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Lilly currently has much faster reported growth; AbbVie offers a wider collection of established therapeutic portfolios and has declared a higher quarterly dividend beginning in February 2027. Neither operating profile establishes which stock is the better buy: that also depends on valuation, income needs, risk tolerance, time horizon, and your existing holdings. The latest comparable results, for the third quarter of 2026, show Lilly revenue up 39% year over year and AbbVie revenue up 10.3% reported. Those figures describe company performance—not expected stock returns.
The practical distinction is concentration versus breadth. Lilly’s momentum comes overwhelmingly from Mounjaro and Zepbound, while AbbVie is growing through Skyrizi and Rinvoq as Humira declines. Both companies have additional products and pipeline opportunities, but both also face execution and commercial risks.
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| Name | Best for | Key spec | Checked |
|---|---|---|---|
| Eli Lilly (LLY) | Investors prioritizing recent revenue growth who can accept substantial reliance on a small number of products | Q3 2026 revenue: $24.397 billion, up 39% year over year; Mounjaro and U.S. Zepbound together brought in about $16.1 billion | Nov 2026 |
| AbbVie (ABBV) | Investors seeking exposure to several established therapeutic portfolios and a declared dividend increase, while accepting Humira’s ongoing decline | Q3 2026 revenue: $17.404 billion, up 10.3% reported; quarterly dividend of $1.82 per share scheduled to begin in February 2027 | Nov 2026 |
What do the latest results say about Lilly and AbbVie?
In the third quarter of 2026, Lilly reported $24.397 billion in revenue, up 39% year over year, and net income of $6.451 billion, up 16%. AbbVie reported $17.404 billion in net revenue, up 10.3% on a reported basis and 10.5% operationally, which is its constant-currency measure. The two growth rates are company-reported and do not predict relative share performance.
The revenue totals also reflect different business mixes. Lilly’s sales surge was driven primarily by volume growth in Mounjaro and Zepbound, partly offset by lower realized prices. AbbVie’s growth reflects a transition within a broader collection of businesses: strong immunology and neuroscience results, most notably Skyrizi and Rinvoq, alongside continued declines in Humira.
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| Q3 2026 indicator | Lilly | AbbVie |
|---|---|---|
| Revenue | $24.397 billion | $17.404 billion |
| Year-over-year revenue growth | 39% | 10.3% reported; 10.5% operational |
| Key growth products | Mounjaro and Zepbound | Skyrizi and Rinvoq |
| Notable reported earnings measure | $6.451 billion net income, up 16% | $3.82 adjusted diluted EPS |
These earnings measures are not directly comparable: Lilly’s figure is net income, while AbbVie’s is adjusted earnings per share. Lilly reported $4.181 billion in acquired in-process research and development (IPR&D) charges during the quarter, chiefly tied to its AtaiBeckley and Curevo acquisitions. AbbVie’s adjusted EPS excludes specified items, and its revised 2026 adjusted EPS guidance includes a stated effect from acquired IPR&D and milestone expenses. Read the accounting basis before drawing conclusions about which company generated stronger underlying earnings.
For the company-reported detail, see Lilly’s Q3 2026 results and guidance and AbbVie’s Q3 2026 results.
Where is Lilly’s growth coming from—and how concentrated is it?
Lilly’s Q3 growth is unusually dependent on its incretin medicines. Mounjaro generated $10.723 billion in the quarter, up 65% year over year. U.S. Zepbound revenue was $5.352 billion, up 48%. Together, those reported figures total roughly $16.1 billion—about two-thirds of Lilly’s $24.397 billion quarterly revenue. The Zepbound figure cited here is U.S. revenue, so the calculation is a useful indication of concentration, not a complete global product comparison.
That growth is impressive in the current results, but it means the company’s near-term trajectory depends heavily on a relatively small number of products and their ability to maintain volume, access, and supply. Lilly said the reported growth was partly offset by lower realized prices. Revenue growth therefore should not be treated as proof that price per treatment is rising or that sales will translate one-for-one into earnings growth.
Other Lilly products recorded growth in Q3: Jaypirca generated $228 million, up 59%; Ebglyss generated $202 million, up 59%; and Kisunla generated $193 million, compared with $70 million a year earlier. Foundayo generated $184 million in its reported launch period. These businesses broaden the company’s product base, but their quarterly figures are much smaller than Mounjaro and Zepbound’s combined contribution.
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Lilly’s Q3 release said the company raised its 2026 outlook. Any investor comparing guidance should check whether a cited figure is GAAP or non-GAAP; those measures are not interchangeable. The release and Lilly’s Form 10-Q for the quarter ended September 30, 2026 also describe risks tied to product concentration, pricing and reimbursement, competition, supply, safety, intellectual-property protection, and manufacturing. Lilly reported no material changes to previously disclosed material risks from those in its 2025 annual report.
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How is AbbVie replacing Humira revenue?
AbbVie’s results show a transition underway, not a completed one. Humira brought in $683 million in Q3 2026, down 31.2% year over year. At the same time, the newer immunology medicines Skyrizi and Rinvoq generated $5.776 billion and $2.706 billion, respectively, with year-over-year growth of 22.7% and 23.9%.
AbbVie’s immunology portfolio produced $9.165 billion, up 16.3% reported, or about 53% of the company’s total quarterly revenue. Skyrizi and Rinvoq are now far larger revenue contributors than Humira, but their growth does not erase the fact that more than half of quarterly revenue came from one therapeutic portfolio. AbbVie’s transition is therefore a growth story and a concentration consideration at the same time.
Its other portfolios add different sources of sales and risk. Neuroscience revenue was $3.389 billion, up 19.4%, including Vraylar at $1.068 billion and therapeutic Botox at $1.080 billion. Oncology generated $1.696 billion, up 0.8%; Imbruvica was $522 million, down 26.1%. Aesthetics generated $1.176 billion, down 1.4%, including Botox Cosmetic at $669 million and Juvederm at $222 million.
This is more diversified than a company whose quarterly growth is dominated by two products, but “diversified” does not mean every business is growing or that revenue is evenly distributed. AbbVie’s Q3 results show fast growth in immunology and neuroscience, nearly flat oncology revenue, and a slight decline in aesthetics. Its stated strategic focus also includes obesity, but a company’s strategic priorities are not the same as a proven, material revenue stream.
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Which company has the stronger pipeline and launch prospects?
Both companies reported meaningful regulatory or clinical developments, but pipeline news is uncertain until it becomes durable commercial revenue. Lilly reported FDA approvals for orforglipron (Foundayo) for obesity and insulin efsitora alfa (Onswik) for type 2 diabetes. Foundayo’s $184 million in its reported launch period is an early revenue figure, not evidence by itself of long-term uptake or profitability.
AbbVie reported approval of a subcutaneous Skyrizi induction option for Crohn’s disease, positive Phase 3 topline results for investigational lutikizumab in hidradenitis suppurativa, and completion of the Apogee acquisition, which added immunology assets. An approval, a clinical-trial result, and an acquired asset are different stages of opportunity; none guarantees future sales, successful development in other indications, or a particular return to shareholders.
For investors, the useful question is not simply which company has more pipeline announcements. Consider how much the current investment case relies on new products, the stage of each development, the time needed to generate sales, and whether future growth can offset declines or pricing pressure in existing products. The companies’ filings and releases are the sources for their specific regulatory and development updates: Lilly’s September 2026 Form 10-Q and AbbVie’s Q3 release.
Which stock is more suitable for dividend income?
AbbVie has declared a quarterly dividend increase from $1.73 to $1.82 per share beginning with the payment scheduled for February 16, 2027. The company described the increase as 5.2%. Lilly’s September-quarter filing declared a Q4 2026 dividend of $1.73 per share. These are declared payment facts, not promises about future increases or total investment returns.
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A per-share dividend does not tell you the yield without a contemporaneous share price, and the figures alone do not establish whether either payout is well covered. To compare income, use each stock’s current price to calculate yield and review cash flow and payout coverage on a consistent basis. The available company results do not resolve that full comparison, so a dividend-focused investor should not treat the larger announced amount as a complete measure of value or safety.
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AbbVie’s revised 2026 adjusted diluted EPS guidance was $13.95–$13.99, including an unfavorable $0.69-per-share impact from acquired IPR&D and milestone expense incurred through Q3. That is an adjusted measure, not a guarantee of cash available for dividends, and it should not be compared directly with Lilly’s GAAP earnings without aligning accounting definitions. Check the latest issuer filings for payment details and any subsequent changes before making an income plan.
What risks should you compare before buying either stock?
Lilly’s central trade-off is faster recent growth with greater product concentration. The company’s own disclosures identify risks involving reliance on a relatively small number of products or product classes, reimbursement and pricing pressure, competition, patent loss, safety developments, and manufacturing disruption. A setback affecting a major product or the ability to supply it could have an outsized effect compared with a company whose revenue is spread more evenly across products.
AbbVie’s central trade-off is a broader portfolio with transition and mix risk. Humira continues to decline, and immunology still contributed about 53% of Q3 revenue. Skyrizi and Rinvoq are growing, but their sales, competition, pricing, and continued adoption matter greatly to the company’s growth profile. Meanwhile, the latest quarter shows that oncology and aesthetics were not growing at the pace of immunology and neuroscience.
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Both also face valuation risk. A company can report strong results and still be an unattractive investment at a price that assumes even stronger future growth. Conversely, slower growth does not by itself make a stock a bargain. The Q3 operating results, guidance, and dividend announcements do not identify which share price offers the better risk-adjusted return.
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How should you decide whether LLY or ABBV fits your portfolio?
Use a consistent comparison rather than choosing based on a single growth rate or dividend figure. Before deciding, work through these questions:
- What expectations are already reflected in the price? Compare current share prices and the same forward valuation measure—such as forward earnings or cash flow—for both companies. Examine what growth assumptions underpin those multiples. The Q3 results alone do not supply a valuation winner.
- Where does each company’s growth come from? Lilly’s recent acceleration is led by Mounjaro and Zepbound; AbbVie’s growth is led by Skyrizi and Rinvoq, with neuroscience also expanding. Decide whether you are comfortable with the concentration implied by that mix, including AbbVie’s substantial immunology share.
- Are the earnings figures comparable? Keep GAAP net income, adjusted EPS, acquired IPR&D, and acquisition-related costs distinct. A headline EPS figure can obscure differences in what each company includes or excludes.
- Do you need income now? Calculate yield at current prices and evaluate payout coverage using current financial information. AbbVie’s announced February 2027 increase and Lilly’s declared Q4 2026 dividend are useful facts, but neither is a forecast of future income or total return.
- What risks are already in your portfolio? Consider existing healthcare exposure, concentration in a particular therapeutic area, and your ability to tolerate product, pricing, patent, supply, regulatory, and pipeline risks. A stock may be a poor fit if it increases a risk your portfolio already carries heavily.
- What is your time horizon? Near-term results can be affected by launches, pricing, acquisition costs, and supply. Longer horizons make the durability of product franchises, patent protection, and pipeline execution more important—but also leave more uncertainty about future competition and market conditions.
On the evidence available in Q3 2026, Lilly is the clearer fit for an investor seeking faster reported growth and willing to accept a highly concentrated product engine. AbbVie may suit an investor who values several established therapeutic portfolios and a declared dividend increase, while accepting the Humira transition and the continuing importance of immunology. These are differences in operating profile, not personalized recommendations or a conclusion about which stock is cheaper.
How we compared the two companies
This comparison uses the latest shared reporting period in the available data: the quarter ended September 30, 2026, with company results released October 29–30, 2026. It emphasizes revenue, product and portfolio mix, reported risk disclosures, earnings-accounting distinctions, pipeline updates, and declared dividends. Company-reported figures are attributed to the relevant issuer, and operational growth is identified separately from reported growth.
No current share-price valuation, independent comparative clinical trial, sell-side consensus estimate, or risk-adjusted return analysis is included here. Those missing inputs are material to a buy decision, so the comparison does not name a valuation winner or claim that either stock is suitable for every investor. Financial results, guidance, regulatory status, dividends, and market prices can change; consult the latest filings and announcements before acting.
Frequently Asked Questions
Does FDA approval mean a new drug will become a major source of revenue?
No. Approval permits use for the approved indication, but it does not establish how quickly clinicians and patients will adopt the medicine or what sales it will ultimately generate. Reimbursement, supply, competition, and launch execution still matter.
Can I compare AbbVie’s adjusted EPS with Lilly’s net income?
Not directly: adjusted EPS is a per-share non-GAAP measure, while net income is an aggregate GAAP measure. Use like-for-like accounting measures and account for acquisition-related charges before drawing an earnings comparison.
Does Lilly’s 39% revenue growth mean its stock should outperform AbbVie?
No. Revenue growth is a business result, not a share-return forecast. Returns also depend on the price investors pay, future expectations, earnings and cash flow, and the risks that emerge.
How often should I revisit an LLY-versus-ABBV investment decision?
Recheck the thesis when either company reports earnings, changes guidance or its dividend, or announces a material regulatory or pipeline development. Also revisit it if a major portfolio change alters your exposure to healthcare or a particular therapeutic area.
