AbbVie stock trades at $225 with analysts split between its strong immunology drugs and heavy leverage, leaving investors in a holding pattern.

What happened: AbbVie's Skyrizi generated $4.48 billion（約7200億円） in Q1 2026 revenue, up 30.9%, while Rinvoq added $2.12 billion（約3400億円）, up 23.3%. The company raised its full-year 2026 adjusted earnings guidance to $14.08–$14.28 per share. However, total debt sits at $72.86 billion（約12兆円） against negative shareholder equity of -$6.6 billion（約1.1兆円）, and net income fell 45.7% year over year to $699 million（約1100億円） in the most recent quarter.

Why it matters: Two drugs are delivering real growth and funding a raised dividend ($1.73 quarterly payout), which attracts income investors; meanwhile, the balance sheet's negative equity and $2.89 billion（約4600億円） in annual interest expense raise questions about whether the valuation premium is warranted. Analyst consensus targets $253.55 (implying roughly 13% upside), but an internal AI model pegs fair value at $154.41, showing wide disagreement about the stock's true worth.

What to watch: The next two earnings reports will reveal whether Skyrizi and Rinvoq can sustain double-digit growth, and whether the company makes visible progress paying down the $72.86 billion（約12兆円） debt load. Patent cliff concerns beyond 2028 and the success of pipeline candidates like Epkinly, Elahere, and the ABBV-295 obesity program will determine whether the current premium holds or the leverage becomes the focus.