Regarding the large Phase II combination study for Skyrizi with alpha4beta7 and TL1A, is the plan still to move to Phase III quickly based on interim data, and will there be a co-formulation?

The large Phase II study is a platform study combining Skyrizi with higher doses of alpha4beta7 and TL1A. Co-formulations are being worked on for launch. Interim snapshots will be taken, and if data is strong, Phase III programs could kick off in H1 2028. The study will evaluate co-administration initially. “We are in parallel working on co-formulations. So the intent at launch for any of these assets in combination with Skyrizi and IBD would be a co-formulation. ... We would anticipate right now, hopefully, in the first half of 2028 being able to kick off Phase III programs in IBD.”

What are the current dynamics in the psoriasis market for Skyrizi, especially with new entrants, and what is the confidence in the upcoming HS readouts for luti and Rinvoq?

Skyrizi's momentum in psoriasis remains strong, with no material change since the launch of ICO. Most ICO share is sourced from other orals, and Skyrizi's NBRx data has grown. There's still significant headroom in the moderate-to-severe psoriatic space. For HS, two robust studies were designed, with luti enrolling naive/anti-TNF failed patients for a stringent endpoint, and Rinvoq enrolling post-biologic patients for a less stringent endpoint, aiming for a dual offering strategy similar to IBD. “When we look at the data from the launch of ICO we've absolutely seen no degradation in any of our NBRx trends. In fact, they've actually grown from the launch of ICO in March.”

What are the expectations for the tavapadon launch in Parkinson's, and how is ABBV-1758 (brain shuttle) differentiated in Alzheimer's?

Tavapadon is a unique selective D1/D5 agonist with impressive data, including sparing levodopa/carbidopa dose increases and low rates of sedation/edema. The ramp will be modest initially due to Medicare formulary timing but is expected to be a substantial contributor to Parkinson's peak sales. ABBV-1758 aims for extended half-life and better CSF penetration (over 1%) to target pyroglutamate A-beta, potentially allowing for monthly subcutaneous dosing. The company is also working on an anti-tau siRNA program using similar shuttle technology. “The other thing we wanted was a better cerebrospinal fluid penetration than we saw with a naked antibody, which, let's say, is around 0.1%, 0.2%. This is over 1%, so several fold higher. So the transport is working.”

ABBV

AbbVie (ABBV) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Health Care· Jul 31, 2026

Source: earnings call transcript

Executive summary

AbbVie Q2 FY26 — Strong Growth Across Key Products and Strategic Acquisition

AbbVie delivered an excellent quarter, surpassing revenue and EPS expectations driven by strong performance from its diverse portfolio, particularly Skyrizi, Rinvoq, and neuroscience assets. The company is strategically bolstering its long-term growth prospects through the acquisition of Apogee Therapeutics, enhancing its immunology pipeline. Despite expected headwinds from biosimilar competition for Humira and IMBRUVICA, management remains confident in its commercial execution and pipeline advancements, raising full-year revenue guidance.

Highlights

Adjusted EPS of $3.65, exceeding guidance midpoint by $0.06.
Total net revenues of nearly $17 billion, beating expectations by $300 million, reflecting 10.2% robust sales growth.
Skyrizi, Rinvoq, and neuroscience portfolio delivered double-digit sales growth, each above 20%.
Full-year revenue guidance raised by $300 million, totaling $600 million increase since year start.
Acquisition of Apogee Therapeutics bolsters immunology pipeline with significant sales potential.

Concerns

Humira global sales down 36.1% operationally due to biosimilar competition, in line with expectations.
IMBRUVICA sales down 29.4% due to IRA pricing and competitive share pressure.
Juvederm global sales down 6.6% operationally, reflecting continued headwinds in key dermal filler markets.
Full-year adjusted EPS guidance updated to $13.87-$14.07, reflecting $0.14 dilution from Apogee acquisition.
Adjusted net interest expense increased by $200 million to $2.9 billion due to Apogee financing costs.

Guidance & targets

Category	Target	Timeline	Confidence
Full-year adjusted EPS	$13.87-$14.07 high materiality	FY26	High
Full-year total net revenues	approximately $67.6 billion high materiality	FY26	High
Full-year Skyrizi global revenues	$21.7 billion medium materiality	FY26	High
Full-year total neuroscience revenues	$12.7 billion medium materiality	FY26	High
Full-year adjusted gross margin	above 84% of sales medium materiality	FY26	High
Full-year adjusted R&D expense	approximately $9.8 billion medium materiality	FY26	High
Full-year adjusted SG&A expense	approximately $14.5 billion medium materiality	FY26	High
Full-year adjusted operating margin ratio	approaching 47% of sales medium materiality	FY26	High
Full-year adjusted net interest expense	approximately $2.9 billion medium materiality	FY26	High
Full-year non-GAAP tax rate	approximately 14.5% medium materiality	FY26	High
Q3 FY26 net revenues	approximately $17.2 billion medium materiality	Q3 · FY26	High
Q3 FY26 adjusted EPS	$3.84-$3.88 high materiality	Q3 · FY26	High
Net leverage ratio	2x medium materiality	2-3 years following Apogee deal close	High
Combined peak sales for Rinvoq in vitiligo and alopecia areata	approach $2 billion medium materiality	Long-term	High
Oral CGRP collective peak sales	more than $5 billion medium materiality	Long-term	High
Parkinson's portfolio collective peak sales	more than $5 billion medium materiality	Long-term	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Immunology Very strong operational sales growth, driven by Skyrizi and Rinvoq. Humira sales declined as expected due to biosimilar competition. Skyrizi total sales: $5.5 billionSkyrizi operational sales growth: 24%Rinvoq global sales: $2.5 billionRinvoq operational sales growth: 23.7%Humira global sales: $756 millionHumira operational sales decline: 36.1%	$8.8 billion	14.6%	—	—
Neuroscience Outperformed expectations with robust sales growth across all three leading neuro pillars (Vraylar, migraine portfolio, Parkinson's portfolio). Vraylar global sales: $1.1 billionVraylar sales growth: 19%VYALEV total sales: $256 millionVYALEV sequential sales growth: 27%	$3.2 billion	20%	—	—
Oncology Operational sales decline primarily due to IMBRUVICA, partially offset by strong VENCLEXTA performance and contributions from other assets. VENCLEXTA total sales: $771 millionVENCLEXTA operational sales growth: 9.6%IMBRUVICA sales decline: 29.4%	$1.6 billion	-2.4%	—	—
Aesthetics Global sales declined slightly, with Botox Cosmetic showing modest growth and Juvederm facing headwinds in dermal filler markets. Botox Cosmetic total revenues: $728 millionBotox Cosmetic operational growth: 3.4%Juvederm Global sales: $245 millionJuvederm operational sales decline: 6.6%	$1.3 billion	-0.9%	—	—

Product announcements

Product	Type	Timeline
Decupaz	launch	Q2 FY26
Qulipta	expansion	Q2 FY26
Kinley	expansion	Q2 FY26
Boey	launch	Q2 FY26
Rinvoq	expansion	Q2 FY26

Deals & partnerships

Apogee Therapeutics Acquisition of a portfolio of long-acting biologics targeting atopic dermatitis, respiratory conditions, and other immune-mediated diseases.

The acquisition will add multiple differentiated assets in dermatology, respiratory, and other related inflammatory diseases with significant sales potential, bolstering AbbVie's immunology portfolio.

Risks & headwinds

Biosimilar competition for Humira Q2 FY26

Global sales down 36.1% operationally

Mitigation:In line with expectations; focus on growth from diverse portfolio (Skyrizi, Rinvoq).

IRA pricing and competitive share pressure for IMBRUVICA Q2 FY26

Sales down 29.4%

Mitigation:Partially offset by double-digit sales growth from Ellahere, Kinley, Amarilis.

Headwinds in dermal filler markets for Juvederm Q2 FY26

Global sales down 6.6% operationally

Mitigation:Continued investment in the highly underpenetrated aesthetics market; launch of Boey to expand toxin market.

Dilution from Apogee Therapeutics acquisition FY26

$0.14 to FY26 adjusted EPS

Mitigation:More than offset by underlying business overperformance; commitment to achieving 2x net leverage ratio within 2-3 years post-close.

Increased net interest expense due to Apogee financing FY26

$200 million increase to $2.9 billion for FY26

Mitigation:Secured interim financing and expect to issue long-term debt; strong cash flows and balance sheet provide financial flexibility.

Foreign exchange impact on full-year sales growth FY26

0.5% favorable impact (less than previous expectation)

Mitigation:Factored into updated revenue guidance.

Medicare formulary timing for Tavapadon launch Initial launch period

Modest ramp at first

Mitigation:Will take time to be added to Medicare formularies, but expected to be a substantial long-term contributor to Parkinson's peak sales.

What to watch in Q3 FY26

Skyrizi subcutaneous induction approval

Later this fall

Current Under FDA review

Target Approval decision

Why it matters

Approval will enable a more convenient dosing option for Crohn's disease, potentially accelerating Skyrizi's capture rate and market share in IBD.

The U.S. application for Skyrizi subcutaneous induction in Crohn's disease is under review with an approval decision expected later this fall.

Find out whether ABBV delivers this. Inve re-checks your case every morning.

Q&A highlights

What is the confidence in FDA approval for Skyrizi subcutaneous induction for Crohn's, and will the Skyrizi + alpha4beta7 data be presented at UEGW?

Confidence in Skyrizi subcutaneous induction approval is high due to strong data, known asset, and established manufacturing. The Skyrizi + alpha4beta7 combination data will be presented either later this fall or at congresses next year, depending on timing.

“So on the CD subcutaneous Skyrizi as I highlighted, very strong data. It is with Skyrizi. So it's asset well known to health authorities and manufacturing is very well known to us. So we have a very complete submission that's in front of the agency. And so far, that review is going according to plan. So no concerns at this moment.”

asked by Terence Flynn · answered by Roopal Thakkar

2 min read 6 chapters

Detailed narrative

Strong Commercial Execution and Portfolio Growth

AbbVie reported robust Q2 FY26 performance with total net revenues of nearly $17 billion, up 10.2% operationally, exceeding expectations by $300 million. Key growth drivers included Skyrizi, Rinvoq, and the neuroscience portfolio, each achieving over 20% sales growth. The company raised its full-year revenue guidance by $300 million, marking a total increase of $600 million for the year, reflecting sustained commercial momentum.

Strategic Pipeline Advancements and Apogee Acquisition

The company continues to advance its pipeline, highlighted by the US approval of Decupaz for a rare blood cancer and European approvals for Qulipta (migraine), Kinley (follicular lymphoma), and Boey (aesthetics). Rinvoq also received European approvals for vitiligo and alopecia areata, with combined peak sales for these indications now anticipated to approach $2 billion.

The planned acquisition of Apogee Therapeutics will further strengthen AbbVie's immunology pipeline with differentiated assets in dermatology and respiratory conditions, aligning with long-term growth strategy.

Immunology Franchise Performance and Market Dynamics

Immunology delivered nearly $8.8 billion in total revenues, growing 14.6% operationally. Skyrizi sales reached $5.5 billion, up 24% operationally, maintaining market leadership in psoriasis and IBD. Rinvoq global sales exceeded $2.5 billion, up 23.7% operationally, with strong momentum in gastroenterology.

Humira sales declined 36.1% operationally due to biosimilar competition, consistent with expectations. Management noted Skyrizi's continued robust NBRx growth in psoriasis despite new market entrants, indicating market expansion.

Neuroscience Portfolio Outperformance and Future Launches

Neuroscience revenues surpassed $3.2 billion, up approximately 20% operationally, driven by Vraylar, Botox Therapeutic, Ubrelvy, and Qulipta. Qulipta received European approval for acute and preventative migraine treatment, contributing to a long-term outlook of over $5 billion in peak sales for oral CGRPs.

The Parkinson's portfolio, including VYALEV ($256 million, up 27% sequentially) and the anticipated US approval of tavapadon in Q3, is expected to achieve collective peak sales exceeding $5 billion.

Oncology and Aesthetics Updates

Oncology revenues were over $1.6 billion, down 2.4% operationally, primarily due to IMBRUVICA's 29.4% decline from IRA pricing and competition, partially offset by VENCLEXTA's 9.6% growth and contributions from Ellahere, Kinley, and Amarilis. Decnupas was launched for BPDCN, expanding the ADC portfolio.

Aesthetics global sales were nearly $1.3 billion, down 0.9% operationally, with Botox Cosmetic up 3.4% and Juvederm down 6.6%. The European and Canadian approvals of Boey, a rapid-onset toxin, are expected to expand the toxin market.

Pipeline Progress in Dermatology, Neuroscience, and Oncology

In dermatology, Rinvoq's US approval decisions for vitiligo and alopecia areata are expected later this year/early next year. Phase III trials for Rinvoq and lutikizumab in hidradenitis suppuritiva are on track for 16-week data. Skyrizi subcutaneous induction for Crohn's disease is under FDA review.

In neuroscience, tavapadon's FDA decision is expected in Q3. Oncology programs like Tmab A (colorectal, ovarian, head and neck cancers) and atentamig (multiple myeloma, amyloidosis) showed promising early-stage results, with several trials advancing to Phase III.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.