{"slug":"abbvie","name":"애브비","name_en":"AbbVie","ticker":"ABBV","updated_at":"2026-07-12T03:56:29.332+00:00","canonical":"https://valuechain.wiki/abbvie","citable":"밸류체인 그래프 기준 애브비의 직접 연결 기업은 1곳(관계 기준 공급 0·매출 1)이고, 사슬을 2차까지 넓히면 1곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, AbbVie is directly linked to 1 companies (0 supply, 1 revenue relationships) and reaches 1 companies within two hops; the links are backed by 6 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 제약 · 스카이리치·린버크(포스트 휴미라)","kicker_en":"S&P 500 · Pharma · Skyrizi & Rinvoq (post-Humira)","lead":"휴미라 특허 만료로 매출 절벽에 부딪혔던 제약사가 후속 면역질환 약 스카이리치와 린버크로 반등에 성공했다. 2025년 총매출은 611억 달러로 사상 최대이며, 두 신약 합산 매출이 259억 달러로 휴미라 전성기를 넘어섰다. 신경과학(브레일라·보톡스), 종양(임브루비카·벤클렉스타), 미용이 매출을 보완한다.","lead_en":"Once facing a revenue cliff as Humira lost patent protection, AbbVie rebounded with successor immunology drugs Skyrizi and Rinvoq. FY2025 net revenues hit a record $61.2 billion, and the two drugs together brought in $25.9 billion, surpassing Humira's peak. Neuroscience (Vraylar, Botox), oncology (Imbruvica, Venclexta) and aesthetics round out the mix.","segments":{"parts":[{"desc":"스카이리치·린버크(합산 $25.9B)가 휴미라($4.5B)를 대체한 최대 매출원.","name":"면역질환 (스카이리치·린버크·휴미라)"},{"desc":"브레일라·보톡스 치료·유브렐비·큘립타 — 면역질환 다음 성장축.","name":"신경과학 (브레일라·보톡스·유브렐비)"},{"desc":"벤클렉스타·임브루비카에 엘라히어(난소암 ADC) 신규 합류.","name":"종양 (임브루비카·벤클렉스타·엘라히어)"},{"desc":"보톡스 코스메틱·주비덤 — 경기민감 미용 부문.","name":"미용 (보톡스 코스메틱·주비덤)"}],"total":"$61.2B (FY2025)"},"segments_en":{"parts":[{"desc":"Skyrizi and Rinvoq (combined $25.9B) as the top revenue driver replacing Humira ($4.5B).","name":"Immunology (Skyrizi, Rinvoq, Humira)"},{"desc":"Vraylar, Botox Therapeutic, Ubrelvy and Qulipta — the growth pillar after immunology.","name":"Neuroscience (Vraylar, Botox, Ubrelvy)"},{"desc":"Venclexta and Imbruvica, with Elahere (ovarian-cancer ADC) newly added.","name":"Oncology (Imbruvica, Venclexta, Elahere)"},{"desc":"Botox Cosmetic and Juvederm — the consumer-sensitive aesthetics segment.","name":"Aesthetics (Botox Cosmetic, Juvederm)"}],"total":"$61.2B (FY2025)"},"returns_yearly":{"2021":32.4,"2022":24,"2023":-0.2,"2024":18.9,"2025":33.1,"2026":10.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"celltrion","name":"셀트리온","name_en":"Celltrion","tier":1,"returns_yearly":{"2021":-52.3,"2022":13,"2023":10.1,"2024":5.4,"2025":22,"2026":-12.4}}],"benefiting":[],"analysis":"투자 논점은 휴미라 특허 절벽을 후속 면역질환 약으로 넘어선 전환의 완성도다. 스카이리치 $17.6B(+50%)·린버크 $8.3B(+39%) 합산 $25.9B가 바이오시밀러로 -49% 꺾인 휴미라($4.5B)를 상쇄하며 2025년 총매출을 사상 최대 $61.2B로 끌어올렸고, 두 약이 이미 휴미라 전성기를 넘어 회사의 2027년 목표를 2년 이상 앞당겼다. 신경과학(브레일라·보톡스·유브렐비·큘립타)과 미용(보톡스 코스메틱), 종양(벤클렉스타·엘라히어)이 매출을 분산해 단일 약 의존을 낮추며, R&D $9.1B에 인수 IPR&D $5.0B을 더해 파이프라인을 외부 라이선스·인수로 방어한다. 위험은 스카이리치·린버크마저 결국 특허 만료를 맞는다는 점과, 임브루비카처럼 경쟁 심화로 꺾이는 노후 자산, 그리고 셀트리온 등 바이오시밀러의 지속 잠식이다.","analysis_en":"The thesis is how complete the transition past the Humira patent cliff is via successor immunology drugs. Skyrizi $17.6B (+50%) and Rinvoq $8.3B (+39%), together $25.9B, offset Humira's biosimilar-driven fall to $4.5B (-49%) and lifted 2025 revenue to a record $61.2B, with the two drugs already exceeding Humira's peak and beating the 2027 target more than two years early. Neuroscience (Vraylar, Botox, Ubrelvy, Qulipta), aesthetics (Botox Cosmetic) and oncology (Venclexta, Elahere) diversify revenue to reduce single-drug dependence, and R&D of $9.1B plus acquired IPR&D of $5.0B defend the pipeline through in-licensing and acquisitions. Risks are that even Skyrizi and Rinvoq eventually face patent expiry, aging assets like Imbruvica rolling over under competition, and continued biosimilar erosion from the likes of Celltrion.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"면역질환 시장 (스카이리치·린버크)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12","basis":"스카이리치 $17.56B·린버크 $8.30B·휴미라 $4.54B","value":25866000000,"period":"FY2025 스카이리치+린버크","basis_en":"Skyrizi $17.56B, Rinvoq $8.30B, Humira $4.54B"},"note":"최대 매출원. 스카이리치 $17.6B(+50%)와 린버크 $8.3B(+39%) 합산 $25.9B가 직접 바이오시밀러 경쟁으로 -49% 감소한 휴미라 $4.5B를 상쇄하며 총매출을 사상 최대(611억달러)로 견인했다.","note_en":"Top revenue driver. Skyrizi $17.6B (+50%) and Rinvoq $8.3B (+39%) together reached $25.9B, offsetting Humira's fall to $4.5B (-49%) under direct biosimilar competition and lifting total revenue to a record $61.2B.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-20","url":"https://www.sec.gov/Archives/edgar/data/1551152/000155115226000008/abbv-20251231.htm","title":"AbbVie Inc. 2025 Form 10-K (연간보고서)","title_en":"AbbVie Inc. 2025 Form 10-K (Annual Report)","excerpt":"\"Skyrizi Total $17,562 ... Rinvoq Total $8,304 ... Humira Total $4,540 ... Net revenues for Humira decreased 49% in 2025 primarily driven by continued impact of direct biosimilar competition following the loss of exclusivity.\" (스카이리치 총 $17,562M·린버크 $8,304M·휴미라 $4,540M)","excerpt_en":"\"Skyrizi Total $17,562 ... Rinvoq Total $8,304 ... Humira Total $4,540 ... Net revenues for Humira decreased 49% in 2025 primarily driven by continued impact of direct biosimilar competition following the loss of exclusivity.\""},{"stance":"confirms","publisher":"TIKR","publisher_en":"TIKR","kind":"analysis","lang":"en","published_at":"2026-02-01","url":"https://www.tikr.com/blog/abbvie-posts-record-61b-revenue-as-skyrizi-and-rinvoq-surge-past-peak-humira-sales","title":"애브비 $611억 사상 최대 — 스카이리치·린버크가 휴미라 추월","title_en":"AbbVie posts record $61B as Skyrizi and Rinvoq surge past Humira","excerpt":"Skyrizi $17.5B and Rinvoq $8.3B in 2025; Humira down to $4.5B (-48.7%); record $61.1B total (+8.6%).","excerpt_en":"Skyrizi+Rinvoq $25.8B vs Humira $4.5B; record $61.1B."},{"stance":"confirms","publisher":"TIKR","publisher_en":"TIKR","kind":"analysis","lang":"en","published_at":"2026-02-01","url":"https://www.tikr.com/blog/abbvie-hits-31-billion-in-skyrizi-and-rinvoq-sales","title":"애브비, 스카이리치·린버크 합산 매출 259억달러 달성","title_en":"AbbVie Hits $31 Billion Run-Rate in Skyrizi and Rinvoq Sales","excerpt":"스카이리치와 린버크의 2025년 합산 매출이 259억 달러로, 애브비의 2027년 장기 목표를 2년 이상 앞당겨 초과 달성했다.","excerpt_en":"Skyrizi and Rinvoq delivered a combined $25.9 billion in 2025, exceeding AbbVie's 2027 long-term guidance more than two years early."},{"stance":"confirms","publisher":"약사공론","publisher_en":"KPANews","kind":"news","lang":"ko","published_at":"2025-11-05","url":"https://www.kpanews.co.kr/article/show.asp?category=D&idx=254488","title":"애브비, 새로운 시대가 열리다…스카이리치, 휴미라 추월","title_en":"AbbVie enters a new era as Skyrizi overtakes Humira","excerpt":"스카이리치·린버크의 분기 합산 매출이 휴미라 전성기 매출을 넘어서며 포스트 휴미라 시대로 진입했다는 평가.","excerpt_en":"Skyrizi and Rinvoq's combined quarterly sales surpassed Humira's peak, marking AbbVie's entry into the post-Humira era."}]},{"direction":"cost","counterparty":"원료의약품·위탁생산(API·CDMO) 공급망","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12","basis":"제품원가 $18,204M","value":18204000000,"period":"FY2025 Cost of products sold","basis_en":"Cost of products sold $18,204M"},"note":"제품원가 $18.2B. 애브비는 원료·부자재를 전 세계 다수 공급사에서 조달하고, 원료의약품(API)·완제 제조·충전·포장을 제3자와 계약한다. 단일 공급원 의존을 피하고 대체 공급을 유지한다.","note_en":"Cost of products sold $18.2B. AbbVie sources raw materials from numerous global suppliers and contracts third parties for API, product manufacturing, fill/finish and packaging, avoiding single-source dependence with alternate supply relationships.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-20","url":"https://www.sec.gov/Archives/edgar/data/1551152/000155115226000008/abbv-20251231.htm","title":"AbbVie Inc. 2025 Form 10-K (연간보고서)","title_en":"AbbVie Inc. 2025 Form 10-K (Annual Report)","excerpt":"\"Cost of products sold 18,204 ... AbbVie has agreements with third parties for active pharmaceutical ingredient and product manufacturing, formulation and development services, fill, finish and packaging services ... In most cases, AbbVie maintains alternate supply relationships.\" (제품원가 $18,204M, API·완제·충전·포장 제3자 계약)","excerpt_en":"\"Cost of products sold 18,204 ... AbbVie has agreements with third parties for active pharmaceutical ingredient and product manufacturing, formulation and development services, fill, finish and packaging services ... In most cases, AbbVie maintains alternate supply relationships.\""}]},{"direction":"cost","counterparty":"연구개발·라이선스인(R&D·IPR&D)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12","basis":"R&D $9,096M·인수IPR&D $5,016M","value":9096000000,"period":"FY2025 R&D","basis_en":"R&D $9,096M; Acquired IPR&D $5,016M"},"note":"연구개발비 $9.1B에 인수 IPR&D·마일스톤 $5.0B을 더한 파이프라인 투자가 최대 비용축. 휴미라 이후 성장을 외부 라이선스·인수(엘라히어 등)와 자체 R&D로 방어한다.","note_en":"R&D expense $9.1B plus acquired IPR&D and milestones $5.0B make pipeline investment the largest cost axis, defending post-Humira growth through in-licensing/acquisitions (e.g., Elahere) and internal R&D.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-20","url":"https://www.sec.gov/Archives/edgar/data/1551152/000155115226000008/abbv-20251231.htm","title":"AbbVie Inc. 2025 Form 10-K (연간보고서)","title_en":"AbbVie Inc. 2025 Form 10-K (Annual Report)","excerpt":"\"Research and development 9,096 ... Acquired IPR&D and milestones 5,016 ... AbbVie makes a significant investment in research and development.\" (연구개발비 $9,096M, 인수 IPR&D·마일스톤 $5,016M)","excerpt_en":"\"Research and development 9,096 ... Acquired IPR&D and milestones 5,016 ... AbbVie makes a significant investment in research and development.\""}]},{"direction":"revenue","counterparty":"신경·미용 시장 (보톡스·브레일라·유브렐비)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12","basis":"브레일라 $3.62B·보톡스치료 $3.77B·유브렐비 $1.27B·보톡스미용 $2.60B","value":3769000000,"period":"FY2025 Botox Therapeutic","basis_en":"Vraylar $3.62B, Botox Ther. $3.77B, Ubrelvy $1.27B, Botox Cosmetic $2.60B"},"note":"면역질환을 잇는 성장축. 브레일라 $3.6B(+11%)·보톡스 치료용 $3.8B(+15%)·유브렐비 $1.3B(+27%)·큘립타 $1.0B(+57%)에 미용 보톡스 코스메틱 $2.6B이 더해진다.","note_en":"Second growth pillar after immunology. Vraylar $3.6B (+11%), Botox Therapeutic $3.8B (+15%), Ubrelvy $1.3B (+27%) and Qulipta $1.0B (+57%), plus aesthetic Botox Cosmetic $2.6B.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-20","url":"https://www.sec.gov/Archives/edgar/data/1551152/000155115226000008/abbv-20251231.htm","title":"AbbVie Inc. 2025 Form 10-K (연간보고서)","title_en":"AbbVie Inc. 2025 Form 10-K (Annual Report)","excerpt":"\"Vraylar Total $3,621 ... Botox Therapeutic Total $3,769 ... Ubrelvy Total $1,271 ... Qulipta Total $1,036 ... Aesthetics Botox Cosmetic Total $2,602\" (브레일라 $3,621M·보톡스치료 $3,769M·유브렐비 $1,271M·보톡스미용 $2,602M)","excerpt_en":"\"Vraylar Total $3,621 ... Botox Therapeutic Total $3,769 ... Ubrelvy Total $1,271 ... Qulipta Total $1,036 ... Aesthetics Botox Cosmetic Total $2,602\""},{"stance":"confirms","publisher":"약사공론","publisher_en":"KPANews","kind":"news","lang":"ko","published_at":"2025-11-05","url":"https://www.kpanews.co.kr/article/show.asp?category=D&idx=254488","title":"애브비, 새로운 시대가 열리다…스카이리치, 휴미라 추월","title_en":"AbbVie enters a new era as Skyrizi overtakes Humira","excerpt":"애브비는 2025년 연간 매출 611억달러로 전년 대비 8.6% 성장하며 사상 최대 실적을 기록했다.","excerpt_en":"AbbVie posted record FY2025 revenue of $61.1 billion, up 8.6% year over year."}]},{"direction":"revenue","counterparty":"셀트리온","counterparty_slug":"celltrion","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-12","basis":"휴미라 2023 $14.4B→2025 $4.5B(-49% YoY)","value":4540000000,"period":"FY2025 Humira","basis_en":"Humira 2023 $14.4B to 2025 $4.5B (-49% YoY)"},"note":"셀트리온의 휴미라 바이오시밀러 유플라이마는 애브비와의 특허 합의(로열티 지급)를 거쳐 미국에 진입했다. 바이오시밀러 경쟁은 휴미라 매출을 2023년 $14.4B에서 2025년 $4.5B로 끌어내렸다.","note_en":"Celltrion's Humira biosimilar Yuflyma entered the U.S. under a patent settlement with AbbVie (royalty-bearing license). Biosimilar competition drove Humira revenue from $14.4B in 2023 to $4.5B in 2025.","sources":[{"stance":"mentions","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-16","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316001415","title":"셀트리온 사업보고서 (2025.12)","title_en":"Celltrion Business Report (FY2025)","excerpt":"유플라이마(휴미라 바이오시밀러)는 오리지널 개발사(애브비)와 특허 협의를 완료함에 따라 2023년 7월 미국 시장에 출시.","excerpt_en":"Yuflyma (Humira biosimilar) launched in the US in July 2023 after a patent agreement with the originator, AbbVie."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-20","url":"https://www.sec.gov/Archives/edgar/data/1551152/000155115226000008/abbv-20251231.htm","title":"AbbVie Inc. 2025 Form 10-K (연간보고서)","title_en":"AbbVie Inc. 2025 Form 10-K (Annual Report)","excerpt":"\"Net revenues for Humira decreased 49% in 2025 primarily driven by continued impact of direct biosimilar competition following the loss of exclusivity ... AbbVie's immunology products compete with ... biosimilars.\" (휴미라 매출은 독점 상실 후 직접 바이오시밀러 경쟁으로 49% 감소)","excerpt_en":"\"Net revenues for Humira decreased 49% in 2025 primarily driven by continued impact of direct biosimilar competition following the loss of exclusivity ... AbbVie's immunology products compete with ... biosimilars.\""},{"stance":"mentions","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2025-03-18","url":"https://dart.fss.or.kr/dsab007/main.do?option=corp&textCrpNm=%EC%85%80%ED%8A%B8%EB%A6%AC%EC%98%A8","title":"셀트리온 사업보고서 (유플라이마 아달리무맙 바이오시밀러)","title_en":"Celltrion annual report (Yuflyma adalimumab biosimilar)","excerpt":"셀트리온은 아달리무맙 바이오시밀러 유플라이마를 미국·유럽에 공급하며, 오리지널사 애브비와의 특허 합의로 출시 시점을 확보했다.","excerpt_en":"Celltrion supplies the adalimumab biosimilar Yuflyma in the U.S. and Europe, securing launch timing via a patent settlement with originator AbbVie."}]},{"direction":"revenue","counterparty":"종양 시장 (임브루비카·벤클렉스타·엘라히어)","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-12","basis":"임브루비카 $2.87B·벤클렉스타 $2.79B","value":2869000000,"period":"FY2025 Imbruvica","basis_en":"Imbruvica $2.87B, Venclexta $2.79B"},"note":"임브루비카 $2.9B(-14%, BTK 경쟁 심화)와 벤클렉스타 $2.8B(+8%)가 축이며, 2024년 인수한 엘라히어(난소암 ADC)가 신규 성장원으로 합류했다.","note_en":"Imbruvica $2.9B (-14%, intensifying BTK competition) and Venclexta $2.8B (+8%) anchor oncology, with Elahere (ovarian-cancer ADC, acquired 2024) added as a new growth driver.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-20","url":"https://www.sec.gov/Archives/edgar/data/1551152/000155115226000008/abbv-20251231.htm","title":"AbbVie Inc. 2025 Form 10-K (연간보고서)","title_en":"AbbVie Inc. 2025 Form 10-K (Annual Report)","excerpt":"\"Imbruvica Total $2,869 ... Venclexta Total $2,792 ... Elahere United States $607\" (임브루비카 $2,869M·벤클렉스타 $2,792M·엘라히어 미국 $607M)","excerpt_en":"\"Imbruvica Total $2,869 ... Venclexta Total $2,792 ... Elahere United States $607\""}]}]}