US Pharmaceutical Stocks Lower EPS Guidance Despite 12% Surge in Revenue

AbbVie Inc. reported first-quarter 2026 net revenues of $15.0 billion—a 12.4% increase year-over-year—but GAAP diluted EPS fell 45.8% to $0.39 after taking on $744 million in acquisition-related R&D and milestone expenses. Adjusted diluted EPS rose 7.7% to $2.65. The company modestly raised its full-year 2026 adjusted EPS guidance—from $13.96–14.16 (including in-process R&D costs) to $14.08–14.28—while excluding any additional IPR&D or milestone expenses beyond Q1, citing difficulty in forecasting such items. AbbVie highlighted regulatory and clinical progress across core pipeline assets—Skyrizi, Rinvoq, Benclexta, Elahair and obesity candidate ABBV-295—and disclosed receipt of an FDA Complete Response Letter for its botulinum toxin candidate, TreniBot-E, limited to manufacturing issues. Concurrently, AbbVie unveiled plans to invest over $1.7 billion in U.S. manufacturing and workforce expansion, including a new pharma campus in Durham, North Carolina, and API facility upgrades in North Chicago, Illinois.

According to recent U.S. media and industry reports, TreniBot-E—a fast-acting botulinum toxin for facial wrinkles—is on FDA hold due not to safety or efficacy concerns but to manufacturing-process issues; AbbVie is reportedly evaluating a resubmission once those issues are resolved. At the same time, AbbVie released topline data from early clinical trials of ABBV-295, a long-acting amylin analog for obesity, showing up to roughly 10% mean weight loss over 12–13 weeks. The data position ABBV-295 as a potential complement to the existing GLP-1–focused obesity treatment market.

Once dominated by Humira, AbbVie’s immunology franchise has diversified following Humira’s patent expiration, with next-generation assets such as Skyrizi and Rinvoq, aesthetic and dermatology toxins, oncology and neuroscience products forming new growth platforms. As global pharmaceutical companies increasingly view obesity and metabolic diseases as the next cash cows—scaling R&D and production capacity—AbbVie is likewise bolstering its obesity pipeline and U.S. manufacturing infrastructure to secure medium- and long-term growth.