AbbVie Inc.

(New York Stock Exchange)
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Somewhat Bullish +35

AbbVie’s Crohn’s Combo Topped Skyrizi Alone in a Phase 2a Trial. Here’s What It Means for a Stock Up 24% in 2026

Clinical trial results Company update Drug approval AI-generated analysis

📊 AbbVie presented primary Phase 2a results for ABBV-466 showing 40.5% endoscopic remission at Week 24 versus 22.4% for Skyrizi alone.

🔬 The investigational combination therapy demonstrated a 1.8x improvement in remission rates compared to Skyrizi monotherapy at the Week 24 endpoint.

💉 AbbVie expects FDA approval for subcutaneous Skyrizi induction for Crohn's in the fourth quarter of this year.

📈 Skyrizi and Rinvoq generated $25.87 billion in sales in 2025, exceeding Humira's peak annual sales of $20.69 billion.

💰 CEO Rob Michael stated that ex-Humira growth has fully offset the $18 billion decline from the original blockbuster drug.

📉 AbbVie lowered its 2026 adjusted EPS guidance to $13.76-$13.96 due to a $216 million one-time pre-tax charge.

📅 The company's commercial payoff for the ABBV-466 combination therapy is projected for the early 2030s.

🎯 Wall Street analysts maintain a mean target price of approximately $367, implying roughly 30% total return potential.

⚠️ Shares slipped 0.96% on October 19 following the clinical data release, trading near consensus estimates.

🔍 The Phase 2a study included 300 patients where 75% had failed at least one advanced therapy prior to enrollment.

Bullish Signals
  • AbbVie's investigational combination therapy ABBV-466 achieved 40.5% endoscopic remission at Week 24, significantly outperforming Skyrizi monotherapy which reached 22.4%.
  • The company successfully transitioned its revenue base with Skyrizi and Rinvoq generating $25.87 billion in sales in 2025, surpassing Humira's peak of $20.69 billion.
  • CEO Rob Michael confirmed that ex-Humira growth platforms have fully offset the $18 billion erosion from the original blockbuster drug.
  • AbbVie expects FDA approval for subcutaneous Skyrizi induction for Crohn's in the fourth quarter, providing a near-term commercial catalyst.
Risk Factors
  • AbbVie lowered its 2026 adjusted EPS guidance to $13.76-$13.96 due to a $216 million pre-tax charge related to acquired research.
  • The primary endpoint for the ABBV-466 combination therapy at Week 12 showed only a 1.4x improvement over Skyrizi alone, falling short of the doubling seen at Week 24.
Full Analysis
AbbVie (ABBV) presented primary Phase 2a data for ABBV-466, an investigational two-drug combination therapy for Crohn's disease, at a gastroenterology meeting in Barcelona on October 19. At Week 24, the combination achieved endoscopic remission in 40.5% of patients compared to 22.4% for Skyrizi alone, representing a significant improvement in efficacy. However, results at the primary Week 12 endpoint showed the combination reached 30.2% remission versus 21.3% for Skyrizi monotherapy. The study was open-label with 300 patients, and serious adverse events were comparable between the groups at 10.4% and 9.6%, respectively. AbbVie's Chief Commercial Officer Jeff Stewart indicated that commercial payoff for the combination therapy is expected in the early 2030s, while a nearer-term catalyst involves subcutaneous Skyrizi induction for Crohn's, which the FDA expects to approve in the fourth quarter. CEO Rob Michael highlighted the company's successful transition from Humira, noting that ex-Humira growth platforms have offset $18 billion in erosion, with Skyrizi and Rinvoq generating $25.87 billion in sales in 2025 compared to Humira's peak of $20.69 billion in 2021. Despite the positive clinical data, AbbVie shares slipped 0.96% on October 19 to close at $282.68, leaving the stock up roughly 24% for 2026 and trading near the Street's mean target price of approximately $367. The company also lowered its 2026 adjusted EPS guidance to a range of $13.76 to $13.96 due to a one-time $216 million pre-tax charge related to acquired research, which impacted the third-quarter outlook. Analysts and models suggest that achieving adjusted EPS at or above the average estimate of $3.79, combined with the anticipated subcutaneous Skyrizi approval, would support the stock trading at its mean target. The company's long-term growth strategy relies on maintaining market share for Skyrizi and Rinvoq while extending growth into the 2030s through new combination therapies like ABBV-466.