AbbVie 2025 H1: Autoimmune Twins Hit $11.6 Billion, FRα ADC Grows 76%

On July 31, AbbVie announced its results for the first half of 2025, with total revenue reaching $28.766 billion, a year-over-year increase of 7.4%. Revenue contributions by segment were as follows: Autoimmune $13.895 billion (+12.6%), Neuroscience $4.965 billion (+20.3%), Oncology $3.309 billion (+4.2%), Aesthetics $2.381 billion (-9.8%), and Eye Care $1.020 billion (-4.8%).

In the autoimmune sector, IL-23 monoclonal antibody Skyrizi (risankizumab) and JAK1 inhibitor Rinvoq (upadacitinib) continued their strong growth, both now surpassing Humira (adalimumab) in sales. For H1 2025, Skyrizi generated $7.848 billion (+65.8%) and Rinvoq $3.746 billion (+48.5%), totaling $11.594 billion. At this growth rate, the duo is on track to easily surpass $25 billion in full-year revenue.

Former blockbuster Humira, impacted by patent expirations and biosimilar competition, has seen continued decline since 2022. In H1 2025, its revenue dropped to $2.301 billion (-54.7%).

In neuroscience, antipsychotic Vraylar (cariprazine) brought in $1.665 billion (+13.5%). Migraine treatments Ubrelvy and Qulipta performed well with $578 million (+33.3%) and $460 million (+63.6%) respectively. Parkinson’s therapies showed divergent trends: long-approved Duodopa declined to $193 million (-15.2%), while Vyalev, approved in 2022, is scaling quickly with $161 million in H1 revenue.

In oncology, BTK inhibitor Imbruvica (ibrutinib), on the market for many years, saw H1 sales fall to $1.492 billion (-10.7%). Bcl-2 inhibitor Venclexta (venetoclax) maintained steady growth, reaching $1.356 billion (+8.4%).

Among next-gen products, Elahere (mirvetuximab soravtansine), an FRα ADC acquired through AbbVie’s $10.1 billion ImmunoGen buyout, delivered $338 million in H1 revenue (+75.5%). CD3/CD20 bispecific Epkinly (epcoritamab), approved by the FDA in May 2023, generated $121 million (+92.1%).

In May, AbbVie added another key oncology asset with the FDA approval of telisotuzumab vedotin (Teliso-V), the first approved ADC targeting c-Met and AbbVie's first internally developed ADC product.

AbbVie has also been highly active in business development (BD) deals. As of the end of July, the company had completed 10 deals—nearly matching its full-year total in recent years. Two of these focused on trispecific antibodies: In January, AbbVie licensed SIM0500 (GPRC5D/BCMA/CD3) from Simcere for over $1 billion; in July, it acquired ISB 2001 (CD3/BCMA/CD38) for $1.9 billion.

"With strong performance across our diversified growth platform, AbbVie delivered another excellent quarter. We al