AbbVie (ABBV) · Pharmaceuticals
AbbVie Q2 2026 earnings: summary, key numbers & outlook
Results filed 31 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
AbbVie reported second-quarter 2026 net revenues of $16.990 billion, up 10.2 percent on a reported basis, with diluted EPS of $2.03 on a GAAP basis and adjusted diluted EPS of $3.65.
AbbVie's second-quarter net revenues were $16.990 billion, up 10.2 percent as reported and 9.5 percent operationally. Immunology led at $8.786 billion, with Skyrizi at $5.505 billion and Rinvoq at $2.525 billion, while Humira kept shrinking. Neuroscience grew 20.3 percent. Oncology fell 1.5 percent and aesthetics was nearly flat. GAAP diluted EPS was $2.03 and adjusted diluted EPS was $3.65, both reduced by $0.17 per share of acquired IPR&D and milestones expense.
Management trimmed its full-year 2026 adjusted diluted EPS guidance to $13.87 - $14.07 from $13.91 - $14.11. The change reflects $0.14 of dilution from the planned Apogee Therapeutics acquisition, partly offset by $0.10 of overperformance. The main tension is that AbbVie is paying about $10.9 billion in equity value to deepen immunology as Humira and Imbruvica decline. The deal is expected to close in the third quarter of 2026 and carries closing risk. Guidance excludes future IPR&D charges.
Key numbers
- Net revenues · GAAP
- $16.990 billion
- Net earnings attributable to AbbVie Inc. · GAAP
- $3.6B
- Diluted EPS · GAAP
- $2.03
- Adjusted diluted EPS · non-GAAP
- $3.65
- Gross margin ratio · GAAP
- 74.7 percent
- Adjusted gross margin ratio · non-GAAP
- 84.7 percent
- Operating earnings · GAAP
- $6.4B
- Operating margin ratio · GAAP
- 37.9 percent
up 10.2 percent on a reported basis, or 9.5 percent on an operational basis
an increase of 290.4 percent
an increase of 22.9 percent
| Segment or metric | Value | Change |
|---|---|---|
| Immunology | $8.786 billion | an increase of 15.1 percent on a reported basis, or 14.6 percent on an operational basis |
| Skyrizi | $5.505 billion | an increase of 24.4 percent on a reported basis, or 24.0 percent on an operational basis |
| Rinvoq | $2.525 billion | an increase of 24.5 percent on a reported basis, or 23.7 percent on an operational basis |
| Humira | $756 million | a decrease of 35.9 percent on a reported basis, or 36.1 percent on an operational basis |
| Neuroscience | $3.228 billion | an increase of 20.3 percent on a reported basis, or 19.8 percent on an operational basis |
| Vraylar | $1.071 billion | an increase of 18.9 percent |
| Oncology | $1.650 billion | a decrease of 1.5 percent on a reported basis, or 2.4 percent on an operational basis |
| Aesthetics | $1.282 billion | an increase of 0.3 percent on a reported basis, or a decrease of 0.9 percent on an operational basis |
Where each number comes from
- Net revenues: “Delivers Second-Quarter Net Revenues of $16.990 Billion, an Increase of 10.2 Percent on a Reported Basis or 9.5 Percent on an Operational Basis”
- Net earnings attributable to AbbVie Inc.: “Net earnings attributable to noncontrolling interest | 3 | 3 | 5 | 6 Net earnings attributable to AbbVie Inc. | $3,613 | $938 | $4,308 | $2,224”
- Diluted EPS: “Reports Second-Quarter Diluted EPS of $2.03 on a GAAP Basis, an Increase of 290.4 Percent; Adjusted Diluted EPS of $3.65, an Increase of 22.9 Percent”
- Adjusted diluted EPS: “Reports Second-Quarter Diluted EPS of $2.03 on a GAAP Basis, an Increase of 290.4 Percent; Adjusted Diluted EPS of $3.65, an Increase of 22.9 Percent”
- Gross margin ratio: “On a GAAP basis, the gross margin ratio in the second quarter was 74.7 percent. The adjusted gross margin ratio was 84.7 percent.”
- Adjusted gross margin ratio: “On a GAAP basis, the gross margin ratio in the second quarter was 74.7 percent. The adjusted gross margin ratio was 84.7 percent.”
- Operating earnings: “Total operating costs and expenses | 10,558 | 10,529 | 21,570 | 20,139 Operating earnings | 6,432 | 4,894 | 10,422 | 8,627”
- Operating margin ratio: “On a GAAP basis, the operating margin ratio in the second quarter was 37.9 percent. The adjusted operating margin ratio was 48.3 percent.”
- Immunology: “Global net revenues from the immunology portfolio were $8.786 billion, an increase of 15.1 percent on a reported basis, or 14.6 percent on an operational basis.”
- Skyrizi: “Global Skyrizi net revenues were $5.505 billion, an increase of 24.4 percent on a reported basis, or 24.0 percent on an operational basis.”
- Rinvoq: “Global Rinvoq net revenues were $2.525 billion, an increase of 24.5 percent on a reported basis, or 23.7 percent on an operational basis.”
- Humira: “Global Humira net revenues were $756 million, a decrease of 35.9 percent on a reported basis, or 36.1 percent on an operational basis.”
- Neuroscience: “Global net revenues from the neuroscience portfolio were $3.228 billion, an increase of 20.3 percent on a reported basis, or 19.8 percent on an operational basis.”
- Vraylar: “Global Vraylar net revenues were $1.071 billion, an increase of 18.9 percent.”
- Oncology: “Global net revenues from the oncology portfolio were $1.650 billion, a decrease of 1.5 percent on a reported basis, or 2.4 percent on an operational basis.”
- Aesthetics: “Global net revenues from the aesthetics portfolio were $1.282 billion, an increase of 0.3 percent on a reported basis, or a decrease of 0.9 percent on an operational basis.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $17.0B | +10.2% | +13.3% |
| Operating income | $6.4B | +31.4% | +61.2% |
| Net income | $3.6B | +285.2% | +419.9% |
| Diluted EPS | $2.03 | +290.4% | +420.5% |
| Free cash flow | $3.1B | −36.2% | −12.6% |
| Operating margin | 37.9% | +6.2 pts | +11.3 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Adjusted diluted EPS | full year 2026 | $13.87 - $14.07 |
| Expected dilution from proposed Apogee Therapeutics acquisition | 2026 | $0.14 |
Key takeaways
Immunology drove growth with Skyrizi and Rinvoq
Immunology net revenues were $8.786 billion, up 15.1 percent as reported. Skyrizi reached $5.505 billion and Rinvoq $2.525 billion, while Humira fell to $756 million.
Neuroscience grew 20.3 percent as reported
Neuroscience net revenues were $3.228 billion. Vraylar was $1.071 billion and Botox Therapeutic was $1.042 billion.
Oncology and aesthetics lagged
Oncology net revenues fell 1.5 percent to $1.650 billion, with Imbruvica down 29.4 percent. Aesthetics rose just 0.3 percent on a reported basis and fell 0.9 percent operationally.
Apogee deal values the target near $10.9 billion
AbbVie agreed to acquire Apogee Therapeutics at a total equity value of approximately $10.9 billion, with closing expected in the third quarter of 2026. Zumilokibart (APG777) for atopic dermatitis is the lead asset.
Full-year EPS guidance trimmed to $13.87 - $14.07
The range moved from $13.91 - $14.11 to $13.87 - $14.07. It absorbs $0.14 of Apogee dilution, partly offset by $0.10 of overperformance.
Charts
Data
| Q4 2024 | $15.1B |
| Q1 2025 | $13.3B |
| Q2 2025 | $15.4B |
| Q3 2025 | $15.8B |
| Q4 2025 | $16.6B |
| Q1 2026 | $15.0B |
| Q2 2026 | $17.0B |
| Q3 2026 | $17.4B |
Data
| Q4 2024 | -$0.02 |
| Q1 2025 | $0.72 |
| Q2 2025 | $0.52 |
| Q3 2025 | $0.10 |
| Q4 2025 | $1.02 |
| Q1 2026 | $0.39 |
| Q2 2026 | $2.03 |
| Q3 2026 | $2.37 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | -9.9% |
| Q1 2025 | 28.0% |
| Q2 2025 | 31.7% |
| Q3 2025 | 12.1% |
| Q4 2025 | 27.3% |
| Q1 2026 | 26.6% |
| Q2 2026 | 37.9% |
| Q3 2026 | 36.0% |
Data
| Q4 2024 | $6.8B |
| Q1 2025 | $1.4B |
| Q2 2025 | $4.9B |
| Q3 2025 | $6.6B |
| Q4 2025 | $4.9B |
| Q1 2026 | $3.6B |
| Q2 2026 | $3.1B |
| Q3 2026 | $7.3B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were AbbVie's second-quarter 2026 results?
Net revenues were $16.990 billion, up 10.2 percent as reported and 9.5 percent operationally. Diluted EPS was $2.03 on a GAAP basis and adjusted diluted EPS was $3.65.
Which businesses grew fastest?
Neuroscience rose 20.3 percent to $3.228 billion and immunology rose 15.1 percent to $8.786 billion. Skyrizi grew 24.4 percent and Rinvoq grew 24.5 percent on a reported basis.
What is AbbVie's 2026 guidance now?
Adjusted diluted EPS guidance is $13.87 - $14.07, down from $13.91 - $14.11. The change includes $0.14 of dilution from the Apogee deal, partly offset by $0.10 of overperformance.
What is the Apogee Therapeutics acquisition?
AbbVie agreed to acquire Apogee at a total equity value of approximately $10.9 billion, and the deal is expected to close in the third quarter of 2026. It adds zumilokibart (APG777), an IL-13 antibody for atopic dermatitis, and APG273 for asthma.
How did acquired IPR&D affect earnings?
Acquired IPR&D and milestones expense reduced second-quarter EPS by $0.17 per share. The 2026 guidance includes a $0.58 per share unfavorable impact year-to-date through the second quarter and excludes any later charges.
Documents
SEC filing