AbbVie Q2 Revenue Beats, Guidance Cut on Apogee Acquisition

AbbVie reported second-quarter 2026 revenue of $16.99 billion, up 10.2% year on year and above the $16.79 billion analyst consensus, with non-GAAP profit of $3.65 per share beating estimates by 1.2%. Management lowered its full-year adjusted EPS guidance to $13.97 at the midpoint, a 1.5% decrease, citing anticipated dilution from the planned Apogee Therapeutics acquisition and ongoing investments in pipeline expansion.

The company credited double-digit sales growth to strong execution in core immunology therapies, especially SKYRIZI and RINVOQ, and notable gains in the neuroscience portfolio. The CEO emphasized that each portfolio delivered growth above 20%, with SKYRIZI achieving market leadership in multiple countries. Operating margin rose to 37.9% from 31.7% a year earlier. However, the quarter saw persistent biosimilar pressure on legacy products and a competitive landscape in key markets. Total oncology revenue declined due to competitive and IRA pricing pressures on IMBRUVICA, while newer therapies such as VENCLEXTA and the recently approved Decnapaz partially offset headwinds.

Management pointed to upcoming regulatory milestones for new indications, including SKYRIZI in Crohn's disease and RINVOQ in dermatology, as well as the launch of Tavapadon for Parkinson's disease. The neuroscience segment, led by Vraylar, QLIPTA, and Vialev, delivered strong results, with Vialev on track for blockbuster status. In aesthetics, the division faced continued softness in dermal fillers but saw modest growth in Botox Cosmetic and successful launches of new products like Bowie, a novel short-acting toxin approved in Europe and Canada.

The planned acquisition of Apogee Therapeutics is expected to strengthen AbbVie's immunology pipeline, adding differentiated assets in dermatology and respiratory diseases, including the investigational eczema therapy zumilokibart. AbbVie is also developing ABBV-295, an investigational weight-loss medicine that performed well in early-stage studies and can be administered monthly. Additionally, the company is expanding into psychedelic-inspired mental health treatments, developing bretisilocin for major depressive disorder and partnering on next-generation neuroplastogen research.

In clinical news, AbbVie's FAST study, titled "Evaluation of Function And Satisfaction of UbrogepanT-treated Migraine Patients in Canada," has wrapped up. The observational, prospective cohort study enrolled about 167 participants across 10–15 Canadian sites with follow-up for up to 12 weeks, tracking how adults function and their satisfaction after using the oral CGRP receptor blocker ubrogepant in routine care. The study was first submitted on 15 November 2024 and most recently updated on 26 June 2026; topline results are not yet available. Ubrogepant is already approved for acute migraine in adults, and positive real-world data could help defend share against competing CGRP drugs.

For full-year 2025, AbbVie reported adjusted EPS of $10, above its initial guidance midpoint by $0.54 excluding IPR&D expenses, with overall sales increasing 8.6% year over year despite a significant U.S. Humira decline. Total net revenue reached $61.2 billion, more than $2 billion above initial expectations. The company completed almost $5 billion in business development deals, advanced about 90 clinical studies, and boosted adjusted R&D investment by almost $1 billion. For 2026, AbbVie anticipates a 9.5% increase in overall revenues, mainly driven by SKYRIZI and RINVOQ, which are expected to generate combined revenue of over $31 billion.

AbbVie recently declared a quarterly dividend of $1.73 per share, payable on May 15 to shareholders of record on April 15, representing an annualized dividend of $6.92 and a yield of 3.5%. The company has increased its payouts for 54 consecutive years. Among institutional investors, Golden Reserve Retirement LLC purchased 7,346 shares valued at approximately $1.68 million in the fourth quarter, and AbbVie also announced a $1.4 billion AI-enabled manufacturing campus in Durham, NC and an exclusive licensing deal with Haisco for pain medicines.