Stock Markets June 15, 2026 12:01 PM

S&P Moves AbbVie Outlook to Positive, Cites Immunology Sales Momentum

Ratings agency affirms A- rating as Skyrizi and Rinvoq drive stronger-than-expected revenue growth

By Avery Klein
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S&P Global Ratings upgraded AbbVie Inc.'s outlook to positive from stable while keeping its A- issuer credit rating, pointing to faster revenue growth led by immunology products Skyrizi and Rinvoq. The ratings firm projects double-digit revenue growth in 2026 and high single-digit growth in 2027, and says the revenue strength reduces the need for transformative deals even as AbbVie may continue pursuing moderate M&A while managing leverage.

S&P Moves AbbVie Outlook to Positive, Cites Immunology Sales Momentum
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Key Points

  • S&P raised AbbVie's outlook to positive from stable and affirmed an A- issuer credit rating.
  • S&P projects revenue growth of 10.8% in 2026 and 9.8% in 2027, led by Skyrizi and Rinvoq; immunology products made up about 50% of 2025 revenue.
  • AbbVie could pursue $10 billion to $20 billion of M&A annually while aiming to keep leverage below 2.5x; U.S. sales comprised 76% of 2025 revenue.

Overview

S&P Global Ratings revised its outlook for AbbVie Inc. (NYSE: ABBV) to positive from stable and affirmed the company's A- issuer credit rating. The upgrade in outlook reflects stronger-than-expected top-line momentum driven primarily by AbbVie's immunology medicines Skyrizi and Rinvoq.


Revenue expectations and product positions

S&P expects AbbVie's revenue to rise 10.8% in 2026 and 9.8% in 2027, with gains attributed to Skyrizi's expanding share in psoriasis treatment and Rinvoq's rollout into additional inflammatory indications. In 2025, Skyrizi represented roughly 29% of AbbVie's total revenue, while immunology products overall accounted for about 50% of 2025 revenue.

The ratings firm also noted patent and generic timelines supporting the sales outlook: Skyrizi faces no patent expiration until 2033, and Rinvoq is not expected to see generic entry before 2037.


M&A, leverage and capital allocation

S&P said the stronger revenue trajectory lessens the immediate need for large-scale, transformative acquisitions. Nevertheless, the agency expects AbbVie to pursue moderately sized transactions and indicated that the company could undertake $10 billion to $20 billion of M&A per year while keeping leverage below 2.5x. Since the acquisition of Allergan for $63 billion in 2020, AbbVie has maintained leverage in the mid- to low-2x range beginning in 2021.


Revenue mix and R&D

Geographically, AbbVie generated 76% of its 2025 revenue in the U.S., where profit margins are highest. The company invested more than $9 billion in research and development in 2025, an amount equivalent to approximately 15% of revenue. Other therapeutic areas and their 2025 revenue contributions include neuroscience at $10.8 billion, oncology at $6.7 billion, aesthetics at $4.9 billion, and eye care at $2.1 billion.


Rating outlook and contingencies

S&P said it could raise AbbVie's rating over the next 12 to 18 months if the company sustains leverage below 2.5x and continues delivering above-average revenue growth without near-term competitive threats to its leading products. Conversely, the outlook could revert to stable if AbbVie pursues acquisitions that drive leverage above 2.5x without rapid deleveraging.


Implications

The revision to a positive outlook signals S&P's increased confidence in AbbVie's revenue durability driven by its immunology franchise, while leaving room for measured M&A activity so long as financial metrics remain within the thresholds described.

Risks

  • The outlook could revert to stable if AbbVie completes acquisitions that push leverage above 2.5x without prompt deleveraging - this affects credit markets and M&A activity in the pharmaceutical sector.
  • Competitive threats to Skyrizi, Rinvoq or other top products could undermine the above-average revenue growth S&P expects - a risk to biotech and pharma revenue forecasts.
  • Any shift that reduces U.S. profit margins or materially alters the 76% U.S. revenue concentration could affect overall profitability and credit metrics - relevant to equity and credit investors in healthcare.

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