Products The potency Units of BOTOX ® Cosmetic are specific to the preparation and assay method utilized. BOTOX ® Cosmetic is not equivalent to other preparations of botulinum toxin products, and therefore, Units of biological activity of BOTOX ® Cosmetic cannot be compared to nor converted into Units of any other botulinum toxin products assessed with any other specific assay method. Spread of Toxin Effect Please refer to Boxed Warning for Distant Spread of Toxin Effect. No definitive serious adverse event reports of distant spread of toxin effect associated with dermatologic use of BOTOX ® Cosmetic at the labeled dose of 20 Units (for glabellar lines), 24 Units (for lateral canthal lines), 40 Units (for forehead lines with glabellar lines), 44 Units (for simultaneous treatment of lateral canthal lines and glabellar lines), and 64 Units (for simultaneous treatment of lateral canthal lines, glabellar lines, and forehead lines) have been reported. Patients or caregivers should be advised to seek immediate medical care if swallowing, speech, or respiratory disorders occur. Serious Adverse Reactions With Unapproved Use Serious adverse reactions, including excessive weakness, dysphagia, and aspiration pneumonia, with some adverse reactions associated with fatal outcomes, have been reported in patients who received BOTOX ® injections for unapproved uses. In these cases, the adverse reactions were not necessarily related to distant spread of toxin, but may have resulted from the administration of BOTOX ® to the site of injection and/or adjacent structures. In several of the cases, patients had preexisting dysphagia or other significant disabilities. There is insufficient information to identify factors associated with an increased risk for adverse reactions associated with the unapproved uses of BOTOX ® . The safety and effectiveness of BOTOX ® for unapproved uses have not been established. Hypersensitivity Reactions Serious and/or immediate hypersensitivity reactions have been reported. These reactions include anaphylaxis, serum sickness, urticaria, soft-tissue edema, and dyspnea. If such a reaction occurs, discontinue further injection of BOTOX Cosmetic and immediately institute appropriate medical therapy. One fatal case of anaphylaxis has been reported in which lidocaine was used as the diluent and, consequently, the causal agent cannot be reliably determined. Cardiovascular System There have been reports following administration of BOTOX ® of adverse events involving the cardiovascular system, including arrhythmia and myocardial infarction, some with fatal outcomes. Some of these patients had risk factors, including preexisting cardiovascular disease. Use caution when administering to patients with preexisting cardiovascular disease. Increased Risk of Clinically Significant Effects With Preexisting Neuromuscular Disorders Patients with neuromuscular disorders may be at increased risk of clinically significant effects, including generalized muscle weakness, diplopia, ptosis, dysphonia, dysarthria, severe dysphagia, and respiratory compromise from onabotulinumtoxinA (see Warnings and Precautions ). Monitor individuals with peripheral motor neuropathic diseases, amyotrophic lateral sclerosis or neuromuscular junction disorders (eg, myasthenia gravis or Lambert-Eaton syndrome) when given botulinum toxin. Dysphagia and Breathing Difficulties Treatment with BOTOX ® and other botulinum toxin products can result in swallowing or breathing difficulties. Patients with preexisting swallowing or breathing difficulties may be more susceptible to these complications. In most cases, this is a consequence of weakening of muscles in the area of injection that are involved in breathing or oropharyngeal muscles that control swallowing or breathing (see Boxed Warning ). Preexisting Conditions at the Injection Site Use caution when BOTOX ® Cosmetic treatment is used in the presence of inflammation at the proposed injection site(s) or when excessive weakness or atrophy is present in the target muscle(s). Dry Eye in Patients Treated With BOTOX ® Cosmetic There have been reports of dry eye associated with BOTOX ® Cosmetic injection in or near the orbicularis oculi muscle. If symptoms of dry eye (eg, eye irritation, photophobia, or visual changes) persist, consider referring patients to an ophthalmologist. Human Albumin and Transmission of Viral Diseases This product contains albumin, a derivative of human blood. Based on effective donor screening and product manufacturing processes, it carries a remote risk for transmission of viral diseases and variant Creutzfeldt-Jakob disease (vCJD). There is a theoretical risk for transmission of Creutzfeldt-Jakob disease (CJD), which would also be considered remote. No cases of transmission of viral diseases, CJD, or vCJD have ever been identified for licensed albumin or albumin contained in other licensed products. ADVERSE REACTIONS The most frequently reported adverse reactions following injection of BOTOX ® Cosmetic for glabellar lines were eyelid ptosis (3%), facial pain (1%), facial paresis (1%), and muscular weakness (1%). The most frequently reported adverse reaction following injection of BOTOX ® Cosmetic for lateral canthal lines was eyelid edema (1%). The most frequently reported adverse reactions following injection of BOTOX ® Cosmetic for forehead lines with glabellar lines were headache (9%), brow ptosis (2%), and eyelid ptosis (2%). The safety pro BOTOX ® Cosmetic treatment of platysma bands is consistent with the known safety pro BOTOX ® Cosmetic for other indications. DRUG INTERACTIONS Coadministration of BOTOX ® Cosmetic and aminoglycosides or other agents interfering with neuromuscular transmission (eg, curare-like compounds) should only be performed with caution as the effect of the toxin may be potentiated. Use of anticholinergic drugs after administration of BOTOX ® Cosmetic may potentiate systemic anticholinergic effects. The effect of administering different botulinum neurotoxin products at the same time or within several months of each other is unknown. Excessive neuromuscular weakness may be exacerbated by administration of another botulinum toxin prior to the resolution of the effects of a previously administered botulinum toxin. Excessive weakness may also be exaggerated by administration of a muscle relaxant before or after administration of BOTOX ® Cosmetic. USE IN SPECIFIC POPULATIONS There are no studies or adequate data from postmarketing surveillance on the developmental risk associated with use of BOTOX ® Cosmetic in pregnant women. There are no data on the presence of BOTOX ® Cosmetic in human or animal milk, the effects on the breastfed child, or the effects on milk production. Please see BOTOX ® Cosmetic full Prescribing Information , including Boxed Warning and Medication Guide . About Allergan Aesthetics At Allergan Aesthetics, an AbbVie company, we develop, manufacture, and market a portfolio of leading aesthetics brands and products. Our aesthetics portfolio includes facial injectables, body contouring, plastics, skin care, and more. Our goal is to consistently provide our customers with innovation, education, exceptional service, and a commitment to excellence, all with a personal touch. For more information, visit . About AbbVie AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at . Follow @abbvie on LinkedIn, Facebook , Instagram , X and YouTube. Forward-Looking Statements  Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2025 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law. Media Contact: Tracy Garcia Gale +1 (657) 831-9499 tracy.garciagale@abbvie.com Investor Relations: Liz Shea +1 (847) 935-2211 liz.shea@abbvie.com View original content to download multimedia: SOURCE AbbVie

临床3期

2026-10-31

·财报显影

AbbVie（艾伯维）2026年三季报：Skyrizi与Rinvoq接棒Humira，专利悬崖后的增长成色仍要看

艾伯维（ABBV）基本面与财务研究报告证券代码：ABBV上市市场：NYSE公司中文名：艾伯维最新财报期间：2026-09-30研究截止日：2026-10-31会计口径：美国通用会计准则（GAAP）为法定财务报表主口径；公司调整后指标作为经营趋势辅助口径主要金额单位：除特别注明外，财务金额均为十亿美元；EPS 为美元/股重要时点说明：公司于 2026-10-30 发布 2026Q3 未经审计业绩并向 SEC 提交 8-K，但截至 2026-10-31，2026Q3 Form 10-Q 尚未提交。因此，2026Q3 与 2026 年前三季度的利润表、产品收入和公司调整后指标采用 10 月 30 日正式业绩公告；最新完整资产负债表、经营现金流、营运资本及债务明细采用截至 2026-06-30 的 Form 10-Q。本文不推测尚未正式提交的 Q3 资产负债表和现金流数据。一、结论摘要艾伯维已经完成了 Humira(阿达木单抗)美国独占权到期后的第一阶段业务切换。2021 年 Humira 收入为 206.94 亿美元，占集团收入 36.8%；2025 年降至 45.40 亿美元，但 Skyrizi(利生奇珠单抗)和 Rinvoq(乌帕替尼)合计收入已由 2021 年的 45.90 亿美元增至 2025 年的 258.66 亿美元。2021—2025 年集团收入复合增速只有约 2.1%，但剔除 Humira 后的收入复合增速约 12.4%，说明表面低增长主要反映旧核心药物衰退，而非整个新产品平台失去增长能力。 2026 年增长继续加速。2026Q3 收入 174.04 亿美元，同比增长 10.3%；前三季度收入 493.96 亿美元，同比增长 10.9%。其中免疫学收入 252.41 亿美元，同比增长 15.9%；神经科学收入 94.92 亿美元，同比增长 21.6%。Skyrizi 与 Rinvoq 前三季度合计收入 231.14 亿美元，占集团收入约 46.8%，而 Humira 占比已降至约 4.3%。这证明替代已兑现，但也意味着下一轮产品集中风险正在向 Skyrizi、Rinvoq 迁移。盈利质量需要同时看 GAAP 与调整后口径。2025 年 GAAP 归母净利润仅 42.26 亿美元、GAAP EPS 2.36 美元/股，而公司调整后归母净利润为 177.84 亿美元、调整后 EPS 10.00 美元/股。巨大差异主要来自收购形成的无形资产摊销、或有对价公允价值变动、减值、收购整合项目等。调整后指标更能观察产品组合经营趋势，但不能把所有调整项目都视为“没有经济成本”：2025 年取得中的研发及里程碑支出达到 50.16 亿美元，已经成为公司外部创新模式中的重要经常性资本配置项目。现金流仍然强，但“经营现金流/GAAP净利润”极高并不等于盈利质量异常优秀。2021—2025 年累计自由现金流约 1,039.48 亿美元，累计现金股息约 525.25 亿美元；同期正式股票回购计划实际回购约 52.76 亿美元。现金流对股息具有较好覆盖，但 2024—2025 年自由现金流降至约 178 亿美元附近，股息占自由现金流的比例由 2021 年约 42% 上升至 2025 年约 65%。同时，公司持续进行大额并购和外部研发投资，资本配置的安全边际较过去下降。资产负债表是主要约束。2026-06-30 现金 65.69 亿美元，总债务约 708.22 亿美元，净债务约 642.53 亿美元；流动比率约 0.81。2025 年末商誉与净无形资产合计 882.81 亿美元，占总资产约 65.9%；2026-06-30 仍占约 62.7%。2024 年 emraclidine 资产发生 45 亿美元税前减值，说明通过并购取得的管线资产存在真实的失败和估值下修风险。按近 12 个月公司调整后 EPS 约 12.83 美元计算约 23.0 倍。P/FCF 28.62 倍同样高于样本 75% 分位 21.17 倍。综合判断：艾伯维基本面处于“Humira 悬崖后的再加速期”，核心经营趋势较 2023—2024 年显著改善，免疫和神经科学增长具有实证支持；但当前估值已经提前反映相当一部分增长持续性，安全边际明显低于 2021—2024 年。当前最重要的研究问题不是“公司能否增长”，而是“Skyrizi/Rinvoq 能否在更高基数上继续增长、外部创新投入能否形成足够回报，以及高杠杆下并购与股息能否持续共存”。二、公司定位、行业框架与商业模式艾伯维是一家全球创新生物制药公司，核心业务覆盖免疫学、神经科学、肿瘤、医美，以及眼科、胃肠、病毒学等其他产品。公司的经济模型不是依靠单一宏观周期，而是由“专利保护期—适应症扩展—临床数据—医保准入与净价格—独占权到期—下一代产品替代”的产品生命周期驱动。公司在财务报告中作为一个经营及报告分部进行管理；免疫学、神经科学、肿瘤和医美属于产品组合收入分类，并不是独立会计报告分部。因此，公司公开披露了这些组合的收入，但没有提供与这些收入分类一一对应的分部营业利润和资产。本文不会自行分摊产品组合利润。商业模式可以拆成四层：免疫学：当前最重要的利润和增长来源。Skyrizi(利生奇珠单抗)和 Rinvoq(乌帕替尼)通过多个炎症免疫适应症扩展患者覆盖；Humira(阿达木单抗)进入生物类似药竞争后的衰退阶段。神经科学：Vraylar(卡利拉嗪)、Botox Therapeutic(保妥适治疗用肉毒毒素)、Ubrelvy(乌布吉泮)、Qulipta(阿托吉泮)以及 Vyalev(帕金森病持续皮下输注疗法)构成增长平台。肿瘤：Venclexta(维奈克拉)和 Elahere(叶酸受体α靶向抗体偶联药物)增长，但 Imbruvica(伊布替尼)持续下降，整体处于结构替换而非高增长状态。医美：Botox Cosmetic(保妥适医美肉毒毒素)仍具品牌与渠道优势，但 Juvederm(乔雅登)疲弱，2025 年组合收入下降，2026Q3 仍未形成强劲反转。对艾伯维最合适的行业研究框架不是传统制造业“产能利用率—库存周期”，而是观察：核心产品销售增速、处方/适应症扩展、临床与监管成功、专利独占期、净价格与返利、外部并购管线、研发回报、现金流覆盖及资产负债表承受力。三、最新业绩：2026Q3 与 2026 年前三季度3.1 2026Q3：增长和盈利边际继续改善表格口径：报告期为 2026Q3 与 2025Q3；币种为美元，金额单位为十亿美元，EPS 单位为美元/股；GAAP 与公司调整后口径分别列示；同比为公司披露或本报告按正式披露值计算。项目2026Q32025Q3同比营业收入17.40415.776+10.3%GAAP EPS2.370.10>100%调整后 EPS3.821.86>100%GAAP 毛利率75.4%无法确认—调整后毛利率85.1%无法确认—GAAP 营业利润率36.0%无法确认—调整后营业利润率48.7%无法确认—取得中的研发及里程碑支出占收入1.2%无法确认— 2025Q3 收入与 EPS 来自公司 2025Q3 正式业绩公告；本文未用非正式数据补齐 2025Q3 利润率空缺。 Q3 的边际变化是积极的：收入环比 2026Q2 增长约 2.4%，同比增长 10.3%；调整后 EPS 从 Q2 的 3.65 美元/股升至 3.82 美元/股。免疫学和神经科学继续双位数增长，抵消 Humira、Imbruvica 和部分医美产品的下降。 2026Q3 公司将全年调整后 EPS 指引由 13.76—13.96 美元/股提高到 13.95—13.99 美元/股。该指引已经包括前三季度取得中的研发及里程碑支出对 EPS 的 0.69 美元/股不利影响，但不包含 Q4 以后尚不可预测的新取得中研发支出。3.2 2026 年前三季度：增长已不依赖 Humira 表格口径：报告期为截至 2026-09-30 与 2025-09-30 的九个月；币种为美元，金额单位为十亿美元，EPS 单位为美元/股；GAAP 与调整后指标按公司正式业绩公告；百分比为同比。项目2026年前三季度2025年前三季度同比营业收入49.39644.542+10.9%营业利润16.68910.531+58.5%归母净利润8.5262.410>100%GAAP EPS4.791.34>100%调整后归母净利润17.997无法确认—调整后 EPS10.127.29+38.8%稀释加权平均股数（十亿股）1.7721.7720.0% GAAP 利润增幅远高于收入，主要是 2025 年同期存在更高的取得中研发、收购相关项目及其他调整项，而不是单纯依靠营业收入增长。2026 年前三季度公司调整后归母净利润 179.97 亿美元，调整后净利率约 36.4%；GAAP 与调整后利润差额仍然很大，因此不能只看单一口径。3.3 最新现金流和资产负债表只能看到 2026H1 由于 2026Q3 10-Q 尚未提交，以下数据使用截至 2026-06-30 的正式 10-Q。表格口径：报告期为截至 2026-06-30 的六个月及期末；币种为美元，金额单位为十亿美元；自由现金流为本报告计算值＝经营现金流－资本支出。项目2026H1经营现金流7.265资本支出0.587自由现金流（计算值）6.678现金及现金等价物6.569总债务（短期借款＋一年内长期债务＋长期债务）70.822净债务（计算值）64.253流动资产33.669流动负债41.642流动比率（计算值）0.81商誉＋净无形资产84.658总资产135.115股东权益-5.935 2026H1 收入同比增长约 11%，但经营现金流只增长约 7%。应收款增加带来 12.82 亿美元现金流出，库存增加带来 3.27 亿美元流出，税收资产与负债变化带来 23.04 亿美元现金流出。现金流没有恶化到危险水平，但收入增长向现金的转换短期受到营运资本、税款和或有对价现金支付影响。四、2021—2025 五年财务全景4.1 收入、利润与现金流表格口径：报告期为 2021—2025 完整财年；币种为美元，金额单位为十亿美元，EPS 为美元/股；按时间倒序，最新期间在左；自由现金流为本报告计算值＝经营现金流－资本支出。项目20252024202320222021营业收入61.16056.33454.31858.05456.197收入同比+8.6%+3.7%-6.4%+3.3%+22.7%营业利润15.0759.13712.75718.11717.924GAAP归母净利润4.2264.2784.86311.83611.542GAAP EPS2.362.392.726.636.45调整后 EPS10.0010.1211.1113.7712.70经营现金流19.03018.80622.83924.94322.777资本支出1.2140.9740.7770.6950.787自由现金流（计算值）17.81617.83222.06224.24821.990现金股息支出11.65711.02510.53910.0439.261 五年数据体现三个阶段：2021—2022：Humira 高峰期。收入增长，GAAP 与调整后利润都处于高位。2023：美国 Humira 独占权到期后的收入低点。收入下降 6.4%，但 Skyrizi、Rinvoq 与神经科学快速增长。2024—2026：恢复期。2024 收入转正增长，2025 增长 8.6%，2026 前三季度增长 10.9%。增长加速的同时，公司依靠并购和外部研发持续扩充管线，导致 GAAP 利润与调整后利润差异扩大。 2021—2025 收入复合增速约 2.1%，这个数字容易误导。剔除 Humira 后，收入由 2021 年 355.03 亿美元增至 2025 年 566.20 亿美元，复合增速约 12.4%；同期 Skyrizi 与 Rinvoq 合计收入由 45.90 亿美元增至 258.66 亿美元，复合增速约 54.1%。这才是公司“旧核心药物衰退、新平台扩张”的真实结构。4.2 最近两年到最新季度：单季度趋势表格口径：2026 年单季度；币种为美元，收入单位为十亿美元，EPS 为美元/股；收入同比/环比由正式披露收入计算；Q1 环比受季节性影响，仅作辅助观察。项目2026Q32026Q22026Q1收入17.40416.99015.002收入同比+10.3%+10.2%+12.4%收入环比+2.4%+13.3%-9.7%GAAP EPS2.372.030.39调整后 EPS3.823.652.65调整后 EPS 同比+105.4%+22.9%+7.7% 表格口径：2025 年单季度；币种为美元，收入单位为十亿美元，EPS 为美元/股；收入同比/环比由正式披露收入计算。项目2025Q42025Q32025Q22025Q1收入16.61815.77615.42313.343收入同比+10.0%+9.1%+6.6%+8.4%收入环比+5.3%+2.3%+15.6%-11.6%GAAP EPS1.020.100.520.72调整后 EPS2.711.862.972.46 及公司各季度正式业绩公告。表格口径：2024 年单季度；币种为美元，收入单位为十亿美元，EPS 为美元/股。项目2024Q42024Q32024Q22024Q1收入15.10214.46014.46212.310收入环比+4.4%0.0%+17.5%—GAAP EPS-0.020.880.770.77调整后 EPS2.163.002.652.31 及公司各季度正式业绩公告。季度序列显示，2025Q1 以后收入同比增速由中个位数逐渐升至约 10%，2026 三个季度均保持双位数或接近双位数。2025Q3 调整后 EPS 低至 1.86 美元/股，主要受取得中研发及里程碑支出影响；到 2026Q2、Q3，调整后 EPS 已恢复到 3.65、3.82 美元/股。季节性使 Q1 环比通常偏弱，因此判断趋势应以同比为主。五、产品组合、地区构成与收入质量5.1 产品组合的长期迁移表格口径：完整财年产品组合净收入；币种为美元，单位为十亿美元；这些是产品组合收入分类，不是会计报告分部，因公司未披露组合层面利润，利润栏不做自行分摊。产品/组合20252024202320222021免疫学30.40626.68226.13628.92425.284└ Skyrizi(利生奇珠单抗)17.56211.7187.7635.1652.939└ Rinvoq(乌帕替尼)8.3045.9713.9692.5221.651└ Humira(阿达木单抗)4.5408.99314.40421.23720.694神经科学10.7678.9997.7176.5285.927肿瘤6.6556.5555.9156.5777.228医美4.8605.1765.2945.3335.233其他产品及组合（计算值）8.4728.9229.25610.69212.525 长期变化极为明确：Humira 的下降不是被一个新产品替代，而是被“Skyrizi＋Rinvoq＋神经科学”共同替代。2025 年 Skyrizi 与 Rinvoq 已占集团收入约 42.3%，高于 2021 年的约 8.2%。这提升了增长质量，却也形成新的产品集中。5.2 2026 年前三季度：增长贡献主要来自新核心药表格口径：截至 2026-09-30 九个月净收入；币种为美元，单位为十亿美元；同比为公司披露值；占集团收入为本报告计算值。产品/组合2026年前三季度同比占集团收入免疫学25.241+15.9%51.1%Skyrizi(利生奇珠单抗)15.764+25.6%31.9%Rinvoq(乌帕替尼)7.350+23.9%14.9%Humira(阿达木单抗)2.127-35.4%4.3%神经科学9.492+21.6%19.2%肿瘤4.977-0.3%10.1%医美3.644+2.0%7.4%其他6.042—12.2% Skyrizi 与 Rinvoq 合计占比约 46.8%。2026Q3 两者仍分别增长 22.7% 与 23.9%，说明当前高集中度尚未伴随明显增长失速。但这两款药已经成为估值最重要的单一变量。神经科学是第二增长引擎。2026Q3 Vraylar(卡利拉嗪)增长 14.3%，Botox Therapeutic(保妥适治疗用肉毒毒素)增长 9.8%，Ubrelvy(乌布吉泮)增长 26.9%，Qulipta(阿托吉泮)增长 38.2%，Vyalev(帕金森病持续皮下输注疗法)收入 2.86 亿美元。肿瘤则处于新旧药替换阶段：2026Q3 Venclexta(维奈克拉)增长 10.7%，Elahere(叶酸受体α靶向抗体偶联药物)增长 31.0%，但 Imbruvica(伊布替尼)下降 26.1%，使组合整体仅增长 0.8%。医美仍是最弱板块，Q3 组合收入下降 1.4%，其中 Juvederm(乔雅登)下降 11.9%。5.3 地区与渠道集中表格口径：币种为美元，金额单位为十亿美元；2025 为完整财年，2026年前三季度为九个月累计，不进行不同长度期间的增长比较。地区2026年前三季度占比2025全年占比美国37.16375.2%46.60376.2%国际市场12.23324.8%14.55723.8%合计49.396100.0%61.160100.0% 美国收入占比超过四分之三，意味着美国医保、商业保险净价格、政府议价、返利政策和监管变化对集团价值影响远大于单纯汇率波动。渠道方面，截至 2026-06-30，三个美国大型批发商占应收账款约 82%，2025 年末约 84%；公司同时披露美国制药产品收入绝大部分通过这三家批发商销售。这是明显的分销和信用集中，但不能等同于终端患者需求集中。5.4 收入确认、回款与返利质量公司药品收入按净销售额确认，需要估计政府及商业支付方返利、折扣、退货、分销费用等。2025 年末销售返利相关应计负债约 145.72 亿美元，该估计也是外部审计的重要关注事项之一，因为需要使用支付方组合、返利率和申报时滞等假设。 2025 年末应收账款由 2024 年的 109.19 亿美元增至 125.89 亿美元，增长约 15.3%，快于同期收入 8.6% 的增长。以期末应收账款/全年收入粗略计算的回款天数代理值由约 70.8 天升至约 75.1 天。该指标不是公司正式披露的平均应收天数，且受结算时点影响，因此只能视为风险提示，不能据此认定收入质量恶化。 2026H1 经营现金流中的应收账款变动带来 12.82 亿美元流出，说明收入增长阶段占用营运资金。当前仍没有充分证据表明存在异常提前确认收入，但返利估计、应收增速和渠道集中度值得持续跟踪。六、收入驱动、增长来源与未来验证6.1 已经兑现的增长已经体现在财务报表中的增长主要来自三类：免疫学新核心药：Skyrizi 和 Rinvoq 的多适应症扩展与渗透率提升已经转化为持续两位数销售增长。神经科学：偏头痛、精神科、帕金森病产品组合正在扩大，收入增长已进入报表。Humira 负拖累快速变小：Humira 2025 年收入较 2024 年继续大幅下降，但其绝对基数已经从 2022 年 212.37 亿美元降至 2025 年 45.40 亿美元，未来对集团增速的负贡献自然收敛。 2026 年前三季度收入同比增加约 48.54 亿美元，而 Skyrizi、Rinvoq 和神经科学组合的增量是主要来源；Humira 仍在下降，但已无法抵消新平台的增长。6.2 正在验证的增长 2026Q3 公司披露了多项已发生的临床或监管进展：Skyrizi(利生奇珠单抗)克罗恩病皮下诱导方案获得美国批准，并向欧洲提交申请。lutikizumab(IL-1α/1β双重抑制抗体)在化脓性汗腺炎 III 期 INTREPID 研究达到主要终点，公司预计 2027 年下半年支持监管申报。Qulipta(阿托吉泮)经期偏头痛 III 期研究达到主要及全部排序次要终点。Epkinly(CD20×CD3双特异性抗体)联合标准方案用于初治弥漫大B细胞淋巴瘤的 III 期研究显示疾病进展或死亡风险下降 51%，公司与合作方计划与监管机构沟通。ABBV-295(长效胰淀素类似物)一期数据支持进入肥胖症二期开发。公司已完成 Apogee Therapeutics(阿波吉治疗公司)收购，把 zumilokibart(IL-13抗体)及其他免疫资产纳入管线。这些事项属于“临床/监管已发生事实”，但尚未全部转化为收入。6.3 未来 1—3 年最重要的验证指标未来增长判断应优先看以下数据，而不是仅看公司叙事：Skyrizi 与 Rinvoq 的季度同比增速能否在高基数上维持两位数。2027 年两款药合计收入能否达到公司“超过 310 亿美元”的长期目标；2025 年实际为 258.66 亿美元，2026 年前三季度已达 231.14 亿美元，目标的可见度明显提高，但仍不是既成事实。神经科学中 Qulipta、Ubrelvy、Vyalev 的增速是否能持续抵消 Vraylar 未来生命周期变化。肿瘤新品能否真正抵消 Imbruvica 的下降。医美能否恢复增长，尤其 Juvederm 是否止跌。Apogee、Capstan、Cerevel 等外部取得资产能否通过关键临床节点，避免继续出现大额减值。研发和并购投入增加后，ROIC 与自由现金流能否恢复，而不是只形成更大的无形资产与或有对价负债。七、利润率、费用效率与利润质量7.1 GAAP 利润率长期变化表格口径：2021—2025 完整财年；金额口径为 GAAP；百分比均以营业收入为分母，本报告按正式财务报表计算；最新期间在左。指标20252024202320222021毛利率70.2%70.0%62.4%70.0%69.0%销售、一般及管理费用率22.9%26.2%23.7%26.3%22.0%研发费用率14.9%22.7%14.1%11.2%12.3%取得中的研发及里程碑支出率8.2%4.9%1.4%1.2%2.0%GAAP营业利润率24.6%16.2%23.5%31.2%31.9% 比例为本报告计算值。 2023 年毛利率明显下降，反映 Humira 美国生物类似药竞争下的产品组合变化及无形资产摊销等影响。2024 年 GAAP 研发费用率异常高，主要受 Cerevel 收购取得的 emraclidine 无形资产 45 亿美元税前减值影响。2025 年 GAAP 营业利润率恢复至 24.6%，2026Q3 进一步升至 36.0%，但不能简单外推全年，因为季度取得中研发、或有对价和收购项目具有显著波动性。7.2 经营费用与经营杠杆 2025 年收入同比增长 8.6%，销售、一般及管理费用由 147.52 亿美元下降到 140.10 亿美元，费用率由 26.2% 降至 22.9%，体现明显经营杠杆；但研发费用由 2024 年 127.91 亿美元下降到 90.96 亿美元主要因为 2024 年包含大额减值，不能解释成研发投入真实削减。与此同时，2025 年取得中的研发及里程碑支出升至 50.16 亿美元，是 2023 年 7.78 亿美元的 6 倍以上，外部创新的重要性显著增加。从经济实质看，艾伯维是轻固定资产、重研发和无形资产的公司。仅看资本支出会低估“再投资”。2025 年资本支出只有 12.14 亿美元，但研发费用 90.96 亿美元、取得中的研发及里程碑支出 50.16 亿美元。对这类公司，研发和并购是比厂房设备更重要的资本投入。7.3 主营利润与非核心损益桥梁 2025 年从 150.75 亿美元营业利润到 42.26 亿美元归母净利润之间，主要还受到 26.27 亿美元净利息费用、0.58 亿美元汇兑损失、57.93 亿美元其他费用以及税费影响。其他费用中包含或有对价公允价值变动等与并购资产未来销售预期相关的项目。公司调整后口径会剔除无形资产摊销、减值、或有对价变动和部分收购项目，使其更接近业务运营表现，但这种调整同时弱化了“过去并购价格”和“未来里程碑义务”的经济成本。7.4 正常化利润：为什么不能简单把所有调整项删掉表格口径：公司正式披露的非 GAAP 调整后归母净利润与调整后 EPS；币种为美元，净利润单位为十亿美元，EPS 为美元/股；这些不是 GAAP 指标。调整后净利率为本报告按调整后归母净利润/营业收入计算。指标20252024202320222021调整后归母净利润17.78418.00119.76924.59722.696调整后 EPS10.0010.1211.1113.7712.70调整后净利率（计算值）29.1%32.0%36.4%42.4%40.4%当年取得中研发对调整后EPS的不利影响2.761.520.420.39无法统一确认本文把公司调整后利润作为经营趋势口径，但不把“取得中的研发及里程碑支出”继续全部加回作为经济正常化利润。原因是这项支出从 2023 年开始明显增加，并成为外部创新战略的重复性投入；如果每年都发生，它就不再适合被视为完全一次性的成本。截至 2026Q3，近 12 个月公司调整后 EPS 约为 12.83 美元/股（2025Q4 2.71＋2026Q1 2.65＋Q2 3.65＋Q3 3.82）。这是比 GAAP TTM EPS 更适合观察当前经营能力的指标，但投资估值仍必须同时考虑净债务、外部研发投入与并购回报。八、资本回报、护城河与同行比较8.1 ROE 与 ROIC 2025 年末股东权益转为 -32.28 亿美元，2026-06-30 股东权益为 -59.35 亿美元，因此传统 ROE 已失去经济解释力。负权益主要与历史并购会计、资本返还、库存股及累计赤字共同相关，不能把负权益下的高 ROE 当作资本效率优异的证据。外部专业市场数据按统一口径估算艾伯维当前 ROIC 约 17.3%。历史同一数据库显示，2021—2024 年 ROIC 大致在 20%—28% 区间，2025 年回落到约 17%。这与 2024—2026 年大额并购和外部创新投入、资本基数上升相一致。由于并购取得的无形资产和或有对价对投入资本定义影响很大，ROIC 只适合看方向，不应追求过度精确。增量资本回报目前仍在验证。2024 年完成 ImmunoGen(免疫原公司)与 Cerevel Therapeutics(赛瑞维尔治疗公司)等重大交易后，2025—2026 年收入增长确实加速，但 emraclidine 45 亿美元税前减值同时证明并购组合中存在明显失败风险。对未来资本回报的关键判断应放在新取得资产的临床成功率、商业化收入和自由现金流贡献，而不是单看并购完成数量。8.2 护城河证据艾伯维可验证的竞争优势主要有四类：研发与适应症扩展能力：Skyrizi 和 Rinvoq 在 Humira 悬崖期持续高增长，说明公司能够把临床、监管和商业化能力转化为新产品收入。全球商业化和支付方体系：美国及国际市场广泛的销售、医保准入与渠道能力有利于新适应症快速放量。专利与监管保护：2025 年 10-K 披露 Skyrizi 和 Rinvoq 的美国核心物质专利预计分别到 2033 年左右；公司还披露 2025 年就 Rinvoq 仿制药诉讼达成和解，在通常条件下美国仿制药进入预计不早于 2037 年 4 月。该安排提高了 Rinvoq 中期现金流可见度，但并不消除专利诉讼和替代疗法竞争风险。规模化现金流：2021—2025 年每年经营现金流约 188—249 亿美元，能够同时支持研发、分红、债务管理与外部并购。护城河的限制同样明确。创新药不存在绝对客户锁定，处方选择会随更优疗效、安全性、给药便利性、医保覆盖及价格变化而改变。Skyrizi/Rinvoq 的高增长是竞争优势证据，但不能外推为永久定价权。8.3 同行财务位置表格口径：2025 完整财年；币种为美元，金额单位为十亿美元；核心财务数据来自各公司 2025 Form 10-K。由于不同公司对取得中研发、摊销和协作收入的列报不同，本文不强行统一 GAAP 营业利润率，而比较收入增长与经营现金流。公司2025收入收入同比经营现金流观察ABBV 艾伯维61.160+8.6%19.030Humira 后恢复增长MRK Merck(默沙东)65.011+1%约16.5Keytruda(帕博利珠单抗)集中度高AMGN Amgen(安进)36.751+10%9.958成熟药与新药并存、债务较高BMY Bristol Myers Squibb(百时美施贵宝)48.194约0%14.156多款成熟药进入生命周期压力GILD Gilead Sciences(吉利德科学)29.443+2%10.019HIV(艾滋病)现金流稳定、增长较低及。从 2025 年收入增速看，艾伯维高于默沙东、百时美施贵宝和吉利德，与安进接近；2026 年外部 TTM 数据显示艾伯维收入增长约 10.7%，仍处于成熟大型制药公司中的较高水平，但显著低于处于肥胖症高增长周期的 LLY Eli Lilly(礼来)。跨公司统一的治疗领域市场份额没有在上述官方财务报告中以可比口径披露，本文不采用未经核验的二手“市场份额排名”补齐。九、现金流、营运资本与资本支出9.1 GAAP净利润到经营现金流指标20252024202320222021GAAP净利润4.2334.2864.87311.84511.549经营现金流19.03018.80622.83924.94322.777差额14.79714.52017.96613.09811.228经营现金流/净利润4.50x4.39x4.69x2.11x1.97x 倍数与差额为本报告计算值。 2023—2025 现金转化倍数超过 4 倍，主要不是因为所有收入都“提前收现”，而是 GAAP 净利润被大量非现金摊销、减值和或有对价公允价值变动压低。例如 2025 年无形资产摊销 73.77 亿美元、或有对价公允价值变动 64.95 亿美元；2024 年还有 44.76 亿美元减值。因此该倍数不能机械解释为“极高盈利质量”。9.2 自由现金流可持续性 2021—2025 年累计自由现金流约 1,039.48 亿美元。2022 年达到 242.48 亿美元高点，2024—2025 年降至约 178 亿美元。下降一方面来自利润结构变化和 Humira 悬崖，另一方面来自营运资本、税款以及外部创新相关现金支付。 2026 年外部市场数据估算近 12 个月自由现金流约 182.1 亿美元，P/FCF 约 28.62 倍。目前自由现金流仍足以覆盖股息，但覆盖余量较 2021—2023 年明显收窄。9.3 资本支出性质表格口径：2021—2025 完整财年；币种为美元，资本支出单位为十亿美元；资本支出率＝资本支出/营业收入，为本报告计算值。指标20252024202320222021资本支出1.2140.9740.7770.6950.787资本支出率2.0%1.7%1.4%1.2%1.4% 艾伯维属于固定资产资本强度较低、知识产权资本强度较高的公司。资本支出不足以代表全部再投资，研发、取得中的研发和并购必须一并观察。公司 2026 年还披露与美国政府达成自愿协议，并承诺未来十年在美国研发、资本和制造方面投入 1,000 亿美元；这是长期规划而非已经发生的资本支出，实际执行节奏需要后续财报验证。十、资本配置：股息、回购、并购与债务10.1 股息表格口径：2021—2025 为完整财年；每股股息为公司当年宣布的普通股股息，现金股息为现金流量表实际支付；支付率＝每股股息/公司调整后 EPS。指标20252024202320222021每股股息（美元/股）6.656.295.995.715.31每股股息同比+5.7%+5.0%+4.9%+7.5%—现金股息支出（十亿美元）11.65711.02510.53910.0439.261调整后EPS支付率66.5%62.2%53.9%41.5%41.8%年末股息率（计算值）3.00%3.77%4.27%4.06%4.68% 2026 年当前季度股息为 1.73 美元/股，对应年化 6.92 美元/股；以 2026-10-30 。公司已宣布从 2027 年 2 月支付的季度股息提高至 1.82 美元/股，增幅 5.2%。股息本身仍有现金流支持，但 2025 年现金股息已占自由现金流约 65.4%，明显高于 2021 年约 42.1%。如果并购、研发和债务偿还同时保持高强度，未来股息增长更依赖新产品现金流继续扩大。10.2 股票回购表格口径：公司正式股票回购计划实际回购，不把员工股权激励代扣等全部库存股现金流都视为股东回报；金额单位为十亿美元，股份单位为百万股；回购比例用当年稀释加权平均股数近似计算。指标2026H120252024202320222021正式计划回购金额1.1000.6061.3001.6001.1000.670回购股份（百万股）5371086回购比例（约）0.28%0.17%0.39%0.56%0.45%0.34%期末剩余授权1.82.9无法确认约4.2无法确认无法确认 2023 年董事会增加 50 亿美元回购授权；缺失年度的剩余额度不做推测。现金流量表中的“购买库存股”金额高于正式回购计划金额，因为还包括与股权激励、代扣税等相关的库存股交易。因此，评价资本返还应优先使用正式回购计划数据。更重要的是，回购并没有显著缩减稀释股数。2023—2025 年稀释加权平均股数均约 17.73 亿股，2026 年前三季度约 17.72 亿股且同比基本不变。由此判断，过去数年的回购更多是部分抵消股权激励和其他股份增加，而不是持续大幅减少股本。10.3 五年累计股东回报 2021—2025 年：累计自由现金流：约 1,039.48 亿美元；累计现金股息：约 525.25 亿美元；正式计划累计股票回购：约 52.76 亿美元；合计正式现金股东回报：约 578.01 亿美元，约占同期自由现金流的 55.6%。10.4 并购与资本配置评价艾伯维的资本配置结构已经从“Humira 高现金流＋高股息”转向“高股息＋高外部创新投入＋并购＋债务管理”。2024 年完成 ImmunoGen 与 Cerevel 等交易，2025—2026 又继续投入 Capstan、Apogee 等资产。正面结果是产品增长平台扩大；负面证据是 emraclidine 发生 45 亿美元税前减值，说明高价外部创新并不天然创造股东价值。因此，资本配置评价为：现金生成能力仍强，但再投资回报的不确定性上升；股息安全性仍较高，但高杠杆与并购使“每一美元新增现金流如何分配”比过去更重要。十一、会计质量、资产质量与资产负债表风险11.1 会计质量 Ernst & Young(安永)对 2025 年合并财务报表及内部控制发表无保留意见；未发现需要在本文中认定为财务重述或内部控制重大缺陷的正式披露。这不代表不存在会计估计风险。最重要的估计项目包括：药品返利和折扣应计；取得无形资产的公允价值及减值测试；或有对价公允价值；所得税及不确定税务事项；收购相关无形资产摊销。其中销售返利应计是审计重点之一。2025 年末相关应计金额 145.72 亿美元，规模大、假设敏感，需长期观察实际支付和估计变化。11.2 无形资产与商誉风险表格口径：期末资产负债表；币种为美元，单位为十亿美元；“商誉＋无形资产占总资产”为本报告计算值。指标2026-06-302025-12-312024-12-31商誉35.51935.64034.956净无形资产49.13952.64160.068商誉＋无形资产84.65888.28195.024总资产135.115133.960135.161占总资产62.7%65.9%70.3% 资产结构高度依赖并购形成的无形资产。2024 年 emraclidine 发生 45 亿美元税前减值；2025 年 Resonic 和 Durysta 相关无形资产又减值 8.47 亿美元。未来重大临床失败、商业预期下调或竞争变化仍可能形成新的减值。11.3 债务、流动性和表外/准债务义务 2026-06-30 净债务约 642.53 亿美元。公司 2026 年 3 月发行约 80 亿美元长期票据，同时拥有 50 亿美元和 30 亿美元两项循环信贷安排，期末均未提款；公司披露满足债务契约要求。穆迪在 2026 年 2 月将评级由 A3 上调至 A2、展望稳定，标普在 6 月确认 A- 并将展望调整为正面。 2025 年末合同义务中，长期债务本金约 645.03 亿美元，预计利息约 352.43 亿美元；或有对价负债约 253.74 亿美元。或有对价取决于未来销售、临床或里程碑结果，并不等同固定债务，但从经济角度属于重要的并购后潜在现金义务。流动比率低于 1、股东权益为负，并不自动意味着流动性危机，因为公司具有强经营现金流和投资级信用；但这意味着公司对持续现金流、资本市场准入和新产品成功的依赖度较高。11.4 最值得跟踪的五个风险信号新核心药集中：Skyrizi＋Rinvoq 已占 2026 年前三季度收入 46.8%，集中度重新上升。美国政策暴露：约 75% 收入来自美国，医保议价、返利和政府定价影响较大；Botox(保妥适)已被选入 2028 年生效的 Medicare(美国联邦医疗保险)政府议价范围。并购资产减值：2024 年 emraclidine 45 亿美元减值证明外部研发资产存在高失败成本。高杠杆和或有对价：净债务约 642.53 亿美元，另有较大的或有对价义务；持续并购会压缩资产负债表余量。渠道和营运资本集中：三家美国批发商占应收账款约 82%，同时 2026H1 应收账款明显占用现金。这些是“风险信号”，并不构成财务造假判断。十二、管理层指引兑现能力艾伯维的指引需要特别注意一个口径问题：公司年初调整后 EPS 指引通常不包含未来尚不可预测的取得中研发及里程碑支出，而最终报告的调整后 EPS 又包含当年实际发生的该项支出。因此直接比较“年初区间 vs 最终调整后 EPS”会低估经营兑现程度。表格口径：EPS 单位为美元/股；“按年初指引惯例可比值”＝最终调整后 EPS＋当年公司披露的取得中研发及里程碑 EPS 不利影响，仅用于比较指引口径，不代表经济利润，也不等于公司正式调整后 EPS。年度年初调整后EPS指引最终/最新调整后EPS取得中研发EPS不利影响按年初指引惯例可比值202614.37—14.57最新指引13.95—13.99前三季度0.6914.64—14.68202512.12—12.3210.002.7612.76202411.05—11.2510.121.5211.64202310.70—11.1011.110.4211.53202214.00—14.2013.770.3914.16202112.32—12.5212.70无法统一确认— 结论有两层：经营执行层面：多数年度的指引兑现能力较强；将不可预测的取得中研发支出按同一口径处理后，2022、2024、2025 并不是明显经营失速。资本配置层面：不能因此忽略取得中研发支出。2025 年该项已经对调整后 EPS 造成 2.76 美元/股不利影响，是实质性的外部创新成本。管理层指引体系对核心经营跟踪有效，但对股东经济收益会显得更“平滑”。长期目标方面，公司 2024 年把 Skyrizi＋Rinvoq 2027 年销售目标提高到超过 270 亿美元，2025 年进一步提高到超过 310 亿美元，其中 Skyrizi 超过 200 亿美元、Rinvoq 超过 110 亿美元；同时维持以 2024 年为基期、到 2029 年高个位数收入复合增长的目标。 2025 年两药实际收入 258.66 亿美元，2026 年前三季度已达 231.14 亿美元，当前数据使 2027 年目标的可见度提高，但仍需要 2027 年实际销售验证。十四、综合投资判断14.1 已发生事实艾伯维已经用 Skyrizi、Rinvoq 和神经科学平台成功吸收了 Humira 大部分衰退。收入增速由 2023 年 -6.4% 恢复到 2025 年 +8.6%，2026 年前三季度进一步达到 +10.9%。Q3 调整后营业利润率达到 48.7%，公司再次上调全年调整后 EPS 指引。现金流仍然具有大型制药公司的稳定性，2021—2025 年累计自由现金流超过 1,000 亿美元；股息连续增长，但自由现金流覆盖余量较早期下降。资产负债表杠杆较高，无形资产和商誉占比大，外部创新既是增长来源，也是最大的资本配置风险。14.2 正在进行的变化公司正在从“Humira 单一超级药物时代”进入“两个大型免疫药＋神经科学＋外部管线”的组合时代。这个模式更分散旧风险，但目前 Skyrizi 和 Rinvoq 已合计贡献近一半收入，因此真正的分散化仍未完成。 Apogee 等收购、lutikizumab、Epkinly 组合、ABBV-295 等项目将决定 2027 年以后能否把当前增长延续到下一个专利周期。短期财务报表尚不足以证明这些项目的资本回报。14.3 未来影响与关键催化剂潜在正面催化剂包括：Skyrizi/Rinvoq 继续超过 20% 增长并推动 2027 年 310 亿美元目标提前具备可见度；神经科学产品继续保持两位数增长；肿瘤新品真正抵消 Imbruvica；Apogee、lutikizumab、Epkinly、ABBV-295 等临床或监管节点成功；自由现金流重新扩大，同时净债务下降。主要负面条件包括：Skyrizi/Rinvoq 增速在高基数上快速跌入个位数；重要外部管线失败或继续发生数十亿美元级减值；美国政府议价、返利或净价格压力高于销售量增长；自由现金流长期停留在约 180 亿美元、而股息和并购支出继续增加；净债务不能随盈利增长下降；14.4 研究动作与失效条件基本面层面，公司已从 Humira 悬崖进入再加速，属于值得持续跟踪的大型创新药公司；当前判断需要在以下情况重新评估：连续两个季度 Skyrizi＋Rinvoq 增速明显低于 15%；2027 年两药 310 亿美元目标明显下修；新管线出现重大临床失败或新的大额减值；净债务继续上升但自由现金流不增长；2027 年调整后 EPS 无法接近当前市场约 16 美元附近的预期；美国价格政策造成核心产品净价格持续显著下降。本报告由AI生成，仅用于研究与信息整理，不构成证券买卖建议、收益保证或任何形式的投资承诺。投资决策应结合个人风险承受能力，并持续核验公司后续财报、监管变化和市场竞争情况。

财报并购

2026-10-30

·BioSpace

AbbVie Reports Third-Quarter 2026 Financial Results

Reports Third-Quarter Diluted EPS of $2.37 on a GAAP Basis, an Increase of Over 100.0 Percent; Adjusted Diluted EPS of $3.82, an Increase of Over 100.0 Percent; These Results Include an Unfavorable Impact of $0.11 Per Share Related to Acquired IPR&D and Milestones Expense Delivers Third-Quarter Net Revenues of $17.404 Billion, an Increase of 10.3 Percent on a Reported Basis or 10.5 Percent on an Operational Basis Third-Quarter Global Net Revenues from the Immunology Portfolio Were $9.165 Billion, an Increase of 16.3 Percent on a Reported Basis, or 16.6 Percent on an Operational Basis; Global Skyrizi Net Revenues Were $5.776 Billion; Global Rinvoq Net Revenues Were $2.706 Billion; Global Humira Net Revenues Were $683 Million Third-Quarter Global Net Revenues from the Neuroscience Portfolio Were $3.389 Billion, an Increase of 19.4 Percent on a Reported Basis, or 19.5 Percent on an Operational Basis; Global Vraylar Net Revenues Were $1.068 Billion; Global Botox Therapeutic Net Revenues Were $1.080 Billion; Combined Global Ubrelvy and Qulipta Net Revenues Were $847 Million; Global Vyalev Net Revenues Were $286 Million Third-Quarter Global Net Revenues from the Oncology Portfolio Were $1.696 Billion, an Increase of 0.8 Percent on a Reported Basis, or 0.9 Percent on an Operational Basis; Global Venclexta Net Revenues Were $803 Million; Global Imbruvica Net Revenues Were $522 Million; Global Elahere Net Revenues Were $224 Million Third-Quarter Global Net Revenues from the Aesthetics Portfolio Were $1.176 Billion, a Decrease of 1.4 Percent on a Reported Basis, or 1.8 Percent on an Operational Basis; Global Botox Cosmetic Net Revenues Were $669 Million; Global Juvederm Net Revenues Were $222 Million Successfully Completed Acquisition of Apogee Therapeutics, Deepening AbbVie's Robust Immunology Pipeline Raises 2026 Adjusted Diluted EPS Guidance Range from $13.76 - $13.96 to $13.95 - $13.99, which Includes an Unfavorable Impact of $0.69 Per Share Related to Acquired IPR&D and Milestones Expense Incurred Year-To-Date Through the Third Quarter 2026 Announces 2027 Dividend Increase of 5.2 Percent, Beginning with Dividend Payable in February 2027 NORTH CHICAGO, Ill. , Oct. 30, 2026 /PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the third quarter ended September 30, 2026. "AbbVie continues to deliver outstanding results, reflecting solid execution across our diverse portfolio," said Robert A. Michael, chairman and chief executive officer, AbbVie. "We also enhanced our long-term growth potential by securing key regulatory approvals, generating differentiated clinical data and completing the acquisition of Apogee Therapeutics. Given our strong outlook and significant momentum, we are once again increasing AbbVie's full-year guidance and raising our quarterly dividend." Third-Quarter Results Worldwide net revenues were $17.404 billion, an increase of 10.3 percent on a reported basis, or 10.5 percent on an operational basis. Global net revenues from the immunology portfolio were $9.165 billion, an increase of 16.3 percent on a reported basis, or 16.6 percent on an operational basis. Global Skyrizi net revenues were $5.776 billion, an increase of 22.7 percent on a reported basis, or 22.9 percent on an operational basis. Global Rinvoq net revenues were $2.706 billion, an increase of 23.9 percent on a reported basis, or 24.3 percent on an operational basis. Global Humira net revenues were $683 million, a decrease of 31.2 percent on a reported basis, or 30.6 percent on an operational basis. Global net revenues from the neuroscience portfolio were $3.389 billion, an increase of 19.4 percent on a reported basis, or 19.5 percent on an operational basis. Global Vraylar net revenues were $1.068 billion, an increase of 14.3 percent. Global Botox Therapeutic net revenues were $1.080 billion, an increase of 9.8 percent. Global Ubrelvy net revenues were $449 million, an increase of 26.9 percent. Global Qulipta net revenues were $398 million, an increase of 38.2 percent on a reported basis, or 38.5 percent on an operational basis. Global Vyalev net revenues were $286 million. Global net revenues from the oncology portfolio were $1.696 billion, an increase of 0.8 percent on a reported basis, or 0.9 percent on an operational basis. Global Venclexta net revenues were $803 million, an increase of 10.7 percent. Global Imbruvica net revenues were $522 million, a decrease of 26.1 percent. Global Elahere net revenues were $224 million, an increase of 31.0 percent on a reported basis, or 31.2 percent on an operational basis. Global net revenues from the aesthetics portfolio were $1.176 billion, a decrease of 1.4 percent on a reported basis, or 1.8 percent on an operational basis. Global Botox Cosmetic net revenues were $669 million, an increase of 4.9 percent on a reported basis, or 4.1 percent on an operational basis. Global Juvederm net revenues were $222 million, a decrease of 11.9 percent on a reported basis, or 11.8 percent on an operational basis. On a GAAP basis, the gross margin ratio in the third quarter was 75.4 percent. The adjusted gross margin ratio was 85.1 percent. On a GAAP basis, selling, general and administrative (SG&A) expense was 23.5 percent of net revenues. The adjusted SG&A expense was 21.2 percent of net revenues. On a GAAP basis, research and development (R&D) expense was 14.7 percent of net revenues. The adjusted R&D expense was 13.9 percent of net revenues. Acquired IPR&D and milestones expense was 1.2 percent of net revenues. On a GAAP basis, the operating margin ratio in the third quarter was 36.0 percent. The adjusted operating margin ratio was 48.7 percent. On a GAAP basis, net interest expense was $700 million. The adjusted net interest expense was $688 million. On a GAAP basis, the tax rate in the quarter was 12.6 percent. The adjusted tax rate was 13.6 percent. Diluted earnings per share (EPS) in the third quarter was $2.37 on a GAAP basis. Adjusted diluted EPS, excluding specified items, was $3.82. These results include an unfavorable impact of $0.11 per share related to acquired IPR&D and milestones expense. Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates. Recent Events AbbVie announced it completed its acquisition of Apogee Therapeutics, deepening AbbVie's robust immunology pipeline with diverse assets targeting dermatologic, respiratory and other inflammatory and immunological diseases. The acquisition includes zumilokibart, a late-stage, half-life extended monoclonal antibody targeting IL-13 for atopic dermatitis (AD), as well as APG273, a potential best-in-category long-acting combination targeting IL-13 and thymic stromal lymphopoietin (TSLP) in asthma. AbbVie announced the U.S. Food and Drug Administration (FDA) approved Skyrizi (risankizumab) for subcutaneous (SC) induction in the treatment of moderately to severely active Crohn's disease (CD). The approval offers adult CD patients an additional option for induction of Skyrizi and is supported by positive data from the Phase 3 AFFIRM study. The FDA also approved an update to the U.S. prescribing information's warning and precautions for Skyrizi, across all indications, to allow healthcare providers to use clinical judgment when determining whether tuberculosis testing is needed. Additionally, AbbVie announced it submitted an application to the European Medicines Agency (EMA) seeking approval for Skyrizi for SC induction in the treatment of adult patients with moderately to severely active CD. AbbVie announced positive topline results from the Phase 3 INTREPID study evaluating the safety and efficacy of lutikizumab, an investigational dual-variable-domain IL-1α/1β antagonist, in adults and adolescents with moderate to severe hidradenitis suppurativa (HS). In the study, lutikizumab met the primary endpoint, achieving a significantly higher response rate of Hidradenitis Suppurativa Clinical Response 75 (HiSCR 75) at Week 16 compared with placebo and also met the majority of ranked secondary endpoints, including significant improvements in HS-related skin pain at Week 8 and significant reductions in the occurrence of HS flares over the first 16 weeks. Lutikizumab was generally well tolerated, with no new safety concerns identified. These data will be presented at a future medical congress. Additional data from this study, including results from a 36-week blinded extension period, are expected next year and will be used to support regulatory submissions for lutikizumab in HS in the second half of 2027. At the American College of Gastroenterology (ACG) 2026 Annual Scientific Meeting, AbbVie shared new Skyrizi and Rinvoq (upadacitinib) data which demonstrated disease control for patients living with inflammatory bowel disease (IBD). Highlights included new Phase 3 AFFIRM data which showed higher rates of clinical and endoscopic response in CD patients treated with SC Skyrizi versus placebo across all efficacy endpoints and observed subgroups; open-label extension analyses that demonstrated sustained endoscopic outcomes over time with Skyrizi, even in patients with complex disease characteristics and prior treatment exposure; and real-world studies that showed patients with advanced CD achieved disease control with Rinvoq, highlighting its potential benefit for difficult-to-treat patients. At the 2026 United European Gastroenterology (UEG) Week, AbbVie showcased 20 presentations that underscored the breadth of its IBD research programs. Key disclosures included late-breaking results from the Phase 2a TARGET-CD trial for combination therapy ABBV-466 (Skyrizi + ABBV-382) which demonstrated higher endoscopic remission rates than either Skyrizi or ABBV-382 monotherapy at Week 12, the primary endpoint, with remission rates continuing to increase through Week 24 in patients with moderate to severe CD. AbbVie also presented long-term and real-world data for Skyrizi and Rinvoq that provided additional insight into clinical and endoscopic outcomes in moderately to severely active CD and ulcerative colitis (UC). At the 2026 European Academy of Dermatology and Venereology (EADV) Congress, AbbVie presented data from 60 abstracts reflecting AbbVie's expanding portfolio across a wide spectrum of immune-mediated skin diseases. Highlights included late-breaking presentations from the Phase 3 Viti-Up-1 and Viti-Up-2 studies of Rinvoq in non-segmental vitiligo (NSV), which showed continued facial and total body repigmentation through week 76; primary results from the Phase 2 APEX Part B study evaluating zumilokibart in adult patients with moderate to severe AD, which showed all three dose regimens met the primary endpoint with significantly greater improvements in Eczema Area and Severity Index-75 (EASI-75) response rates versus placebo at week 16; and data showing how lutikizumab targets neutrophilic inflammation and fibroblast activation in HS. AbbVie announced the FDA approved Juvmo (tavapadon) tablets as the only selective D1/D5 receptor agonist for the treatment of adults with Parkinson's disease (PD). Taken once daily with or without levodopa therapy, Juvmo offers patients a differentiated approach to motor symptom control across the PD continuum. This approval is supported by the Phase 3 TEMPO program, which demonstrated significant improvements in daily functioning, increased "on" time without troublesome dyskinesia and a favorable safety profile. AbbVie announced positive topline results from the Phase 3 LUNA study, which evaluated Qulipta (atogepant), a calcitonin gene-related peptide (CGRP) receptor antagonist, for the preventive treatment of menstrual migraine in adults. In the study, Qulipta demonstrated statistically significant reductions in migraine days associated with the menstrual period, meeting the primary and all eight ranked secondary endpoints versus placebo. Menstrual migraine is a recurrent, debilitating migraine pattern, with attacks occurring around or during the menstrual period. No treatment options are currently approved for menstrual migraine, underscoring the urgent need for care approaches specifically designed for this patient population. At Psych Congress 2026, AbbVie presented new real-world data supporting the effectiveness of Vraylar (cariprazine), which showed meaningful improvements in depressive symptoms, functioning and quality of life among adults living with major depressive disorder and bipolar I depression. These findings provide additional evidence that the benefits observed with Vraylar in clinical trials can also be achieved in routine practice, where patients often have more complex treatment needs. Vraylar is being co-developed by AbbVie and Gedeon Richter. AbbVie announced submission of a Biologics License Application (BLA) to the FDA for etentamig, a next-generation BCMA x CD3 bispecific T-cell engager, for the treatment of patients living with relapsed/refractory multiple myeloma (RRMM). The submission is supported by positive results from the Phase 3 CERVINO study which demonstrated that etentamig achieved significant improvements in overall response rate (ORR, 74%) and progression-free survival (PFS, 60%) versus investigator's choice of standard available therapies in triple-class exposed adults with RRMM who had received at least two prior lines of therapy. Etentamig demonstrated low rates of cytokine release syndrome and fatal infections with monthly dosing from initiation following a single step-up dose. These results support the potential for etentamig treatment across a range of settings, including community-based care, offering a potentially differentiated treatment option for patients and providers. AbbVie and Genmab announced positive topline results from the Phase 3 EPCORE DLBCL-2 trial evaluating fixed treatment duration Epkinly (epcoritamab), a T-cell engaging bispecific antibody with SC administration, in combination with standard of care rituximab, cyclophosphamide, doxorubicin hydrochloride, vincristine, and prednisone (R-CHOP), compared to R-CHOP alone, in newly diagnosed patients with diffuse large B-cell lymphoma (DLBCL). The trial demonstrated a statistically significant and clinically meaningful improvement in PFS in DLBCL patients, as the risk of disease progression or death was reduced by 51%. The safety pro Epkinly when administered in combination with standard of care R-CHOP was generally well tolerated and consistent with the previously reported safety profiles of the individual agents. Based on the topline results, Genmab and AbbVie will engage global regulatory authorities. Epkinly is being co-developed by AbbVie and Genmab. AbbVie announced the FDA granted two Breakthrough Therapy Designations (BTDs) for telisotuzumab adizutecan (Temab-A), a next-generation, c-Met-directed antibody-drug conjugate (ADC) with a novel topoisomerase 1 inhibitor, in colorectal cancer (CRC) and non-small cell lung cancer (NSCLC). These designations represent the first BTDs for Temab-A. At the 23 rd International Myeloma Society (IMS) Annual Meeting, AbbVie presented research demonstrating the breadth of its myeloma pipeline. Highlights included a plenary presentation featuring full results from the Phase 3 CERVINO study evaluating etentamig; as well as data from ABBV-2001, a trispecific T-cell engager; surzetoclax, a BCL-2 inhibitor; and combination approaches. At the 2026 World Conference on Lung Cancer (WCLC), AbbVie shared new data showcasing its strategy aimed at building a lung cancer pipeline spanning next-generation immunotherapies, targeted ADCs and the potential for novel combination approaches. Presentations included clinical data from ABBV-1480, Temab-A and ABBV-706 programs across NSCLC and small cell lung cancer (SCLC). ABBV-1480 is developed in partnership with RemeGen. At the 2026 European Society for Medical Oncology (ESMO), AbbVie presented new data across its solid tumor pipeline that underscored the potential of AbbVie's oncology portfolio to address diverse patient needs through next-generation ADCs, combination approaches and precision medicine. Data across multiple assets in various stages of development highlighted longer-term survival, combination and biomarker findings. Allergan Aesthetics announced the FDA accepted for review its supplemental BLA for Botox Cosmetic (onabotulinumtoxinA) for the temporary improvement in the appearance of marked to very marked masseter muscle prominence (MMP) associated with masseter muscle activity in adults. The submission is supported by two Phase 3 studies, demonstrating statistically significant improvements in MMP and patient satisfaction with treatment. If approved, Botox Cosmetic would become the first neurotoxin indicated for this condition in the U.S. and expand its portfolio to a fifth aesthetic indication. At the European Association for the Study of Diabetes (EASD) 2026 Annual Meeting, AbbVie announced detailed Phase 1 data for ABBV-295, a long-acting amylin analog being developed for the treatment of obesity. Data presented demonstrated an approximately 11- to 12-day half-life and dose-proportional increases in plasma exposure, supporting evaluation of ABBV-295 at dosing intervals beyond weekly administration, including every-other-week and monthly regimens. ABBV-295 also showed meaningful body weight reduction and a favorable tolerability pro all evaluated dose levels, with topline results announced earlier this year. Findings support advancement of ABBV-295 into Phase 2 development for chronic weight management. AbbVie announced an agreement with Valkai to apply advanced artificial intelligence (AI) across targeted areas of clinical development. The agreement is designed to strengthen integrated AI capabilities across clinical development to help accelerate the pace at which scientific innovation reaches patients. AbbVie and Iambic, a clinical-stage life sciences and technology company developing novel medicines through its AI-driven discovery and development platform, announced a multi-year strategic relationship to accelerate the discovery and development of small molecule therapies in immunology, neuroscience and oncology. The strategic relationship will pursue programs with first-in-class and best-in-class potential, combining Iambic's molecular superintelligence platform with AbbVie's therapeutic area expertise. Full-Year 2026 Outlook AbbVie is raising its adjusted diluted EPS guidance for the full year 2026 from $13.76 - $13.96 to $13.95 - $13.99, which includes an unfavorable impact of $0.69 per share related to acquired IPR&D and milestones expense incurred year-to-date through the third quarter 2026. The company's 2026 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the third quarter of 2026, as both cannot be reliably forecasted. AbbVie does not provide a reconciliation of forward-looking non-GAAP financial measures, including adjusted diluted earnings per share to the most directly comparable generally accepted accounting principles in the United States (GAAP) financial measures because AbbVie is unable to predict with reasonable certainty, without unreasonable effort, the amount and timing of changes in fair value of contingent consideration, intangible asset impairments, acquisition and integration costs, litigation matters, income tax items and other adjustments. These items are uncertain, depend on various factors and could have a material impact on AbbVie's GAAP results for the guidance period. Company Declares Dividend Increase of 5.2 Percent AbbVie is announcing today that its board of directors declared an increase in the company's quarterly cash dividend from $1.73 per share to $1.82 per share beginning with the dividend payable on February 16, 2027 to shareholders of record as of January 15, 2027. This reflects an increase of approximately 5.2 percent, continuing AbbVie's strong commitment to returning cash to shareholders through a growing dividend. Since the company's inception in 2013, AbbVie has increased its quarterly dividend by 355 percent. AbbVie is a member of the S&P Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years. About AbbVie AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at . Follow @abbvie on LinkedIn , Facebook , Instagram , X and YouTube . Conference Call AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our third-quarter performance. The call will be webcast through AbbVie's Investor Relations website at investors.abbvie.com . An archived edition of the call will be available after 11:00 a.m. Central Time. Non-GAAP Financial Results Financial results for 2026 and 2025 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with GAAP and include all revenue and expenses recognized during the period. Non-GAAP results adjust for certain non-cash items and for factors that are unusual or unpredictable, and exclude those costs, expenses, and other specified items presented in the reconciliation tables later in this release. AbbVie's management believes non-GAAP financial measures provide useful information to investors regarding AbbVie's results of operations and assist management, analysts and investors in evaluating the performance of the business. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. Forward-Looking Statements Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project," "estimate," "intend," "plan," "target," "may," "could" and "will," and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, drug pricing reform and government pricing programs, risks related to the use of artificial intelligence or other emerging technologies, and the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes, tariffs and changes in U.S. and international trade policies, and other uncertainties and risks associated with global business operations. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's most recently filed Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and in other documents AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law. Media: Investors: Cat Langel Liz Shea (708) 508-3524 (847) 935-2211 Todd Bosse (847) 936-1182 Jeffrey Byrne (847) 938-2923 AbbVie Inc. Key Product Revenues Quarter Ended September 30, 2026 (Unaudited) % Change vs. 3Q25 Net Revenues (in millions) Reported Operational a U.S. Int'l. Total U.S. Int'l. Total Int'l. Total NET REVENUES $13,333 $4,071 $17,404 10.5 % 9.8 % 10.3 % 10.6 % 10.5 % Immunology 7,315 1,850 9,165 16.8 14.1 16.3 15.6 16.6 Skyrizi 5,019 757 5,776 22.9 21.6 22.7 23.2 22.9 Rinvoq 1,924 782 2,706 23.4 25.1 23.9 26.4 24.3 Humira 372 311 683 (39.9) (16.8) (31.2) (15.2) (30.6) Neuroscience 2,939 450 3,389 19.3 20.0 19.4 20.7 19.5 Vraylar 1,064 4 1,068 14.3 43.5 14.3 46.0 14.3 Botox Therapeutic 912 168 1,080 10.5 5.8 9.8 5.6 9.8 Ubrelvy 438 11 449 27.3 13.9 26.9 15.0 26.9 Qulipta 333 65 398 32.1 80.2 38.2 82.3 38.5 Vyalev 154 132 286 >100.0 55.6 >100.0 57.2 >100.0 Other Neuroscience 38 70 108 (36.0) (15.3) (23.9) (14.6) (23.5) Oncology 973 723 1,696 (5.7) 11.1 0.8 11.4 0.9 Venclexta 385 418 803 13.0 8.7 10.7 8.6 10.7 Imbruvica b 340 182 522 (33.0) (8.3) (26.1) (8.3) (26.1) Elahere 166 58 224 9.6 >100.0 31.0 >100.0 31.2 Epkinly c 43 65 108 >100.0 35.1 57.7 39.5 60.8 Other Oncology 39 — 39 >100.0 62.6 >100.0 62.6 >100.0 Aesthetics 723 453 1,176 (2.3) 0.1 (1.4) (1.0) (1.8) Botox Cosmetic 388 281 669 2.4 8.6 4.9 6.5 4.1 Juvederm Collection 90 132 222 (6.3) (15.4) (11.9) (15.3) (11.8) Other Aesthetics 245 40 285 (7.6) 5.5 (6.0) 6.5 (5.9) Other Key Products 800 165 965 (3.5) (7.1) (4.1) (4.9) (3.7) Mavyret 115 150 265 (21.2) (9.7) (15.1) (7.4) (13.9) Creon 361 — 361 (2.2) n/m (2.2) n/m (2.2) Linzess 324 15 339 3.2 31.1 4.2 31.8 4.2 a "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates. b Reflects profit sharing for Imbruvica international revenues. c Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories. n/m = not meaningful AbbVie Inc. Key Product Revenues Nine Months Ended September 30, 2026 (Unaudited) % Change vs. 9M25 Net Revenues (in millions) Reported Operational a U.S. Int'l. Total U.S. Int'l. Total Int'l. Total NET REVENUES $37,163 $12,233 $49,396 9.9 % 14.0 % 10.9 % 10.7 % 10.1 % Immunology 19,809 5,432 25,241 14.9 19.7 15.9 16.5 15.2 Skyrizi 13,561 2,203 15,764 25.0 28.9 25.6 24.9 25.1 Rinvoq 5,094 2,256 7,350 20.4 32.8 23.9 29.2 22.9 Humira 1,154 973 2,127 (46.7) (13.8) (35.4) (15.2) (35.9) Neuroscience 8,169 1,323 9,492 20.7 27.6 21.6 22.7 20.9 Vraylar 3,034 10 3,044 17.0 44.9 17.1 42.8 17.1 Botox Therapeutic 2,618 513 3,131 12.7 12.6 12.7 8.3 12.0 Ubrelvy 1,147 33 1,180 26.5 31.7 26.7 29.6 26.6 Qulipta 872 172 1,044 32.0 97.2 39.6 91.2 38.9 Vyalev 371 372 743 >100.0 70.9 >100.0 64.0 >100.0 Other Neuroscience 127 223 350 (38.0) (8.7) (22.0) (12.9) (24.3) Oncology 2,791 2,186 4,977 (9.5) 14.6 (0.3) 11.5 (1.5) Venclexta 1,095 1,249 2,344 12.4 12.8 12.6 7.9 10.0 Imbruvica b 1,009 601 1,610 (36.1) (2.9) (26.8) (2.9) (26.8) Elahere 487 146 633 7.4 >100.0 24.5 >100.0 23.3 Epkinly c 104 190 294 64.7 49.9 54.9 50.5 55.3 Other Oncology 96 — 96 >100.0 >100.0 >100.0 >100.0 >100.0 Aesthetics 2,188 1,456 3,644 0.5 4.3 2.0 0.9 0.7 Botox Cosmetic 1,159 906 2,065 6.9 13.1 9.5 8.7 7.6 Juvederm Collection 278 421 699 0.3 (9.8) (6.0) (11.8) (7.2) Other Aesthetics 751 129 880 (8.1) 1.0 (6.9) (1.2) (7.2) Other Key Products 2,377 518 2,895 3.3 (6.2) 1.5 (9.7) 0.8 Mavyret 431 480 911 (8.8) (7.8) (8.3) (11.2) (10.1) Creon 1,067 — 1,067 (5.4) n/m (5.4) n/m (5.4) Linzess 879 38 917 25.5 19.9 25.2 16.0 25.0 a "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates. b Reflects profit sharing for Imbruvica international revenues. c Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories. n/m = not meaningful AbbVie Inc. Consolidated Statements of Earnings (Unaudited) (in millions, except per share data) Third Quarter Ended September 30 Nine Months Ended September 30 2026 2025 2026 2025 Net revenues $ 17,404 $ 15,776 $ 49,396 $ 44,542 Cost of products sold 4,285 5,304 12,794 13,652 Selling, general and administrative 4,087 3,569 11,297 10,115 Research and development 2,567 2,319 7,383 6,517 Acquired IPR&D and milestones 216 2,680 1,251 3,751 Other operating income (18) — (18) (24) Total operating costs and expenses 11,137 13,872 32,707 34,011 Operating earnings 6,267 1,904 16,689 10,531 Interest expense, net 700 667 2,024 1,972 Other expense, net 738 523 4,519 4,630 Earnings before income tax expense 4,829 714 10,146 3,929 Income tax expense 609 526 1,613 1,511 Net earnings 4,220 188 8,533 2,418 Net earnings attributable to noncontrolling interest 2 2 7 8 Net earnings attributable to AbbVie Inc. $ 4,218 $ 186 $ 8,526 $ 2,410 Diluted earnings per share attributable to AbbVie Inc. $ 2.37 $ 0.10 $ 4.79 $ 1.34 Adjusted diluted earnings per share a $ 3.82 $ 1.86 $ 10.12 $ 7.29 Weighted-average diluted shares outstanding 1,772 1,772 1,772 1,772 a Refer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details. AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) 1. Specified items impacted results as follows: Quarter Ended September 30, 2026 (in millions, except per share data) Earnings Diluted Pre-tax After-tax a EPS As reported (GAAP) $ 4,829 $ 4,218 $ 2.37 Adjusted for specified items: Intangible asset amortization 1,669 1,419 0.79 Acquisition and integration costs 408 391 0.22 Change in fair value of contingent consideration 829 809 0.46 Other 131 (42) (0.02) As adjusted (non-GAAP) $ 7,866 $ 6,795 $ 3.82 a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. Acquisition and integration costs primarily reflect costs related to the Apogee Therapeutics, Inc. acquisition. Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended September 30, 2026 included acquired IPR&D and milestone expense of $216 million on a pre-tax and $205 million on an after-tax basis, representing an unfavorable impact of $0.11 to both diluted EPS and adjusted diluted EPS. 2. The impact of the specified items by line item was as follows: Quarter Ended September 30, 2026 (in millions) Cost of products sold SG&A R&D Other operating income Interest expense, net Other expense, net As reported (GAAP) $ 4,285 $ 4,087 $ 2,567 $ (18) $ 700 $ 738 Adjusted for specified items: Intangible asset amortization (1,669) — — — — — Acquisition and integration costs (4) (250) (142) — (12) — Change in fair value of contingent consideration — — — — — (829) Other (11) (149) — 18 — 11 As adjusted (non-GAAP) $ 2,601 $ 3,688 $ 2,425 $ — $ 688 $ (80) 3. The adjusted tax rate for the third quarter of 2026 was 13.6 percent, as detailed below: Quarter Ended September 30, 2026 (dollars in millions) Pre-tax earnings Income taxes Tax rate As reported (GAAP) $ 4,829 $ 609 12.6 % Specified items 3,037 460 15.1 % As adjusted (non-GAAP) $ 7,866 $ 1,069 13.6 % AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) 1. Specified items impacted results as follows: Quarter Ended September 30, 2025 (in millions, except per share data) Earnings Diluted Pre-tax After-tax a EPS As reported (GAAP) $ 714 $ 186 $ 0.10 Adjusted for specified items: Intangible asset amortization 1,871 1,576 0.89 Intangible asset impairment 847 701 0.39 Acquisition and integration costs 212 207 0.12 Change in fair value of contingent consideration 776 755 0.43 Other (40) (119) (0.07) As adjusted (non-GAAP) $ 4,380 $ 3,306 $ 1.86 a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. Intangible asset impairment reflects impairment charges of $847 million related to the Resonic and Durysta intangible assets. Acquisition and integration costs primarily reflect costs related to the Capstan acquisition. Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended September 30, 2025 included acquired IPR&D and milestone expense of $2.7 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $1.50 to both diluted EPS and adjusted diluted EPS. 2. The impact of the specified items by line item was as follows: Quarter Ended September 30, 2025 (in millions) Cost of products sold SG&A R&D Other expense, net As reported (GAAP) $ 5,304 $ 3,569 $ 2,319 $ 523 Adjusted for specified items: Intangible asset amortization (1,871) — — — Intangible asset impairment (847) — — — Acquisition and integration costs (5) (144) (63) — Change in fair value of contingent consideration — — — (776) Other (34) (13) — 87 As adjusted (non-GAAP) $ 2,547 $ 3,412 $ 2,256 $ (166) 3. The adjusted tax rate for the third quarter of 2025 was 24.5 percent, as detailed below: Quarter Ended September 30, 2025 (dollars in millions) Pre-tax earnings Income taxes Tax rate As reported (GAAP) $ 714 $ 526 73.7 % Specified items 3,666 546 14.9 % As adjusted (non-GAAP) $ 4,380 $ 1,072 24.5 % AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) 1. Specified items impacted results as follows: Nine Months Ended September 30, 2026 (in millions, except per share data) Earnings Diluted Pre-tax After-tax a EPS As reported (GAAP) $ 10,146 $ 8,526 $ 4.79 Adjusted for specified items: Intangible asset amortization 5,106 4,353 2.45 Acquisition and integration costs 431 410 0.23 Change in fair value of contingent consideration 4,734 4,613 2.60 Other 631 95 0.05 As adjusted (non-GAAP) $ 21,048 $ 17,997 $ 10.12 a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. Acquisition and integration costs primarily reflect costs related to the Apogee Therapeutics, Inc. acquisition. Reported GAAP earnings and adjusted non-GAAP earnings for the nine months ended September 30, 2026 included acquired IPR&D and milestones expense of $1.3 billion on a pre-tax and $1.2 billion on an after-tax basis, representing an unfavorable impact of $0.69 to both diluted EPS and adjusted diluted EPS. 2. The impact of the specified items by line item was as follows: Nine Months Ended September 30, 2026 (in millions) Cost of products sold SG&A R&D Other operating income Interest expense, net Other expense, net As reported (GAAP) $ 12,794 $ 11,297 $ 7,383 $ (18) $ 2,024 $ 4,519 Adjusted for specified items: Intangible asset amortization (5,106) — — — — — Acquisition and integration costs (7) (257) (155) — (12) — Change in fair value of contingent consideration — — — — — (4,734) Other (20) (377) (221) 18 — (31) As adjusted (non-GAAP) $ 7,661 $ 10,663 $ 7,007 $ — $ 2,012 $ (246) 3. The adjusted tax rate for the first nine months of 2026 was 14.5 percent, as detailed below: Nine Months Ended September 30, 2026 (dollars in millions) Pre-tax earnings Income taxes Tax rate As reported (GAAP) $ 10,146 $ 1,613 15.9 % Specified items 10,902 1,431 13.1 % As adjusted (non-GAAP) $ 21,048 $ 3,044 14.5 % AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) 1. Specified items impacted results as follows: Nine Months Ended September 30, 2025 (in millions, except per share data) Earnings Diluted Pre-tax After-tax a EPS As reported (GAAP) $ 3,929 $ 2,410 $ 1.34 Adjusted for specified items: Intangible asset amortization 5,593 4,721 2.67 Intangible asset impairment 847 701 0.39 Acquisition and integration costs 273 256 0.14 Change in fair value of contingent consideration 5,089 4,941 2.79 Other 52 (75) (0.04) As adjusted (non-GAAP) $ 15,783 $ 12,954 $ 7.29 a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. Intangible asset impairment reflects impairment charges of $847 million related to the Resonic and Durysta intangible assets. Acquisition and integration costs primarily reflect costs related to the Capstan acquisition. Reported GAAP earnings and adjusted non-GAAP earnings for the nine months ended September 30, 2025 included acquired IPR&D and milestones expense of $3.8 billion on a pre-tax and $3.6 billion on an after-tax basis, representing an unfavorable impact of $2.05 to both diluted EPS and adjusted diluted EPS. 2. The impact of the specified items by line item was as follows: Nine Months Ended September 30, 2025 (in millions) Cost of products sold SG&A R&D Other operating income Other expense, net As reported (GAAP) $ 13,652 $ 10,115 $ 6,517 $ (24) $ 4,630 Adjusted for specified items: Intangible asset amortization (5,593) — — — — Intangible asset impairment (847) — — — — Acquisition and integration costs (10) (171) (92) — — Change in fair value of contingent consideration — — — — (5,089) Other (126) (13) (3) 24 66 As adjusted (non-GAAP) $ 7,076 $ 9,931 $ 6,422 $ — $ (393) 3. The adjusted tax rate for the first nine months of 2025 was 17.9 percent, as detailed below: Nine Months Ended September 30, 2025 (dollars in millions) Pre-tax earnings Income taxes Tax rate As reported (GAAP) $ 3,929 $ 1,511 38.5 % Specified items 11,854 1,310 11.1 % As adjusted (non-GAAP) $ 15,783 $ 2,821 17.9 % View original content: SOURCE AbbVie

临床结果上市批准突破性疗法临床3期临床1期

100 项与 A型肉毒毒素相关的药物交易

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外链

KEGG	Wiki	ATC	Drug Bank
D08957	A型肉毒毒素	M03AX01	DB00083

研发状态

批准上市

10 条最早获批的记录,

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适应症	国家/地区	公司	日期
咀嚼肌肥大	中国	Allergan, Inc.	2024-06-03
肌张力失调	美国	AbbVie, Inc.	2022-08-22
神经源性逼尿肌过度活动	美国	AbbVie, Inc.	2022-08-22
发声困难	日本	GSK Plc	2018-05-25
膀胱功能障碍	美国	AbbVie, Inc.	2017-04-04
外眦皱纹	美国	AbbVie, Inc.	2013-09-11
上下肢痉挛	美国	AbbVie, Inc.	2010-03-09
马蹄状畸形	日本	Allergan, Inc.	2009-01-21
多汗症	日本	Allergan, Inc.	2009-01-21
皮肤疾病	日本	Allergan, Inc.	2009-01-21
神经性膀胱功能障碍	日本	Allergan, Inc.	2009-01-21
原发性颈性肌张力障碍	日本	GSK Plc	2005-10-03
肌肉痉挛	-	Genesis Healthcare, Inc.	2005-10-03
肌痛性痉挛	中国	Allergan Pharmaceuticals Ireland ULC	2003-04-22
斜颈	日本	GSK Plc	2000-06-20
马蹄足	日本	GSK Plc	2000-02-23
面肌痉挛	日本	GSK Plc	2000-01-18
眼睑痉挛	澳大利亚	AbbVie Pty Ltd.	1999-07-09
颈肌张力障碍	澳大利亚	AbbVie Pty Ltd.	1999-07-09
鱼尾纹	澳大利亚	AbbVie Pty Ltd.	1999-07-09

未上市

10 条进展最快的记录,

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适应症	最高研发状态	国家/地区	公司	日期
新型冠状病毒感染	临床3期	日本	AbbVie GK	2025-01-28
面部皱纹	临床3期	日本	AbbVie GK	2025-01-28
严重急性呼吸综合征	临床3期	日本	AbbVie GK	2025-01-28
先兆偏头痛	临床3期	美国	AbbVie, Inc.	2021-11-05
先兆偏头痛	临床3期	加拿大	AbbVie, Inc.	2021-11-05
先兆偏头痛	临床3期	捷克	AbbVie, Inc.	2021-11-05
先兆偏头痛	临床3期	德国	AbbVie, Inc.	2021-11-05
先兆偏头痛	临床3期	以色列	AbbVie, Inc.	2021-11-05
先兆偏头痛	临床3期	波兰	AbbVie, Inc.	2021-11-05
先兆偏头痛	临床3期	西班牙	AbbVie, Inc.	2021-11-05

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临床结果

适应症

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研究	分期	人群特征	评价人数	分组	结果	评价	发布日期


NCT03848143 (CTgov)	临床2期	神经痛	8	onabotulinum toxin A	壓衊窪鹽醖淵窪鏇糧窪(糧積網廠鬱蓋鬱遞蓋願) = 壓膚艱鹽範遞網鏇齋夢餘衊襯壓蓋築遞築廠顧 (糧襯淵膚憲範壓願壓積, .86) 更多	-	2026-07-30
NCT05892770 (CTgov)	临床1/2期	痉挛性发声困难	32	Botulinum toxin type A (Botulinum Toxin A Injection)	蓋遞遞艱顧糧壓襯鹽構(選淵繭糧鏇夢衊餘壓膚) = 鑰鑰襯鬱壓鏇齋糧鏇衊鑰築鏇簾觸衊蓋遞鹽選 (窪夢獵夢範遞餘簾膚觸, 8.8) 更多	-	2026-07-27
				Zinc gluconate supplement (Botulinum Toxin A Injection +Zinc Supplementation")	蓋遞遞艱顧糧壓襯鹽構(選淵繭糧鏇夢衊餘壓膚) = 憲齋衊鹽範衊艱壓鏇鹽鑰築鏇簾觸衊蓋遞鹽選 (窪夢獵夢範遞餘簾膚觸, 9.6) 更多
NCT04936542 (DIRECTION, CTgov)	临床4期	上下肢痉挛 \| 上肢痉挛	464	aboBoNT-A (aboBoNT-A)	鏇繭網窪構齋醖蓋窪壓 = 壓鹹憲夢艱繭鏇廠衊顧憲淵窪獵艱製艱範醖廠 (鏇築夢糧淵膚鏇鹽憲壓, 構鬱夢鹹糧艱窪構艱夢 ~ 網製繭製範顧網醖簾壓) 更多	-	2026-07-09
				onaBoNT-A (onaBoNT-A)	鏇繭網窪構齋醖蓋窪壓 = 蓋艱觸鏇齋鹽鹽糧夢願憲淵窪獵艱製艱範醖廠 (鏇築夢糧淵膚鏇鹽憲壓, 觸淵構窪積艱衊醖窪淵 ~ 壓餘觸構衊獵選鏇觸夢) 更多
NCT05605756 (CTgov)	临床4期	癫痫发作	3	OnabotulinumtoxinA 145 UNT [Botox]	壓蓋鹽醖壓壓遞醖範構 = 鑰顧憲蓋壓選網繭鹹獵製獵繭蓋廠衊構衊鑰範 (糧淵糧範獵衊餘窪選夢, 顧醖鹹鬱蓋獵簾鏇艱繭 ~ 選窪獵製膚遞簾廠製夢) 更多	-	2026-06-29
AUA2026	N/A	前列腺增生症	221	Concurrent HOLEP and Botox	齋廠構壓積艱獵築膚鹽(選糧蓋壓壓築簾鏇鑰鹹) = 壓憲醖憲築簾襯簾襯糧鑰簾顧範範簾壓壓繭遞 (構鹹壓鏇遞糧壓築鏇遞 ) 更多	积极	2026-05-15
AUA2026	N/A	膀胱过度活动症	126	Intradetrusor onabotulinumtoxinA (with prior AUS or MS)	窪憲遞網構構衊顧鹹願(構淵襯簾繭遞範顧願鹽) = 鹹膚壓衊餘窪願襯醖遞壓獵鑰膚鑰蓋網窪網窪 (範齋願鬱膚獵鏇築餘網 ) 更多	积极	2026-05-15
				Intradetrusor onabotulinumtoxinA (without prior AUS or MS)	遞膚蓋壓簾壓淵鑰鏇衊(鹽淵衊衊憲網蓋鹹壓築) = 廠餘鹹積襯憲鹹築製艱窪顧鹽簾廠積窪鏇築鏇 (糧築獵鹹簾積鑰遞糧餘 ) 更多
AAD2026	临床3期	眉间纹	992	TrenibotulinumtoxinE 700 U	簾鹽餘艱顧壓顧鹽衊糧(餘觸糧獵窪範網膚壓襯) = 艱憲簾範鬱網憲壓鹹築膚觸鑰鹹願鏇廠鬱顧膚 (窪網鑰積鏇積築選窪齋 ) 更多	积极	2026-03-27
UEGW2025	N/A	奥狄括约肌功能障碍	52	Botox injection	網顧鑰築鏇淵鹽積繭糧(鏇築憲鬱鑰網積觸醖製) = 艱憲構製網獵糧鏇簾築蓋餘餘選壓醖壓鬱顧憲 (鑰積製壓膚顧願廠遞遞 )	积极	2025-10-05
				Botox injection (Type II SOD)	鬱範艱衊築簾積範範網(構鬱範願築構顧網鏇鏇) = 壓餘鹹選淵築獵觸鏇襯糧憲衊餘觸齋膚壓醖製 (鬱衊觸蓋憲顧簾鑰鬱壓 )
NCT05100199 (CTgov)	临床2期	眉间纹	328	Placebo (Placebo)	觸遞齋遞廠製醖糧積鏇 = 獵簾壓繭廠餘願選窪鹹窪窪獵壓範遞襯餘遞窪 (餘築壓壓簾憲襯餘觸衊, 觸醖構壓糧壓鑰獵鑰簾 ~ 憲鏇積襯壓鹽膚餘膚選) 更多	-	2025-09-09
				OnabotulinumtoxinA X (OnabotulinumtoxinA X Dose A)	觸遞齋遞廠製醖糧積鏇 = 襯築衊醖選獵築構簾糧窪窪獵壓範遞襯餘遞窪 (餘築壓壓簾憲襯餘觸衊, 觸窪鑰糧網壓觸餘繭遞 ~ 鏇糧網窪鬱壓膚簾蓋顧) 更多
NCT06218251 (UFL BOND 974, CTgov)	临床4期	面部皱纹	100	BOTOX	鏇窪糧鹽積鏇艱鏇鬱製 = 齋鑰蓋製餘餘獵醖鬱廠襯鏇夢鏇憲艱遞壓餘選 (窪蓋顧繭廠觸鏇窪製簾, 築膚醖艱顧鏇憲襯壓鏇 ~ 糧糧窪膚製築窪夢餘鬱) 更多	-	2025-08-06