ABBV vs INMD: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: INMD is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ABBV and INMD share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ABBV and INMD exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

AbbVie is a North Chicago-based research-driven biopharmaceutical company spun off from Abbott Laboratories in 2013. It focuses on discovering and commercializing medicines for immunology, oncology, neuroscience, and aesthetics. Its immunology franchise anchors the business: historically through Humira (adalimumab), and increasingly through Skyrizi (risankizumab) and Rinvoq (upadacitinib), which treat conditions such as plaque psoriasis, Crohn's disease, rheumatoid arthritis, and ulcerative colitis. Oncology contributes through Imbruvica (developed in collaboration with Johnson and Johnson) and Venclexta (in collaboration with Roche), while the 2020 acquisition of Allergan added Botox Therapeutic, Vraylar, and the aesthetics portfolio including Botox Cosmetic and Juvederm. Revenue is generated by selling branded pharmaceuticals at negotiated prices to wholesale distributors, specialty pharmacies, and health systems across more than 175 countries.

Full ABBV guide

InMode Ltd is a medical-aesthetics company based in Yokneam, Israel, that develops and sells energy-based platforms for minimally invasive and non-invasive procedures. Its flagship technologies use radiofrequency energy and include Morpheus8 for fractional RF microneedling, BodyTite and FaceTite for RF-assisted body and face contouring, and EvolveX for non-invasive body treatments. These minimally invasive platforms have historically made up the large majority of revenue. The company sells to dermatologists, plastic surgeons, aesthetic physicians, and increasingly to adjacent specialties, supported by an installed base of tens of thousands of systems. Its model blends high-margin capital equipment sales with recurring revenue from consumables, disposables, and service.

Full INMD guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ABBV drivers: Skyrizi and Rinvoq replacing Humira faster than expected; Neuroscience becoming a meaningful second growth engine.
• INMD drivers: Demand stabilization and the rate cycle; New platforms and adjacent markets.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The single largest structural risk is portfolio concentration: Skyrizi and Rinvoq together account for a rapidly growing share of total revenue, meaning any clinical setback, competitive entry in atopic dermatitis (where Regeneron's Dupixent holds a strong position), or government-mandated price cut under the Inflation Reduction Act could materially impair the growth outlook. For INMD, the central risk is that aesthetic capital equipment is highly discretionary and cyclical, so demand is sensitive to interest rates, credit availability, and consumer spending, and revenue has already fallen well below its peak.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ABBV if you believe its drivers more; INMD if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ABBV and INMD guides.

ABBV. The large gap between the trailing GAAP P/E (elevated, reflecting non-cash acquired IPR and D charges on recent deals) and the forward P/E of roughly 15.7x illustrates why analysts and management prefer adjusted metrics: large upfront licensing and milestone payments depress reported earnings without reducing cash generation. On a free cash flow basis, AbbVie trades at a more modest multiple, and the PEG ratio near 0.91 suggests the consensus earnings growth rate is tracking faster than the headline valuation implies. The 2026 revenue guidance of roughly $67 billion and adjusted EPS of $14.37 to $14.57 would, if achieved, represent meaningful upward re-rating from 2025 reported figures.

INMD. Figures are approximate, tied to the asOf date, and drawn from company guidance and reported results; verify live numbers before acting. InMode's low multiple reflects genuine worries about whether aesthetic-device demand recovers, so a cheap-looking valuation should be weighed against the cyclical and competitive risks rather than treated as an automatic bargain. A large cash balance and buybacks support the stock but do not by themselves restore growth.

Headline figures (approximate, 2026-06-27): ABBV shows revenue (fy 2025, reported) ~$61.2 billion, adjusted diluted eps (fy 2025) $10.00, gaap diluted eps (fy 2025) $2.36, forward p/e (consensus fy 2026 estimate) ~15.7x; INMD shows revenue trend Roughly $365 to $375 million guided for 2026, near 2025's ~$370 million; well below the prior peak after a sharp 2024 decline and a further modest slip in 2025, q1 2026 results GAAP revenue of about $82 million, up roughly 5% year over year and a slight beat, though non-GAAP EPS of about $0.25 missed expectations on margin pressure, 2026 eps guidance Management guided full-year adjusted EPS to roughly $1.43 to $1.48, below prior Street expectations, margins Gross margins remain very high for a medical-device maker, though operating margins have compressed as revenue softened and expenses rose.

ABBV and INMD are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ABBV and INMD exposure against your real portfolio. It is not an investment adviser.