What Management Said
Read the full Q2 2026 transcript ↗These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. Turning to our second quarter performance, we achieved adjusted earnings per share of $3.65, which is $0.06 above our guidance midpoint. Total net revenues were nearly $17 billion, beating our expectations by $300 million, and reflecting robust sales growth of 10.2%. The performance of SKYRIZI, RINVOQ, and our neuroscience portfolio continues to be very strong, with each delivering growth above 20%.
Based on this momentum, we are raising our full-year revenue guidance by $300 million and have now raised total revenue by $600 million since the start of the year. Turning now to R&D, we continue to make excellent progress advancing our pipeline. During the quarter, we also announced the acquisition of Apogee Therapeutics, which will add multiple differentiated assets in dermatology, respiratory, and other related inflammatory diseases with significant sales potential. The acquisition will add even more depth to our robust pipeline in immunology, which we expect will be a major growth driver for AbbVie over the long term.
This transaction is an excellent fit with our strategy to build and advance a compelling pipeline with new sources of growth to support AbbVie's performance in the 2030s and beyond. In summary, we are delivering outstanding execution across our business, and our long-term outlook remains very strong. I'll start with the quarterly results for immunology, which delivered total revenues of nearly $8.8 billion, reflecting very strong operational sales growth of 14.6%. We have achieved market share leadership now in more than 30 countries and see substantial room for continued growth globally.
What went well
- AbbVie delivered total net revenues of nearly $17 billion, up 10.2% operationally and beating expectations by $300 million, with adjusted EPS of $3.65, $0.06 above the guidance midpoint.
- The ex-HUMIRA growth platform was exceptionally strong: SKYRIZI sales reached $5.5 billion (+24% operationally), RINVOQ exceeded $2.5 billion (+23.7%), and neuroscience topped $3.2 billion (+~20%), with each pillar growing above 20%.
- Management raised full-year revenue guidance by $300 million (now ~$67.6 billion, a $600 million cumulative raise since the start of the year) on continued SKYRIZI, RINVOQ, and VENCLEXTA momentum.
- Immunology delivered nearly $8.8 billion (+14.6% operationally), with SKYRIZI capturing new-and-switching psoriasis patient share four times higher than any other biologic or oral in the U.S. and leading front-line IBD new patient starts.
- The pipeline advanced broadly: U.S. approval of DECNUPAZ (AbbVie's first marketed hematology ADC), multiple European approvals (QULIPTA, TEPKINLY, Boey, and RINVOQ in vitiligo and alopecia areata), with combined peak sales for the two RINVOQ derm indications now expected to approach $2 billion.
- AbbVie announced the planned acquisition of Apogee Therapeutics, adding long-acting biologics in dermatology and respiratory to strengthen its long-term immunology growth engine, with the deal expected to close in the third quarter.
What went wrong
- Full-year adjusted EPS guidance rose only modestly (to $13.87-$14.07) because $0.14 of anticipated Apogee acquisition dilution more than offset a $0.10 improvement in the underlying business.
- Oncology revenue of more than $1.6 billion declined 2.4% operationally, as IMBRUVICA fell 29.4% on IRA pricing and competitive share pressure, only partially offset by VENCLEXTA, ELAHERE, TEPKINLY, and EMRELIS.
- HUMIRA sales fell 36.1% operationally to $756 million on continued biosimilar erosion, in line with expectations.
- Aesthetics revenue declined 0.9% operationally to nearly $1.3 billion, with JUVEDERM down 6.6% on continued dermal-filler market headwinds.
- The quarter's adjusted EPS absorbed a $0.17 unfavorable impact from acquired IPR&D expense, and net interest expense guidance rose $200 million to ~$2.9 billion to reflect Apogee financing costs.
- Foreign-exchange benefit to full-year sales growth was trimmed to roughly 0.5% from a prior higher expectation.
Guidance Changes
| Metric | Period | Current guidance |
|---|---|---|
| Total net revenues | FY2026 | ~$67.6B (+$300M; +$600M cumulative YTD) |
| Adjusted EPS | FY2026 | $13.87-$14.07 (includes $0.14 Apogee dilution offsetting a $0.10 base-business improvement) |
| Net revenues | Q3 2026 | ~$17.2B (includes ~0.4% unfavorable FX) |
| Adjusted EPS | Q3 2026 | $3.84-$3.88 (partial-quarter Apogee dilution) |
| SKYRIZI global revenue | FY2026 | $21.7B (+$100M) |
| Neuroscience revenue | FY2026 | $12.7B (+$100M; VRAYLAR ~$4.1B, BOTOX therapeutic ~$4.2B) |
| Adjusted gross margin | FY2026 | Above 84% of sales |
| Adjusted operating margin | FY2026 | Approaching 47% of sales |
| Net leverage | 2-3 years post-Apogee close | Committed to ~2x within 2-3 years |
Performance Breakdown
| Metric | YoY | Note |
|---|---|---|
| Total net revenues | +10.2% to ~$17B | Beat by $300M on double-digit ex-HUMIRA platform growth; FX added 0.7%. |
| SKYRIZI | +24% to $5.5B | 4x-higher psoriasis in-play share capture, IBD front-line leadership, and a distinct efficacy/dosing profile. |
| RINVOQ | +23.7% to >$2.5B | On pace for 30% GI growth; strong demand across indications and expanded IBD label pulling patients earlier. |
| Neuroscience | +~20% to >$3.2B | VRAYLAR ~$1.1B (+~19%), double-digit migraine growth (BOTOX therapeutic, UBRELVY, QULIPTA), and VYALEV +27% sequentially. |
| Immunology (total) | +14.6% to ~$8.8B | SKYRIZI and RINVOQ strength more than offsetting HUMIRA's 36.1% decline to $756M. |
| Oncology | -2.4% to >$1.6B | IMBRUVICA -29.4% on IRA pricing/competition; VENCLEXTA +9.6% and double-digit ELAHERE/TEPKINLY/EMRELIS partially offset. |
| Aesthetics | -0.9% to ~$1.3B | BOTOX Cosmetic +3.4% offset by JUVEDERM -6.6% on dermal-filler headwinds. |
| Adjusted operating margin | 48.3% of sales | Included a 1.7% unfavorable impact from acquired IPR&D expense. |
Earnings Call Themes & Trends
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| SKYRIZI/RINVOQ growth engine post-HUMIRA | Navigating the HUMIRA LOE | SKYRIZI ($21.7B FY guide) and RINVOQ, each growing >20%, are more than absorbing HUMIRA erosion; management sees continued psoriasis headroom and IBD leadership, with the upcoming SKYRIZI subcutaneous Crohn's induction approval expected to drive a meaningful acceleration into early 2027. | — |
| Business development and Apogee | Building 2030s growth sources | The planned Apogee acquisition adds long-acting biologics in atopic dermatitis and respiratory; AbbVie is running all its own AD assets (IL-13, bispecifics) in parallel and retains ample capacity for more early- and late-stage deals, targeting ~2x net leverage within 2-3 years. | — |
| Immunology-market resilience vs new orals | Concern over ICOTYDE (Ico) oral launch impact | Management reported no material change in SKYRIZI momentum since Ico's launch -- NBRx trends actually grew -- with Ico share sourced mainly from other orals; they view it as a market-expanding launch given large untreated moderate-to-severe populations. | — |
| Neuroscience pipeline breadth | Migraine and psychiatry pillars | Parkinson's is a >$5B peak opportunity (VYALEV blockbuster this year, tavapadon U.S. approval expected Q3 with a modest formulary-driven ramp), oral CGRPs target >$5B collectively, and early assets advance in Alzheimer's (BBB-crossing ABBV-1758), schizophrenia (emraclidine dosing), and psychedelics (bretisilocin). | — |
| Oncology ADC and biomarker strategy | 'Underappreciated' oncology | Three ADCs now on market (ELAHERE, EMRELIS, DECNUPAZ); Temab-A is in phase III in third-line CRC (30% phase II response) with a c-MET biomarker-directed strategy across CRC, ovarian (up to 80% response in c-MET-selected), and head and neck, plus a licensed PD-1/VEGF asset with World Lung data upcoming. | — |
| SKYRIZI exclusivity runway | 2033 composition-of-matter expiry | CEO Rob Michael noted later-expiring IP into the mid-2030s and beyond, regulatory data protection to 2031, no expected biosimilar filings until the end of the decade, and a strong track record of defending patents. | — |
Q&A Summary
Terence Flynn (Morgan Stanley) asked about confidence in the fall SKYRIZI subcutaneous Crohn's induction approval (including manufacturing) and whether the SKYRIZI plus alpha-4 beta-7 data would be at UEGW.
Roopal Thakkar said the SKYRIZI subQ data is very strong, the asset and manufacturing are well known to health authorities, the submission is complete and reviewing on plan with no concerns; the alpha-4 beta-7 combo data would be targeted for a fall congress if the full dataset is ready, otherwise a 2027 meeting.
Carter Gould (Cantor) asked about the large ~2,000-patient phase II-B IBD platform study, whether AbbVie would move to phase III without full data, and whether ABBV-466/trosunilimab is co-formulated.
Thakkar described a SKYRIZI-anchored platform study combining a higher-dose alpha-4 beta-7 (trosu) and an extended-half-life TL1A in Crohn's and ulcerative colitis, with co-formulation intended at launch; the company will take interim snapshots and move quickly to phase III (targeted first half of 2028) if the higher doses show stronger efficacy.
Chris Schott (JPMorgan) asked about psoriasis dynamics and SKYRIZI growth headroom post-ICOTYDE, and confidence in the HS readouts for lutikizumab and RINVOQ.
Jeff Stewart said no material momentum change since Ico -- NBRx actually grew and Ico share came mainly from other orals -- with substantial untreated psoriasis headroom remaining; Rob Michael framed Ico as market-expanding. Thakkar said the two HS trials were designed with distinct endpoints/populations (lutikizumab earlier line with HiSCR 75, RINVOQ post-biologic with HiSCR 50), mirroring the successful IBD go-to-market playbook.
Michael Yee (UBS) asked about the tavapadon launch trajectory and differentiation of the Alzheimer's asset ABBV-1758.
Stewart called tavapadon a unique first selective D1/D5 agonist (>90% of patients avoid levodopa dose increases at 85 weeks, low sedation/edema/impulse-control issues) but flagged a modest initial ramp due to Medicare formulary timing, contributing to >$5B Parkinson's peak. Thakkar said ABBV-1758 shows extended half-life and severalfold-higher CSF penetration (>1%), targeting toxic pyroglutamate A-beta, potentially enabling monthly subcutaneous dosing, with scan data next year.
Mohit Bansal (Wells Fargo) asked what gives confidence lutikizumab (IL-1) can break the HS efficacy ceiling and how GLP-1 baseline use is managed in trials.
Thakkar cited strong phase II deltas positioning luti favorably versus anti-TNFs/IL-17s with no fungal infections or IBD flares, plus a RINVOQ dual offering; GLP-1 use should appear in both trial arms so any placebo-inflating effect would be mirrored in active arms, and AbbVie is exploring amylin (ABBV-295) combinations given weight loss's role in inflammation.
Asad Haider (Goldman Sachs) asked about the broader oncology strategy, Temab-A differentiation, and the RemeGen-licensed PD-1/VEGF asset ahead of World Lung.
Thakkar detailed a c-MET biomarker-directed ADC strategy: Temab-A in phase III third-line CRC (30% phase II response), with second-line CRC data upcoming to potentially replace irinotecan, plus differentiated ovarian (up to 80% c-MET-selected response) and head-and-neck opportunities; the PD-1/VEGF asset could move rapidly into phase III as a chemo combo with competitive lung efficacy/PFS data expected at World Lung.
More on AbbVie Inc.
Reported 2026-07-31 · figures from the AbbVie Inc. Q2 2026 earnings call.
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