AbbVie could reach $315 per share if its newer immunology drugs sustain strong growth and earnings growth supports a higher valuation—but $315 is HSBC analyst Rajesh Kumar’s reported price target, not an AbbVie forecast or a promised return. The case has real sales momentum behind it, but it also depends on future execution and a valuation rerating that may be difficult when the stock already trades at a premium to many pharmaceutical peers.
What HSBC’s $315 target means
HSBC analyst Rajesh Kumar reportedly raised his AbbVie target from $300 to $315 on September 10, 2026, while maintaining a Buy rating, according to The Motley Fool. A price target is an analyst’s estimate, not a company projection, a guarantee that shares will reach that level, or a measure of likely total return. The underlying HSBC research note and its full assumptions were not available in the cited reporting.
The reported bull case rests on continued growth from Skyrizi and Rinvoq, potential expansion into additional uses, and the prospect that stronger expected earnings growth will justify a higher valuation multiple. The Motley Fool describes the thesis as requiring a forward price-to-earnings multiple in the high teens or low 20s, compared with roughly 16 times forward earnings after adjustment for one-time pipeline-purchase effects. These are secondary reporting of the analyst’s case, not independently verified HSBC model estimates.
What AbbVie’s latest product sales show
AbbVie’s second-quarter 2026 results provide evidence of substantial sales from its newer immunology medicines alongside lower Humira revenue. For the quarter ended June 30, 2026, AbbVie reported these global net revenues:
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| Product | Q2 2026 global net revenue |
|---|---|
| Skyrizi | $5.505 billion |
| Rinvoq | $2.525 billion |
| Humira | $756 million |
AbbVie reported total second-quarter net revenues of $16.990 billion, up 10.2% year over year, or 9.5% operationally at constant currency. These are company-reported figures in its second-quarter 2026 results release.
The figures support the view that Skyrizi and Rinvoq are meaningful products in AbbVie’s portfolio. One quarter does not establish that their growth will persist, prove that they have offset all Humira sales losses over a full year, or show what earnings or share price they will ultimately support. Product revenue is not the same as profit or earnings per share.
Which growth catalysts are real—and which remain uncertain
The relevant regulatory developments have different statuses. The European Commission approved Rinvoq for non-segmental vitiligo in July 2026. Separately, AbbVie submitted an application to the European Medicines Agency in August 2026 for subcutaneous induction dosing of Skyrizi in Crohn’s disease. The submission is not an approval. Both updates are described in AbbVie’s second-quarter results release.
Additional approved uses could broaden commercial opportunities, but future sales depend on uptake and competition as well as regulatory decisions. Clinical development and the eventual contribution of pipeline medicines to earnings are uncertain; an expanded market opportunity is not itself a forecast of revenue.
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What Apogee adds to the case
AbbVie announced that it completed its acquisition of Apogee Therapeutics on September 3, 2026. The transaction brings pipeline assets, but those programs remain under development and carry clinical, regulatory, and commercial risk. Completion of the acquisition does not guarantee that any asset will become a successful medicine.
In the completion announcement, AbbVie reaffirmed its full-year 2026 adjusted diluted EPS guidance of $13.87–$14.07. That is company guidance, not a guarantee of results. The announcement is available from AbbVie.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the valuation is the key counterargument
Even if Skyrizi and Rinvoq keep growing, the $315 case also requires investors to pay more for each dollar of expected earnings. The Motley Fool’s account describes AbbVie as expensive relative to the low- to mid-teen valuation multiples it cites for many pharmaceutical peers. If the market is already assigning AbbVie a premium, further multiple expansion may be harder to achieve; earnings growth alone does not ensure a higher share price.
The comparison is not a complete valuation model. The cited reporting does not provide the primary HSBC note, its detailed earnings assumptions, the precise peer group, or the full calculations behind the target. Treat the high-teens-to-low-20s multiple narrative as an explanation of the reported bull case, not a verified forecast or a definitive fair-value calculation.
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How to assess the $315 thesis
- Track earnings, not just sales. Strong product revenue matters only to the extent it translates into sustainable earnings and supports the valuation investors assign.
- Separate regulatory events. Rinvoq’s European Commission approval is different from the EMA application for Skyrizi; the latter is still a submission.
- Watch the replacement timeline. Skyrizi and Rinvoq’s quarterly sales are substantial, but the figures alone do not show whether they have replaced Humira’s lost sales across a full year.
- Allow for execution risk. Commercial uptake, competition, clinical development, and integration of acquired pipeline assets can all affect the outcome.
- Do not confuse a target with a return forecast. Without a current, dated share price, the cited target does not establish a reliable upside percentage; dividends are a separate, variable component of total return.
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