ABBV Beats on Q2 Earnings & Sales, Cuts '26 EPS View, Stock Down

Revenues in the quarter were driven by robust sales of key drugs Rinvoq, Skyrizi, Venclexta and Vraylar, coupled with significant contributions from newer drugs, namely Ubrelvy, Qulipta, Elahere and Vyalev. Sales of Humira and Imbruvica declined year over year.

All growth rates mentioned below are on a year-on-year basis and at constant exchange rates (CER).

Immunology Drugs Drive ABBV’s Q2 Top Line

In immunology, net revenues from Rinvoq for the quarter totaled $2.53 billion, up 23.7%. The upside was likely driven by market share gains across all approved indications, as well as the recent label expansion in giant cell arteritis across the United States. Rinvoq’s sales beat the Zacks Consensus Estimate of $2.49 billion.

Net revenues recorded from Skyrizi were $5.51 billion, up 24%. This surge in sales was primarily driven by strong volume growth and continued market share gains. Skyrizi sales, however, marginally missed the Zacks Consensus Estimate of $5.52 billion.

AbbVie’s flagship product Humira recorded a sales decline of 36.1% to $756 million for the quarter. Sales in the United States declined 47% to $425 million, while ex-U.S. market sales were down 13.2% to $331 million. The drug’s overall sales beat the Zacks Consensus Estimate of $730 million.

This substantial decline in Humira sales was due to the drug’s loss of exclusivity in the United States since January 2023. The drug lost its exclusivity in ex-U.S. territories in 2018.

ABBV Neuroscience Drugs’ Q2 Performance

Sales from the neuroscience portfolio rose 19.8% to $3.23 billion, driven by higher sales of Botox Therapeutic, depression drug Vraylar, Parkinson's disease drug Vyalev and migraine drugs Ubrelvy and Qulipta. The franchise’s sales beat the Zacks Consensus Estimate of $3.09 billion.

While Botox Therapeutic sales rose 11.6% to $1.04 billion, sales of Vraylar increased 18.9% to $1.07 billion.

Sales of Ubrelvy totaled $392 million, up 15.9%. Qulipta sales rose 30.3% to $350 million.

Sales of Vyalev totaled $256 million, up from $201 million in the previous quarter. The drug’s sales beat the Zacks Consensus Estimate of $239 million.

ABBV Oncology Drugs’ Performance in Q2

Sales from the oncology franchise fell 2.4% to $1.65 billion in the quarter. This downside was due to declining Imbruvica sales, which more than offset the growth in sales of newer oncology drugs, Epkinly and Elahere, as well as rising Venclexta sales. Despite the decline, the metric beat the Zacks Consensus Estimate of $1.62 billion.

Net revenues from Imbruvica were down 29.4% to $532 million, narrowly missing the Zacks Consensus Estimate of $533 million. AbbVie markets this drug in partnership with Johnson & Johnson JNJ.

U.S. sales of J&J-partnered Imbruvica declined 37.8% to $337 million due to rising competition from novel oral treatments, as well as the IRA-driven pricing changes, which came into effect at the start of 2026. AbbVie shares international profits earned from Imbruvica with J&J. The company’s share of profit from the drug’s international sales fell 7.8% to $195 million.

AbbVie’s leukemia drug Venclexta generated revenues of $771 million in the reported quarter, reflecting growth of 9.6%. This drug’s sales beat the Zacks Consensus Estimate of $764 million. The company markets Venclexta in collaboration with Roche RHHBY.

Sales of the breast cancer drug, Elahere, rose 31.8% to $211 million. However, the metric missed the Zacks Consensus Estimate of $213 million.

Epkinly sales, which comprise AbbVie’s share of profit from U.S. revenues and product revenues from international markets, amounted to $103 million in the quarter compared with $83 million in the previous quarter. The drug is marketed in partnership with Genmab GMAB.

ABBV’s Aesthetics & Other Drugs in Q2

AbbVie’s aesthetics portfolio sales were down 0.9% to $1.28 billion, which marginally beat the Zacks Consensus Estimate of $1.27 billion. Botox Cosmetic sales rose 3.4% to $728 million. Juvederm sales declined 6.6% to $245 million.

While Mavyret sales declined 22.2% to $295 million, Creon sales were $345 million, down 14.7%. Linzess sales rose 13.7% to $295 million.

Q2 Cost Discussion

Adjusted SG&A expenses rose 10.3% year over year to $3.6 billion. Adjusted R&D expenses were $2.31 billion, up 9.4%.

AbbVie Cuts 2026 EPS Guidance

AbbVie lowered its EPS guidance for the full year to include the impact of the proposed acquisition of Apogee Therapeutics, which is expected to be closed later in the third quarter of 2026. The transaction values Apogee at a total equity value of approximately $10.9 billion.

Though ABBV expects the deal to dilute adjusted EPS by approximately 14 cents in 2026, it expects to partially offset this dilution by 10 cents of overperformance.

AbbVie now expects adjusted EPS to be in the range of $13.87-$14.07, down from the previous guidance of $13.91-$14.11.

Shares of AbbVie were down in pre-market trading today, likely due to the lowered EPS guidance. Year to date, the stock has risen 15.3% compared with the industry’s rally of 16.2%.

Image Source: Zacks Investment Research

The updated guidance includes an unfavorable impact of 58 cents per share related to acquired IPR&D and milestone expenses incurred year to date through the second quarter of 2026.

ABBV’s Zacks Rank

AbbVie currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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