The Investor
31 Jul 2026, 14:42
AbbVie Shares Slip Despite Strong Q2 Results as Guidance Reflects Apogee Acquisition
AbbVie (NYSE: ABBV) shares fell 2% on Friday despite reporting better-than-expected second-quarter results, as investors focused on the company's slightly lower full-year earnings guidance following its planned acquisition of Apogee Therapeutics.
The drugmaker reported second-quarter revenue of $16.99 billion, up 10.2% year over year, while adjusted earnings per share increased 22.9% to $3.65. GAAP EPS rose to $2.03, reflecting strong operating performance despite acquisition-related expenses.
Immunology and Neuroscience Continue to Drive Growth
AbbVie's Immunology portfolio remained the company's largest growth driver, with revenue increasing 15.1% to $8.79 billion. Skyrizi and Rinvoq continued to deliver exceptional performance, with sales rising 24.4% and 24.5%, respectively, more than offsetting the continued decline in Humira revenue following biosimilar competition.
The Neuroscience business also posted strong results, with revenue climbing 20.3% to $3.23 billion. Growth was led by Vraylar, Botox Therapeutic, Ubrelvy and Qulipta, while Vyalev continued to contribute following its launch.
Apogee Acquisition Adjusts Full-Year Outlook
During the quarter, AbbVie announced a definitive agreement to acquire Apogee Therapeutics to further strengthen its immunology pipeline. The company updated its 2026 adjusted EPS guidance to a range of $13.87 to $14.07, slightly below its previous outlook, primarily reflecting an expected $0.14 per share dilution from the proposed acquisition.
Management said the acquisition will deepen AbbVie's leadership in immunology while supporting long-term growth beyond its current portfolio.
What to Watch
The modest decline suggests investors focused on the revised earnings outlook rather than another strong operating quarter. Going forward, markets will monitor the integration of Apogee Therapeutics, continued growth of Skyrizi and Rinvoq, the pace of Humira's decline and progress across AbbVie's late-stage pipeline.
AbbVie (NYSE: ABBV) shares fell 2% on Friday despite reporting better-than-expected second-quarter results, as investors focused on the company's slightly lower full-year earnings guidance following its planned acquisition of Apogee Therapeutics.
The drugmaker reported second-quarter revenue of $16.99 billion, up 10.2% year over year, while adjusted earnings per share increased 22.9% to $3.65. GAAP EPS rose to $2.03, reflecting strong operating performance despite acquisition-related expenses.
Immunology and Neuroscience Continue to Drive Growth
AbbVie's Immunology portfolio remained the company's largest growth driver, with revenue increasing 15.1% to $8.79 billion. Skyrizi and Rinvoq continued to deliver exceptional performance, with sales rising 24.4% and 24.5%, respectively, more than offsetting the continued decline in Humira revenue following biosimilar competition.
The Neuroscience business also posted strong results, with revenue climbing 20.3% to $3.23 billion. Growth was led by Vraylar, Botox Therapeutic, Ubrelvy and Qulipta, while Vyalev continued to contribute following its launch.
Apogee Acquisition Adjusts Full-Year Outlook
During the quarter, AbbVie announced a definitive agreement to acquire Apogee Therapeutics to further strengthen its immunology pipeline. The company updated its 2026 adjusted EPS guidance to a range of $13.87 to $14.07, slightly below its previous outlook, primarily reflecting an expected $0.14 per share dilution from the proposed acquisition.
Management said the acquisition will deepen AbbVie's leadership in immunology while supporting long-term growth beyond its current portfolio.
What to Watch
The modest decline suggests investors focused on the revised earnings outlook rather than another strong operating quarter. Going forward, markets will monitor the integration of Apogee Therapeutics, continued growth of Skyrizi and Rinvoq, the pace of Humira's decline and progress across AbbVie's late-stage pipeline.
