Obituary Writers Should Check The Earnings Call

A few weeks ago, I was having lunch in Palo Alto with an old FDA contact who’s now retired. Over grilled swordfish, he said, “The smartest companies make moves three years before they actually have to.” That stuck with me.

Because if you want to understand why AbbVie is one of the best-positioned names in biotech right now, that’s the frame.

Most of Wall Street is still busy mourning Humira. AbbVie moved on a while ago.

While everyone else was clinging to the past, they were quietly building a future in three profitable directions: immunology, neuroscience, and oncology. And they’re doing it with a combination of discipline, foresight, and just enough audacity to keep things interesting.

Let’s start with immunology. Rinvoq and Skyrizi are no longer emerging players. They have become top-line drivers, each up more than 40% year-over-year.

Neuroscience isn’t far behind. Qulipta posted 64% growth last quarter and now sits on a credible path to blockbuster territory. This isn’t speculative. AbbVie is executing, and the numbers are there to prove it.

The real pivot, though, is in oncology. Imbruvica is fading – fine. Let it. Some are still treating this like a postmortem. They might want to read the earnings call transcript before lighting the candles.

Because what’s actually happening here is far from a decline. AbbVie is leaning in, building out its next wave of oncology assets with speed and intent.

Epkinly just secured its third FDA approval, this time in combination therapy for relapsed follicular lymphoma.

Not only is it the first bispecific combo approved for lymphoma, but it’s also setting up for four more phase 3 readouts. The more I study its trajectory, the more I understand that this isn’t a single-product story but the beginning of a franchise.

But if you want the real wild card, look at ISB 2001. Trispecific antibody. CD38, BCMA, and CD3. Designed for patients with relapsed multiple myeloma who’ve exhausted six lines of therapy.

And in early data? A 79% response rate. That’s not a fluke. That’s a signal. AbbVie didn’t blink at writing a $700 million upfront check to Ichnos Glenmark for the rights. They know what they have.

The multiple myeloma market is expected to top $44 billion in a few years. Everyone’s chasing it. Most are doing it with bispecifics that will be yesterday’s news if trispecifics deliver. AbbVie’s betting on the future again – one step ahead, just like my friend said.

Then there’s Bretisilocin. A short-acting psychedelic compound that actually works. Phase 2a data showed statistically significant improvements in MADRS scores, and more importantly, a response within 24 hours. Most antidepressants take weeks. This one moves fast.

AbbVie picked it up via Gilgamesh Pharma. Smart move. They’re not just padding the pipeline; they’re aiming to reshape the category.

The numbers speak for themselves. Q3 revenue up 9.1% to $15.8 billion. Immunology up nearly 12%. Neuroscience up 20%. Oncology dipped slightly, but the runway from Epkinly and ISB 2001 more than offsets that.

The company raised full-year guidance to $16.9 billion. The dividend’s going up 5.5% next year. That’s not the behavior of a company in trouble. That’s confidence backed by execution.

Of course, there are risks. Early-stage data can disappoint. Regulatory timelines can slip. But AbbVie isn’t making bets it can’t back up. These aren’t moonshots. These are calculated investments with strong early signals and real market potential.

The Street still sees AbbVie as the Humira story. That’s fine. Let them miss the plot.

What’s really happening here is a company with a deep bench, a balanced portfolio, and a clear plan for where the next decade of growth will come from.

While others chase the latest gene therapy headline or pile into GLP-1s at peak euphoria, AbbVie is building quietly and methodically.

If the market wants to keep underpricing that, I won’t argue. I’ll just keep buying the dips.