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.