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# AbbVie CEO Says Analysts Are Underrating Etentamig, A Multibillion-Dollar Myeloma Drug
- URL: https://www.bullished.co/abbvie-ceo-says-analysts-are-underrating-etentamig-a-multibillion-dollar-myeloma-drug-a95ac36b/
- Published: 2026-10-30T14:41:01.000Z
- Updated: 2026-10-30T14:41:01.000Z
- Description: Rob Michael named four pipeline assets he says Wall Street undervalues, while saying future deals will be smaller than Allergan.
- Author: Matteo Parrino
- Tags: Earnings, ABBV, Industry: Healthcare

[AbbVie](https://www.bullished.co/tag/abbv/), the research-based drugmaker behind Skyrizi, Rinvoq and Botox, says Wall Street is undervaluing its pipeline. Chairman and CEO Rob Michael said on the company's third-quarter earnings call Friday that etentamig, its multiple myeloma antibody, is "a multibillion-dollar opportunity that is significantly under-called in many street models."

## The assets Michael says the Street misses

A Scotiabank analyst asked which pipeline assets management thinks investors underappreciate. Michael answered that the antibody TMAP-A is a similar multibillion-dollar opportunity, also

## Etentamig's path to market

Chief Scientific Officer Roopal Thakkar said etentamig could launch around the middle of next year. He said cytokine release syndrome rates are very low, almost all grade 1 with few grade 2, and that patients can move to monthly dosing right after a single step-up dose.

Michael said AbbVie has submitted its US application and anticipates approval in 2027\. Thakkar said two new Phase III trials have started, one with pomalidomide in second-line-plus myeloma and one as a monotherapy in newly diagnosed light-chain amyloidosis.

## Smaller deals, higher guidance

Asked by a Morgan Stanley analyst about deal appetite, Michael said he expects "more bolt-on additions versus a large transformational deal like Allergan." He also named obesity as an area AbbVie wants to expand in.

AbbVie [raised full-year adjusted earnings](https://qz.com/abbvie-earnings-beat-profit-outlook-raised-dividend-103026?ref=bullished.co) guidance by 11 cents at the midpoint to between [$13.95 and $13.99](https://finance.yahoo.com/markets/stocks/articles/abbvie-q3-earnings-snapshot-115441968.html?ref=bullished.co) a share, CFO Scott Reents said. Third-quarter adjusted earnings were $3.82 a share on revenue of $17.4 billion, and the quarterly dividend rises 5.2% to $1.82 a share, starting with the payment in February 2027.

Skyrizi and Rinvoq, Michael said, added $6 billion of growth this year, with $3 billion in inflammatory bowel disease across the two drugs and $2 billion in Skyrizi's psoriatic business. Humira sales fell 30.6% on an operational basis to [$683 million](https://qz.com/abbvie-earnings-beat-profit-outlook-raised-dividend-103026?ref=bullished.co) as biosimilar competition continues.

AbbVie will give 2027 guidance on its fourth-quarter call, and Rinvoq's Phase III hidradenitis suppurativa results are due near the end of this year.

Learn

- [How To Read An Earnings Call Transcript: Start With Guidance, Then Find What's Missing →](https://www.bullished.co/learn/how-to-read-an-earnings-call/)  
How to read an earnings call transcript: check guidance first, look for dropped metrics, compare growth with last quarter, and watch hedged wording.

### Sources

- [AbbVie: Q3 Earnings Snapshot](https://finance.yahoo.com/markets/stocks/articles/abbvie-q3-earnings-snapshot-115441968.html?ref=bullished.co) — Associated Press
- [AbbVie Non-GAAP EPS of $3.82 beats by $0.05, revenue of $17.4B beats by $50M, raises FY guid | Seeking Alpha](https://seekingalpha.com/news/4661349-abbvie-non-gaap-eps-of-382-beats-by-005-revenue-of-174b-beats-by-50m-raises-fy-guidance?ref=bullished.co) — seekingalpha.com
- [AbbVie raises profit outlook after Q3 2026 earnings beat estimates](https://qz.com/abbvie-earnings-beat-profit-outlook-raised-dividend-103026?ref=bullished.co) — qz.com
- [AbbVie (ABBV) Tops Q3 Earnings and Revenue Estimates](https://finance.yahoo.com/healthcare/articles/abbvie-abbv-tops-q3-earnings-115501080.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [AbbVie in Charts:Skyrizi and Rinvoq continue double-digitY/Y expansion | Seeking Alpha](https://seekingalpha.com/news/4661168-abbvie-in-charts-skyrizi-and-rinvoq-continue-double-digit-yy-expansion-in-q3-26-humira-falls-31?ref=bullished.co) — seekingalpha.com

### More on AbbVie

- [AbbVie Raises 2026 Profit Forecast After Skyrizi And Rinvoq Lift Sales 10.3% To $17.4 Billion](https://www.bullished.co/abbvie-raises-2026-profit-forecast-after-skyrizi-and-rinvoq-lift-sales-10-3-to-17-4-ffa45c41/)
- [AbbVie Adds A Thirteenth Board Seat For UC San Diego Health Sciences Vice Chancellor John Carethers](https://www.bullished.co/abbvie-adds-a-thirteenth-board-seat-for-uc-san-diego-health-sciences-vice-chancellor-john-0c51c726/)
- [AbbVie Cuts Full-Year Profit Guidance To $13.76-$13.96 A Share After $216 Million Research Charge](https://www.bullished.co/abbvie-cuts-full-year-profit-guidance-to-13-76-13-96-a-share-after-216-million-research-14477261/)

[All AbbVie (ABBV) coverage →](https://www.bullished.co/tag/abbv/)