S&P 500 · Pharma · Skyrizi & Rinvoq (post-Humira)
AbbVie
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.
ABBV Updated Jul 12, 2026 2 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · $61.2B (FY2025)
- Segments · Immunology (Skyrizi, Rinvoq, Humira) · Neuroscience (Vraylar, Botox, Ubrelvy) · Oncology (Imbruvica, Venclexta, Elahere) · Aesthetics (Botox Cosmetic, Juvederm)
Revenue from
- Immunology market (Skyrizi, Rinvoq) High confidence· Amount $25.9B · FY2025 스카이리치+린버크 · Skyrizi $17.56B, Rinvoq $8.30B, Humira $4.54B
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. - Neuroscience & aesthetics market (Botox, Vraylar, Ubrelvy) High confidence· Amount $3.8B · FY2025 Botox Therapeutic · Vraylar $3.62B, Botox Ther. $3.77B, Ubrelvy $1.27B, Botox Cosmetic $2.60B
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. - Celltrion Medium confidence· Amount $4.5B · FY2025 Humira · Humira 2023 $14.4B to 2025 $4.5B (-49% YoY)
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.Mentions KO FSS DART Published Mar 18, 2025: Celltrion annual report (Yuflyma adalimumab biosimilar) - Oncology market (Imbruvica, Venclexta, Elahere) Medium confidence· Amount $2.9B · FY2025 Imbruvica · Imbruvica $2.87B, Venclexta $2.79B
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.
Pays to
- API & contract manufacturing (CDMO) supply chain High confidence· Amount $18.2B · FY2025 Cost of products sold · Cost of products sold $18,204M
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. - R&D and licensed-in IPR&D High confidence· Amount $9.1B · FY2025 R&D · R&D $9,096M; Acquired IPR&D $5,016M
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.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Celltrion | lead1 | -52.3 | +13 | +10.1 | +5.4 | +22 | -12.4 |
| AbbVie | node | +32.4 | +24 | -0.2 | +18.9 | +33.1 | +10.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10