Just caught up on AbbVie's full-year results and there's something interesting happening in their neuroscience business that doesn't get enough attention.

So the company's neuroscience segment symbol ABBV pulled in $10.8 billion last year, which is almost 20% growth year-over-year. That's solid. What's catching my eye is how this segment is becoming a real growth engine alongside their immunology portfolio. We're talking about nearly 18% of total company revenue here.

The portfolio's pretty diverse now. Botox Therapeutic is still the anchor, but you've got Vraylar for depression, plus the migraine drugs Ubrelvy and Qulipta all posting double-digit growth. Then there's Vyalev, their newer Parkinson's therapy, which hit $482 million in sales in its first full year. That's a meaningful contribution from a relatively new asset.

What's really interesting is the 2026 outlook. Management is guiding for $12.5 billion in neuroscience segment revenue, implying around 16% growth. They're expecting Vyalev to cross $1 billion in sales this year, and they've got tavapadon, a once-daily oral PD therapy, waiting for FDA approval. If that gets greenlit, it could launch later in 2026 and add another growth vector.

Comparing this to peers, Biogen is leaning hard into Alzheimer's with Leqembi and diversifying away from their declining MS franchise. Johnson & Johnson has Spravato and Invega Sustenna driving their neuroscience growth, plus they just added Caplyta through the Intra-Cellular Therapies acquisition. Everyone's fighting for space in this segment.

Valuation-wise, ABBV trades at 15.61x forward P/E versus the industry average of 18.26, so there's a discount there. Stock's been underperforming the broader sector over the past year, but the neuroscience segment symbol keeps delivering consistent growth. If Vyalev keeps accelerating and tavapadon actually launches this year, this could be a meaningful catalyst for the stock. Worth watching how this plays out.