AbbVie Earnings: Can Skyrizi and Rinvoq Replace Humira?

Picture an earnings call where one question keeps looping: can two fast-growing immunology drugs really replace a mega-blockbuster that defined a decade of pharma profits? That’s the AbbVie story in a sentence.

Portfolio managers now model every quarter around the same pivot: Humira is sliding post-biosimilars; Skyrizi and Rinvoq are sprinting. The gap is the whole ballgame.

If you care about cash flow durability, margins, and what happens when a moat meets generics, this is the stack to watch.

Humira’s patent exclusivity broke in Europe years ago and in the U.S. in 2023, opening the door to a swarm of adalimumab biosimilars. That forced AbbVie to do what every big pharma hopes it never has to do: rebuild the core from inside. The plan is clear enough. Let Humira decline at a managed pace while Skyrizi (risankizumab, an IL‑23 inhibitor) and Rinvoq (upadacitinib, a selective JAK inhibitor) scale across dermatology, rheumatology, and gastroenterology.

AbbVie’s earnings hinge on a handoff: defend Humira’s base just long enough for Skyrizi and Rinvoq to reach escape velocity across multiple indications and geographies.

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