AbbVie (ABBV) Q2 2026: Skyrizi and Rinvoq Each Top 24% Growth as Apogee Deal Trims Guidance

AbbVie (NYSE: ABBV) reported Q2 2026 net revenues of $16.990 billion, a 10.2% year-over-year increase, driven by outsized growth in its immunology franchise. Adjusted diluted EPS came in at $3.65, narrowly below the $3.68 consensus estimate, while GAAP diluted EPS surged 290.4% year-over-year to $2.03, up from $0.52 in Q2 2025. Shares fell -2.51% on Friday, July 31, while the S&P 500 gained 0.72%.

Q2 2026 Results

• Revenue: $16.990 billion, +10.2% reported (+9.5% at constant currency), versus $15.417 billion in Q2 2025.
• Adjusted diluted EPS: $3.65, versus $2.97 in Q2 2025, a 22.9% increase; GAAP diluted EPS of $2.03 includes acquired IPR&D and milestones expense with an unfavorable impact of $0.17 per share.
• Adjusted operating margin: 48.3%; GAAP operating margin of 37.9%.
• Immunology portfolio: $8.786 billion in global net revenues, +15.1% reported; Skyrizi net revenues of $5.505 billion (+24.4%) and Rinvoq net revenues of $2.525 billion (+24.5%) more than offset Humira's continued decline to $756 million (-35.9%).
• Neuroscience portfolio: $3.228 billion, +20.3% reported; Vraylar contributed $1.071 billion (+18.9%) and Botox Therapeutic $1.042 billion (+12.2%).

What Drove the Results

Adjusted EPS of $3.65 missed the $3.68 consensus by $0.03, a -0.7% shortfall, while revenue of $16.990 billion grew 10.2% year-over-year. The primary structural driver was immunology: Skyrizi and Rinvoq each posted 24%-plus reported growth, collectively generating $8.030 billion and absorbing the $744 million year-over-year decline in Humira revenue. The oncology portfolio dipped 1.5% to $1.650 billion, as Imbruvica declined 29.4% to $532 million, partially offset by Venclexta's 11.6% gain to $771 million and Elahere's 33.1% rise to $211 million.

Full-year 2026 adjusted diluted EPS guidance was revised to $13.87-$14.07 from the prior range of $13.91-$14.11. The reduction reflects a $0.14 per share dilutive impact from the proposed acquisition of Apogee Therapeutics, expected to close in Q3 2026, as well as a cumulative $0.58 per share unfavorable impact from acquired IPR&D and milestones expense incurred year-to-date through Q2 2026.

Why It Matters

Beyond the financial results, AbbVie secured two European Commission approvals for Rinvoq (upadacitinib) on July 31: one as the first systemic treatment approved in the EU for non-segmental vitiligo, supported by Phase 3 Viti-Up trial data, and a second for severe alopecia areata in adults and adolescents, supported by Phase 3 UP-AA trial data. These new dermatology indications expand Rinvoq's labeled uses in Europe beyond its existing immunology and rheumatology approvals.

Separately, AbbVie announced a definitive agreement to acquire Apogee Therapeutics at a total equity value of approximately $10.9 billion. The acquisition adds zumilokibart (APG777), a late-stage IL-13 monoclonal antibody targeting atopic dermatitis, and APG273, a long-acting combination targeting IL-13 and TSLP in asthma, deepening AbbVie's immunology pipeline. At $10.9 billion, the deal represents approximately 2.5% of AbbVie's $443.4 billion market capitalization.

Wall Street View

Analyst consensus heading into the print was constructive, with the majority of covering firms at Buy or equivalent. The guidance trim tied to the Apogee acquisition, rather than any operational shortfall, is the primary factor weighing on the near-term adjusted EPS outlook.

Investor Takeaway

The Q2 result confirms that AbbVie's post-Humira transition is structurally intact: immunology revenues of $8.786 billion, powered by two drugs each growing faster than 24%, provide a durable revenue base even as Humira biosimilar erosion continues. The more forward-looking question is whether Apogee's pipeline, particularly zumilokibart in atopic dermatitis, can sustain the growth trajectory beyond Skyrizi and Rinvoq's current peak-sales windows, a thesis the company will need to substantiate as the acquisition closes in Q3 2026.