ABBV
APGE
The headline numbers weren’t the story — the growth was
AbbVie just dropped its second-quarter 2026 results, and the numbers came in looking more “steady growth machine” than “uh-oh, biotech in distress.” Revenue hit $16.99 billion, up 10.2% year over year on a reported basis, while adjusted EPS came in at $3.65, up 22.9%. That’s the kind of print that tells investors the company still has plenty of muscle, even if the stock market loves to act like every pharma earnings call is a scavenger hunt.
Skyrizi and Rinvoq are doing the heavy lifting
The real engines here were the immunology franchises. Skyrizi brought in $5.505 billion and Rinvoq added $2.525 billion, helping push AbbVie’s immunology revenue to $8.786 billion, up 15.1%. Meanwhile:
- Neuroscience revenue rose to $3.228 billion, powered by Vraylar, Botox Therapeutic, and the newer migraine drugs.
- Oncology was a bit softer, with revenue down 1.5%.
- Aesthetics was basically flat, because not every portfolio gets to be the cool kid at the lunch table.
Humira, the old blockbuster everyone’s been writing the obituary for, still kicked in $756 million. Not glamorous, but not nothing either.
The Apogee deal adds a little extra spice
AbbVie also announced a definitive agreement to acquire Apogee Therapeutics, which deepens its immunology pipeline. Translation: it’s trying to keep the next generation of growth from being held together by duct tape and hope.
That deal did come with a catch. AbbVie nudged its 2026 adjusted EPS guidance down slightly to $13.87 to $14.07 from $13.91 to $14.11, mainly because of acquisition-related dilution and IPR&D charges. The company says the Apogee transaction should close in the third quarter of 2026.
Why investors should care
This is the classic pharma balancing act: milk the current blockbusters, buy the next ones before the market gets bored, and pray the patent-expiration gremlins stay quiet a little longer. AbbVie’s quarter says the core business is still humming — but the guidance trim reminds you that growth doesn’t come free.
Big picture: AbbVie looks healthy today, but it’s clearly paying up to make sure tomorrow doesn’t get awkward.