AbbVie Inc. (NYSE: ABBV) reported second-quarter 2026 results on July 31 that beat revenue estimates but sent shares lower after the company trimmed its full-year earnings forecast to absorb the pending USD 10.9 billion acquisition of Apogee Therapeutics.
TL;DR - Q2 net revenues of USD 16.99B (+10.2% YoY) beat the USD 16.77B consensus - Adjusted diluted EPS of USD 3.65 (+22.9% YoY) beat the USD 3.60 consensus - SKYRIZI reached USD 5.51B in quarterly sales — matching Humira's all-time quarterly peak - RINVOQ: USD 2.53B (+24.5%); Humira: USD 756M (-35.9%) - Full-year adj. EPS guidance narrowed to USD 13.87–14.07 (from USD 13.91–14.11) due to Apogee dilution of USD 0.14/share - ABBV closed at USD 252.24, down ~2% on July 31
Part A — Q2 2026 Results
Revenue and Earnings
AbbVie posted net revenues of USD 16.990 billion for the second quarter, a 10.2% increase on a reported basis and 9.5% on a constant-currency basis, exceeding the sell-side consensus of approximately USD 16.77 billion by roughly USD 220 million.
Adjusted diluted earnings per share came in at USD 3.65, representing a 22.9% increase over USD 2.97 in Q2 2025 and clearing the USD 3.60 analyst consensus by USD 0.05. GAAP diluted EPS was USD 2.03.
CEO Rob Michael stated: "AbbVie delivered another excellent quarter, marked by outstanding execution and pipeline advancement," adding that the company's long-term outlook "remains very strong."
Segment and Product Breakdown
| Segment | Q2 2026 Revenue | YoY Change |
|---|---|---|
| Immunology | USD 8.786B | +15.1% |
| Neuroscience | USD 3.228B | +20.3% |
| Oncology | USD 1.650B | -1.5% |
| Aesthetics | USD 1.282B | +0.3% |
| Total | USD 16.990B | +10.2% |
Key Products
| Product | Q2 2026 Sales | YoY Change |
|---|---|---|
| SKYRIZI | USD 5.505B | +24.4% |
| RINVOQ | USD 2.525B | +24.5% |
| Humira | USD 756M | -35.9% |
| VRAYLAR | USD 1.071B | +18.9% |
| Botox Therapeutic | USD 1.042B | +12.2% |
| Botox Cosmetic | USD 728M | +5.2% |
| Vyalev | USD 256M | N/A (new) |
Guidance Update
AbbVie raised its full-year revenue guidance to approximately USD 67.6 billion, an increase of USD 300 million from the prior midpoint.
However, the full-year adjusted EPS range was narrowed to USD 13.87–14.07, versus the prior range of USD 13.91–14.11. The midpoint of USD 13.97 fell below the sell-side consensus of approximately USD 14.08. AbbVie attributed the USD 0.14/share reduction to estimated dilution from the pending Apogee Therapeutics acquisition; operational improvements of approximately USD 0.10/share partially offset this drag.
For Q3 2026, the company guided for approximately USD 17.2 billion in revenue and adjusted EPS of USD 3.84–3.88.
Apogee Therapeutics Acquisition
AbbVie entered a definitive agreement in late June 2026 to acquire Apogee Therapeutics at USD 135.11 per share, totaling approximately USD 10.9 billion in equity value. The deal is expected to close in Q3 2026, pending regulatory approval and an Apogee shareholder vote. Apogee's lead asset, zumilokibart, is an IL-13 monoclonal antibody in Phase 2 for atopic dermatitis, with early data showing meaningful skin-clearance responses at 16 weeks.
Part B — Investment Analysis
SKYRIZI Milestone: Humira's Torch Has Passed
SKYRIZI's USD 5.505 billion quarter is not merely a strong number — it equals the all-time single-quarter sales record that Humira once set, and SKYRIZI achieved it five years sooner than most analysts had projected. Humira, at its 2022–2023 peak, generated roughly USD 5.5 billion per quarter before biosimilar entry. That era ended; SKYRIZI's era appears to be just beginning.
The drug targets IL-23 for psoriasis, psoriatic arthritis, and Crohn's disease. The Crohn's indication — approved in 2023 — is still in relatively early commercial penetration, suggesting the USD 5.5 billion quarterly run rate may have further room to grow. AbbVie has guided SKYRIZI toward USD 31 billion in peak annual revenue, a figure that would make it one of the top-selling pharmaceuticals in history.
RINVOQ, AbbVie's JAK1 inhibitor, added USD 2.525 billion in Q2 — also growing at nearly 25% — across rheumatoid arthritis, ulcerative colitis, atopic dermatitis, and psoriatic arthritis. Combined, SKYRIZI and RINVOQ generated USD 8.03 billion in a single quarter, more than offsetting Humira's entire remaining revenue base.
Neuroscience: The Third Growth Leg Takes Shape
The neuroscience segment — often overlooked by headline writers focused on the Humira succession story — grew 20.3% to USD 3.228 billion. VRAYLAR (cariprazine for bipolar disorder and schizophrenia) crossed USD 1 billion in quarterly sales for the first time, posting USD 1.071 billion (+18.9%). Vyalev, a subcutaneous levodopa-carbidopa device for advanced Parkinson's disease, contributed USD 256 million sequentially.
Neuroscience now represents nearly 19% of AbbVie's total revenue, up from roughly 14% two years ago. With VRAYLAR exclusivity extended and several neuroscience pipeline candidates in mid-stage trials, this segment is becoming a meaningful contributor — one that could partially cushion against any future immunology headwinds.
Why the Stock Sold Off: The EPS Guidance Paradox
The 2% share decline on July 31 illustrates a classic beat-and-lower dynamic. Revenue guidance went up; earnings guidance went down — and the earnings cut, even if modest in absolute terms, was the number traders tracked.
The arithmetic: AbbVie guided for USD 0.14/share Apogee dilution, offset by USD 0.10 in underlying improvement, for a net USD 0.04 midpoint reduction. Against a prior midpoint of USD 14.01, the updated midpoint of USD 13.97 fell USD 0.11 below the sell-side consensus of USD 14.08.
Importantly, the dilution is a one-time accounting drag from closing and integration costs, not a reflection of Apogee's long-term economics. If zumilokibart successfully advances through Phase 3 trials, the USD 10.9 billion acquisition could provide a new immunology franchise for the 2030s — at a time when even SKYRIZI and RINVOQ will begin facing patent and competitive headwinds.
Aesthetics and Oncology: Caution Flags
Two segments warrant monitoring. Aesthetics (Botox Cosmetic + Juvederm and other fillers) grew just 0.3% on a reported basis and declined 0.9% operationally — effectively flat at a time when the division was once the fastest-growing part of the portfolio. Management attributed this to softness in consumer spending on elective procedures, particularly in China and parts of Europe.
Oncology declined 1.5% reported / 2.4% operationally to USD 1.650 billion. Imbruvica (ibrutinib), AbbVie's blood-cancer product held jointly with Johnson & Johnson, continues to face competitive pressure from next-generation BTK inhibitors. This drag is not new, but it is a structural headwind that limits the oncology segment's ability to contribute to top-line growth.
Valuation and Analyst Context
At USD 252.24, ABBV trades at approximately 17.5× the midpoint of 2026 adjusted EPS guidance of USD 13.97. The consensus 12-month price target among approximately 29 analysts is roughly USD 256–267 per share, implying modest upside from current levels. The majority of analysts maintain a Buy or equivalent rating, with the thesis resting on SKYRIZI and RINVOQ continuing their compound growth trajectories.
For the full-year 2026, AbbVie is guiding for approximately USD 67.6 billion in revenue — roughly the scale of a mid-tier S&P 500 company in annual revenue alone. Combined with a 48.3% adjusted operating margin, the fundamental business remains among the most profitable in the pharmaceutical sector.
The key risk beyond Apogee integration: any adverse regulatory or safety development for SKYRIZI or RINVOQ, given the concentration of revenue in two drugs. The IL-23/JAK inhibitor immunology market is also attracting increasing competition from Eli Lilly (mirikizumab) and Pfizer (etrasimod), though AbbVie's first-mover advantage and real-world data base currently remain differentiating factors.
This article is for informational purposes only and does not constitute investment advice. All financial figures are sourced from AbbVie's official investor relations materials and publicly available sell-side research.
Sources: - AbbVie Q2 2026 Earnings Release (BigGo Finance / AbbVie IR, July 31, 2026) - Benzinga: "AbbVie Stock Falls as Guidance Cut Overshadows Strong Q2 Earnings Beat" (July 31, 2026) - FiercePharma: "AbbVie's Skyrizi reaches new heights" (July 31, 2026) - PharmExec: "AbbVie Acquires Apogee Therapeutics for USD 10.9 Billion" (July 2026) - Yahoo Finance / Investing.com: Earnings call transcript (July 31, 2026)
