AbbVie

Core franchises exhibit strong pricing power supported by clinical differentiation and specialty prescribing. Immunology list-to-net dynamics and payer management limit unfettered price hikes, but volume-led growth and label breadth sustain revenue per patient.

Aesthetics is cash-pay with brand-led pricing, though U.S. demand and loyalty program changes pressured Botox Cosmetic and Juvederm in 1H25. Offsetting tailwinds: therapeutics like Vraylar and Botox Therapeutic displayed steady uptake. Policy headwind: Medicare negotiation will apply to Vraylar and Linzess in 2027, limiting price power in Medicare.

Net pricing power remains above average for large-cap pharma given the mix. Sources: AbbVie Q2 2025 10-Q; Q1 2025 release; CMS Jan 17, 2025 negotiation list.