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What has to happen in All other

Model as of

This page changes All other inside the complete ABBV model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

ABBV forward model
Horizon
Consolidated fair value $205.76 all other verticals held in this portfolio case
Final-quarter revenue $776M 4% of company revenue
Explicit segment contribution $6.98B EBITDA less segment capex, before corporate items

Erosion outruns the launches. Humira was still shrinking 35.9% year over year in the basis quarter, Imbruvica 29.4%, and aesthetics turned negative operationally on dermal-filler weakness - three of the six portfolios were flat or falling. This case holds immunology's terminal rate down, lets aesthetics and the All other residual keep declining, takes two points off margin and pays 13x exit EBITDA rather than 16x. FY2030 revenue lands at $76.2B against $85.0B in the base.

All other

Basis quarter$1.11B
Final quarter$776M
Implied CAGR−7%
Final revenue mix4%

The residual line disclosed as All other in the 10-Q revenue disaggregation. From 2026 it absorbs the eye care portfolio, which AbbVie stopped breaking out and restated prior periods for; eye care was in structural decline, at $580M and -19% year over year in its last disclosed quarter.

Last four quarters
2025 Q3 $1.17B Estimated
2025 Q4 $1.20B Estimated
2026 Q1 $1.02B Estimated
2026 Q2 $1.11B Estimated
Eye careOther products
Sequential growth −1.2%/qtr decaying toward −0.8% -1.2% a quarter. The first half fell 10% year over year and the eight-quarter sequential rate is -2.4%.
All other

Latest: $776M (2031Q2E)

Period Value
2023Q3 $1.39B
2023Q4 $1.41B
2024Q1 $1.28B
2024Q2 $1.34B
2024Q3 $1.25B
2024Q4 $1.40B
2025Q1 $1.25B
2025Q2 $1.12B
2025Q3 $1.17B
2025Q4 $1.20B
2026Q1 $1.02B
2026Q2 $1.11B
2026Q3E $1.09B
2026Q4E $1.07B
2027Q1E $1.05B
2027Q2E $1.03B
2027Q3E $1.01B
2027Q4E $988M
2028Q1E $970M
2028Q2E $953M
2028Q3E $936M
2028Q4E $920M
2029Q1E $904M
2029Q2E $888M
2029Q3E $873M
2029Q4E $858M
2030Q1E $844M
2030Q2E $830M
2030Q3E $816M
2030Q4E $803M
2031Q1E $789M
2031Q2E $776M

Assumptions & reasoning

  • Every point in this line is derived, not reported as a portfolio total, and is marked estimated for that reason: it is consolidated net revenues less the five disclosed portfolio totals. The method was tested against disclosure - it reproduces the 10-Q All other line exactly at $1,117M for 2025 Q2 and $1,109M for 2026 Q2.
  • Aseasonal: the window-to-window spread of 2.7 to 9.4pp is as large as or larger than the apparent factors, so no calendar shape is encoded.
  • Because it is a residual, any reclassification by AbbVie moves it with no operating cause at all. The eye care fold-in is exactly that, and no divestiture is disclosed anywhere in the 10-Q or the release.
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