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AbbVie Lowers 2026 Profit Outlook on Apogee Deal, Beats Q2 Estimates
AbbVie Inc. on Friday reported second-quarter earnings and revenue that surpassed Wall Street estimates, driven by robust sales of its immunology drugs, but trimmed its full-year 2026 profit forecast to account for its planned acquisition of Apogee Therapeutics.
Earnings Beat and Guidance Revision
AbbVie lowered its full-year 2026 adjusted profit guidance to a range of $13.87 to $14.07 per share, down from its prior forecast of $13.91 to $14.11. The company attributed the revision to its pending acquisition of Apogee, which it expects will reduce 2026 earnings by 14 cents per share. The updated forecast brackets the analyst consensus estimate of $14.08 per share, according to LSEG data.
Despite the guidance change, the company's second-quarter performance exceeded expectations:
- Adjusted Earnings Per Share: $3.65, compared to an estimated $3.60.
- Quarterly Revenue: $16.99 billion, beating estimates of $16.77 billion.
Drug Sales Performance
AdGrowth was powered by strong performance from AbbVie's newer immunology treatments, which are offsetting the decline of its former blockbuster drug, Humira. Sales of Skyrizi surged 24.4% to $5.51 billion, while Rinvoq sales grew 24.5% to $2.53 billion, with both drugs beating Wall Street forecasts.
As anticipated, global sales of Humira fell 36% to $756 million due to biosimilar competition in the market. However, this figure was still ahead of analyst expectations of $732.4 million.
Strategic Context
The results highlight AbbVie's ongoing strategy of using acquisitions to bolster its treatment pipeline as sales of Humira decline and patents for Skyrizi and Rinvoq approach expiration. In June, AbbVie announced its agreement to buy Apogee Therapeutics for $10.9 billion to strengthen its portfolio of treatments for inflammatory conditions like atopic dermatitis and asthma.
The deal, which is AbbVie's largest in over five years, is expected to close in the third quarter. This follows other strategic moves, including last year's purchase of an experimental depression drug from Gilgamesh Pharmaceuticals for up to $1.2 billion.
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