The strong operational beat and robust growth in Skyrizi/Rinvoq support the core thesis, but the Apogee acquisition introduces near-term dilution and integration risk. Monitor the Q3 close of the Apogee deal and any pipeline readouts for zumilokibart (APG777) that could validate the $10.9B price tag.
Price Chart
Executive Summary
AbbVie reported Q2 2026 adjusted EPS of $3.65, a 1.2% beat vs. consensus of $3.61, on revenue of $16.99B (above $16.76B consensus, +10.2% YoY). The company announced a definitive agreement to acquire Apogee Therapeutics for ~$10.9B and slightly lowered its full-year adjusted EPS guidance to $13.87-$14.07 to reflect the deal's $0.14 dilutive impact, partially offset by $0.10 of operational overperformance. Strong growth in immunology (Skyrizi +24.4%, Rinvoq +24.5%) and neuroscience (+20.3%) continues to offset Humira erosion (-35.9%).
Key Financial Metrics
Key Facts
- Q2 2026 adjusted EPS $3.65 vs. consensus $3.61 (+1.2% beat)
- Q2 2026 revenue $16.99B vs. consensus $16.76B (+10.2% YoY reported)
- Announced definitive agreement to acquire Apogee Therapeutics for ~$10.9B equity value
- Full-year 2026 adjusted EPS guidance narrowed to $13.87-$14.07 from $13.91-$14.11 (includes $0.14 Apogee dilution)
- Skyrizi revenue $5.505B (+24.4% YoY); Rinvoq $2.525B (+24.5% YoY); Humira $756M (-35.9% YoY)
- Neuroscience revenue $3.228B (+20.3% YoY); Aesthetics $1.282B (+0.3% YoY)
- Adjusted operating margin expanded to 48.3% from 46.7% in Q2 2025
Financial Impact
Adjusted EPS beat by $0.04 (+1.2%) vs consensus; revenue beat by ~$230M (+1.4%) vs consensus; $10.9B acquisition announced
Risk Factors
- Apogee acquisition integration risk and $0.14 EPS dilution in 2026
- Continued Humira erosion (-35.9% YoY) and potential biosimilar competition
- Oncology portfolio decline (-1.5% YoY) and Imbruvica erosion (-29.4%)
- Aesthetics portfolio stagnation (+0.3% YoY) with Juvederm decline (-6.0%)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001551152-26-000023 |
| Document: abbv-20260731.htm | 0001551152-26-000023 |
| Document: 0001551152-26-000023-index-headers.html | 0001551152-26-000023 |
| Document: 0001551152-26-000023-index.html | 0001551152-26-000023 |
| Document: 0001551152-26-000023.txt | 0001551152-26-000023 |
| 8-K Data (Synthetic) | 0001551152-26-000023 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | Court Ruling | $261.77 $264.48 | ▲ +1.04% | ▼ −0.62% | $259.94 (−0.70%) |
Sep 3, 2026 29d ago | 8-K | $260.21 $257.12 | ▼ −1.19% | ▼ −0.04% | $259.94 (−0.10%) |
Aug 5, 2026 8w ago | 8-K | $243.87 $250.82 | ▲ +2.85% | ▲ +1.64% | $259.94 (+6.59%) |
Aug 3, 2026 8w ago | Institutional Cluster | $245.10 $247.97 | ▲ +1.17% | ▼ −0.86% | $259.94 (+6.05%) |
Aug 3, 2026 8w ago | Court Ruling | $245.10 $247.97 | ▲ +1.17% | ▼ −0.86% | $259.94 (+6.05%) |
Jul 31, 2026 9w ago | 8-K | $250.94 $246.04 | ▼ −1.95% | ▼ −5.46% | $259.94 (+3.59%) |
Jul 27, 2026 9w ago | Court Ruling | $256.91 $250.94 | ▼ −2.32% | ▼ −3.40% | $259.94 (+1.18%) |
Jun 22, 2026 14w ago | 8-K | $230.01 $254.31 | ▲ +10.56% | ▲ +11.02% | $259.94 (+13.01%) |
May 18, 2026 19w ago | Court Ruling | $209.41 $213.12 | ▲ +1.77% | ▲ +0.15% | $259.94 (+24.13%) |
Apr 29, 2026 22w ago | 8-K | $203.89 $206.11 | ▲ +1.09% | ▼ −2.02% | $259.94 (+27.49%) |
US Market Status
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