July 31 - AbbVie reduced its 2026 profit outlook on Friday to account for the planned acquisition of Apogee Therapeutics, but its second-quarter results outpaced analyst expectations as key immunology drugs continued to expand sales.
The North Chicago-based drugmaker agreed in June to acquire Apogee for $10.9 billion, its largest purchase in more than five years, aiming to strengthen its pipeline for inflammatory conditions such as atopic dermatitis and asthma. AbbVie said it expects the deal to close in the third quarter and that fiscal 2026 adjusted earnings will be lower by $0.14 per share as a result of the transaction.
For the quarter ended June 30, AbbVie reported adjusted earnings of $3.65 per share, versus the LSEG-estimated $3.60 per share. Revenue for the period was $16.99 billion, topping the consensus figure of $16.77 billion.
On a product basis, global Humira sales declined 36% to $756 million, compared with analysts expectations of $732.4 million. Skyrizi generated $5.51 billion in sales, up 24.4% and above the Wall Street estimate of $5.45 billion. Rinvoq sales increased 24.5% to $2.53 billion, beating the forecast of $2.48 billion.
Following the Apogee announcement, AbbVie updated its full-year adjusted profit outlook to a range of $13.87 to $14.07 per share, down from its previous view of $13.91 to $14.11. Analysts had on average been modeling $14.08 per share, according to LSEG data.
The transaction forms part of AbbVie s strategy to supplement growth by acquiring assets as offset for declines in its legacy blockbuster Humira amid biosimilar competition and in advance of patent expirations for immunology franchises such as Skyrizi and Rinvoq. In the prior year, AbbVie also paid for an experimental psychedelic-based depression therapy from Gilgamesh Pharmaceuticals for up to $1.2 billion.
Context and implications
The move to acquire Apogee represents a material deployment of capital to broaden AbbVie s inflammatory disease portfolio. While the company trimmed 2026 earnings expectations modestly, its quarterly performance was supported by continued double-digit growth at Skyrizi and Rinvoq and a steeper decline in Humira sales that remained slightly above analysts forecasts.
No additional financial guidance beyond the revised 2026 EPS range was provided in the results cited here.
Key points
- AbbVie will cut 2026 adjusted EPS by $0.14 to reflect the planned $10.9 billion acquisition of Apogee Therapeutics.
- Second-quarter adjusted EPS of $3.65 and revenue of $16.99 billion topped estimates, driven by strong Skyrizi and Rinvoq sales.
- The company updated full-year adjusted profit guidance to $13.87 to $14.07 per share, below its prior range and slightly under LSEG consensus.
Risks and uncertainties
- Integration and financing effects from the $10.9 billion Apogee acquisition may exert near-term pressure on adjusted earnings - affecting the pharmaceutical sector and corporate M&A activity.
- Ongoing declines in Humira sales due to biosimilar competition remain a headwind, with implications for AbbVie s revenue mix and planning across immunology products.
- Patent expirations for key immunology drugs such as Skyrizi and Rinvoq present future revenue risk for AbbVie and broader market competition in the immunology sector.
The information above is based on the company s reported second-quarter results and its disclosure about the planned Apogee acquisition and guidance revisions.