ABBV · Q2 2026 Earnings

Cautious

AbbVie

Reported July 31, 2026

30-second summary

Revenue grew 10.2% YoY to $16.99B and adjusted EPS of $3.65 beat consensus by 0.6% — but missed the prior quarter's own $3.74–$3.78 guide by $0.09–$0.13. The FY adjusted EPS range now stands at $13.87–$14.07, versus the $14.08–$14.28 range issued at the Q1 FY2026 print — a ~$0.21 midpoint reduction cumulatively ($14.18 → $13.97). Management framed the current update narrowly as a $0.04 midpoint cut versus an interim $13.91–$14.11 base (not the last publicly issued range), reflecting $0.14/share of Apogee acquisition dilution partially offset by $0.10/share of overperformance. FY EPS guidance also carries $0.58/share of YTD acquired IPR&D and milestones. More consequential than the EPS math: the ~$67.3B FY revenue guide was withdrawn without replacement, breaking three consecutive quarters of top-line raises. The commercial engine still works — Skyrizi $5.51B (+24.4%), Rinvoq $2.53B (+24.5%), Neuroscience +20.3% — but the guide architecture has narrowed to EPS only.

Headline numbers

EPS

Q2 FY2026

$3.65

+0.6% vs est.

Revenue

Q2 FY2026

$16.99B

+10.2% YoY

+1.3% vs est.

Gross margin

Q2 FY2026

84.7%

Operating margin

Q2 FY2026

48.3%

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$16.99B	$15.42B	+10.2%	$15.00B	+13.3%
EPS	$3.65	$2.97	+22.9%	$2.65	+37.7%
Gross margin	84.7%	71.8%	+1290bps	71.9%	+1280bps
Operating margin	48.3%	31.7%	+1660bps	26.6%	+2170bps

Guidance

AbbVie lowered full-year EPS guidance by $0.20 at midpoint due to Apogee acquisition dilution and IPR&D charges, while withdrawing forward revenue guidance; Q2 EPS missed prior quarter's guide despite beating consensus.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
EPS (non-GAAP)	Q2 FY2026	$3.74 - $3.78	$3.65	-$0.09 to -$0.13 below guide	Beat

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
EPS (non-GAAP)	FY2026	$14.08 - $14.28	$13.87 - $14.07	-$0.21 to -$0.21 (midpoint lowered $0.20)	Lowered
Revenue	FY2026	approximately $67.3 billion	Withdrawn — no replacement	—	Withdrawn

Segment KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Immunology	$8.786B	$7.631B	+15.1%
Skyrizi	$5.505B	$4.423B	+24.5%
Rinvoq	$2.525B	$2.028B	+24.5%
Neuroscience	$3.228B	$2.683B	+20.3%
Vraylar	$1.071B	—	+18.9%
Oncology	$1.65B	$1.676B	-1.6%
Aesthetics	$1.282B	$1.279B	+0.2%
Immunology Portfolio Growth (Operational)	14.6%	—	—
Neuroscience Portfolio Growth (Operational)	19.8%	—	—

Other KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Adjusted Gross Margin	84.7%	84.4%	—
Adjusted Operating Margin	48.3%	44.3%	—
Adjusted Tax Rate	14.7%	—	—
Skyrizi Growth (Operational)	24.0%	—	—
Rinvoq Growth (Operational)	23.7%	—	—
Humira Decline (Operational)	-36.1%	—	—

Management tone

Press-release language this quarter is anchored on "substantial momentum," a "long-term outlook [that] remains very strong," and framing of Apogee's pipeline as carrying "mega-blockbuster peak sales potential." That vocabulary sits alongside a withdrawn FY revenue guide and a lowered EPS range — the language of strategic long-term value creation is doing more work than near-term quarterly conviction. The Apogee transaction, valued at ~$10.9B equity, is being positioned as the strategic anchor: $0.14/share of FY dilution recognized, with peak-sales potential presented as the offsetting long-term case.

Answers to last quarter's watch list

Whether Q2 EPS prints inside the $3.74–$3.78 range cleanly or whether another BD-quarter IPR&D drag widens the wedge — Q2 EPS printed at $3.65, missing the range by $0.09–$0.13. YTD acquired IPR&D and milestones now sits at $0.58/share, and incremental Apogee dilution of $0.14 was layered on top. Status: Resolved negatively.

Skyrizi Q2 step-up toward the ~$5.4B/qtr run-rate — Skyrizi delivered $5.51B in Q2 (+24.4% YoY, +24.0% operational), above the $5.4B threshold and consistent with the $21.6B FY guide. Status: Resolved positively.

FY operating margin guide path: does Q2 hold the ~50% bar — Q2 operating margin printed at 48.3%, 170bps below the ~50% guide. The FY operating margin was not restated in available materials, but the intra-year erosion flagged last quarter has materialized. Status: Resolved negatively.

Trenibot E manufacturing CRL resolution timeline — Not addressed in press-release materials; the Q2 Aesthetics deceleration to +0.3% (from Q1 FY2026's +7.6%) is consistent with the U.S. launch remaining delayed. EC and Health Canada approvals for Boey (trenibotulinumtoxinE) were announced this quarter, but no U.S. update. Status: Continue monitoring.

Humira FY trajectory vs $2.9B guide — Humira Q2 = $756M, -35.9% reported / -36.1% operational; H1 total $1.44B. Operational decline moderated from Q1 FY2026's -40.3%. The trajectory suggests the FY $2.9B anchor is conservative. Status: Continue monitoring — floor forming, but no explicit guide revision.

BD cadence in Q2: another $0.40+/share IPR&D quarter — YTD IPR&D is now $0.58/share through Q2 (Q1 FY2026 was $0.41), implying Q2 added ~$0.17/share — less than Q1 but still material, plus $0.14 of incremental Apogee dilution recognized this quarter. Status: Resolved negatively.

Q2 Vyalev disclosure against the $1B FY anchor — Vyalev Q2 = $256M, H1 = $457M, both >+100% YoY. On pace well ahead of the $1.0B FY anchor. Status: Resolved positively.

What to watch into next quarter

Whether management restores an explicit FY revenue guide on the Q3 FY2026 print, or whether revenue guidance remains withdrawn — the latter would signal Apogee integration uncertainty is structural rather than transitory.

Q3 FY2026 EPS math: H1 actuals of $2.65 + $3.65 = $6.30 against $13.87–$14.07 leaves ~$7.57–$7.77 for H2, implying ~$3.78 H2/qtr. Brief-house view: any Q3 print with a $3.5-handle would put the revised FY range at risk within a single quarter.

Whether Q3 FY2026 IPR&D drops materially versus the ~$0.17/qtr H1 run-rate — if H2 IPR&D does not normalize, the FY range gets tested again.

Skyrizi Q3 FY2026 run-rate — Q2's $5.51B needs to hold or grow to keep the $21.6B FY guide intact; Q3 is seasonally the strongest immunology quarter, so any deceleration would be a genuine slowdown.

Aesthetics Q3 FY2026: does the segment revert toward flat-to-negative or sustain the near-zero YoY print, and does the FY $5.0B guide get revised down given Trenibot E U.S. delay.

Apogee integration disclosure — the "mega-blockbuster peak sales potential" framing needs quantification. Watch for FY2027 revenue framing or a peak-sales anchor on the acquired pipeline; without it, the strategic value argument sits in tension with the near-term dilution.

Whether Q3 FY2026 restores asset-level FY guides (Skyrizi $21.6B, Rinvoq $10.2B, Neuroscience $12.6B, Humira $2.9B) explicitly or continues the EPS-only cadence — asset-level guide silence is the quieter tell if the revenue withdrawal persists.

Sources

AbbVie Q2 FY2026 Press Release, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1551152/000155115226000023/abbv-20260630xexhibit991.htm
Prior AbbVie briefs (Q2 FY2025, Q3 FY2025, Q4 FY2025, Q1 FY2026) for guidance-trajectory reconciliation

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