I'll research ABBV before writing the preview. Let me start by gathering recent filings, transcripts, news, and price data.Let me read the most recent (2026Q1) earnings materials and get recent news plus price data.Let me pull recent news/press releases and the Q1 earnings release for precise figures.Two important recent items: an Apogee Therapeutics acquisition (June 22) and a July 6 EPS guidance adjustment. Let me read both.I have what I need. Let me quickly compute a couple of price/performance stats before writing.Here's my earnings preview.
AbbVie heads into Q2 with strong momentum in its core immunology and neuroscience engines, a stock near all-time highs, freshly refreshed guidance, and a $10.9B deal for Apogee reshaping the immunology pipeline. The bar is high — this is a "keep the beat-and-raise streak alive" quarter, and the market will focus less on the headline number and more on Skyrizi/Rinvoq durability, an unusually catalyst-dense H2, and how management frames capital deployment.
Company guidance for Q2 (set on the Q1 call, April 29): - Revenue: ~$16.7 billion, including ~0.6% FX tailwind - Adjusted operating margin: ~50% - Adjusted EPS: $3.74–$3.78 — but this excluded acquired IPR&D
Critical nuance — the July 6 pre-announcement. On July 6, AbbVie disclosed via 8-K that Q2 results will include $291 million ($0.17/share) of acquired IPR&D and milestones expense. Folding that in: - Q2 adjusted EPS guidance becomes $3.57–$3.61 - Full-year 2026 adjusted EPS guidance becomes $13.91–$14.11 (from the $14.08–$14.28 range set at Q1)
This is a mechanical, pre-flagged reduction, not a deterioration in the business — AbbVie routinely excludes IPR&D from guidance because it can't forecast deal timing. Watch that the market and headlines don't misread the "guidance cut." The real question is whether underlying revenue and operating performance again come in ahead, prompting another raise to the ~$67.3B full-year revenue framework.
Full-year 2026 context (as of Q1): revenue ~$67.3B; adj. gross margin >84%; adj. R&D ~$9.7B; operating margin ~47.5%; net interest expense ~$2.7B; tax rate ~15%.
AbbVie posted $15.0B in Q1 revenue, +12.4% operationally, beating its own guide by ~$300M. The "ex-Humira growth platform" narrative is now firmly the story:
| Franchise / Product | Q1 2026 Sales | Op. Growth | Watch for in Q2 |
|---|---|---|---|
| Skyrizi | $4.5B | +29.2% | Sequential accel; pricing (was ~flat in Q1); IBD share |
| Rinvoq | $2.1B | +20.2% | New indication ramp (GCA, UC); derm expansion |
| Humira | $0.69B | −40.3% | Pace of biosimilar erosion |
| Neuroscience (total) | ~$2.9B | +24.3% | Vraylar ($905M), Vyalev, migraine portfolio |
| Oncology (total) | ~$1.6B | −3% | Venclexta (+9.7%) vs. Imbruvica (−24.7%) |
| Aesthetics | ~$1.2B | +5.1% | The soft spot — Juvederm/fillers still declining |
The Skyrizi + Rinvoq franchise is the whole ballgame. Management repeatedly flagged that they see upside to sell-side consensus for both assets in every year, and expect peak sales to exceed Street peaks (roughly ~$33B Skyrizi / ~$16B Rinvoq by 2031). Combined, these two are tracking toward ~$31.8B in 2026 guidance ($21.6B + $10.2B, both raised at Q1). Any hint of slowing NBRx momentum or a step-up in pricing erosion would matter more than a top-line miss elsewhere.
Two things I'd probe on Skyrizi: 1. Pricing. Q1 net pricing was roughly flat (better than the low-single-digit erosion guide), which management attributed to year-over-year gating — they still expect low-single-digit price declines for the full year. Expect that erosion to show up more in H2. 2. New oral competition. Management fielded pointed questions about a new oral entrant ("ICOTYDE") but argued Skyrizi's head-to-head skin-clearance data, quarterly dosing, and PsA leadership insulate it — and that orals could be market-expanding. Watch the counter-detailing narrative.
Aesthetics is the recurring drag. Botox Cosmetic was solid (+17% on a favorable comp) but fillers remain pressured by a "lingering inflationary" consumer that management admits is behaving worse than in past recessions. This is the segment most exposed to a soft-macro downgrade.
On June 22, AbbVie agreed to acquire Apogee Therapeutics for $135.11/share, ~$10.9B total equity value, expected to close in Q3 2026. Apogee brings zumilokibart (APG777), a half-life-extended anti–IL-13 antibody for atopic dermatitis with quarterly/twice-yearly maintenance potential, plus APG273 (IL-13 + anti-TSLP combo) in asthma — pushing AbbVie deeper into derm and, notably, respiratory. The deal is only EPS-accretive beginning in 2032, so expect questions on dilution, integration, and how it fits alongside the existing I&I combo strategy (TL1A, IRAK4, in-vivo CAR-T from Capstan, oral peptides from Nimble).
This continues an aggressive BD cadence (RemeGen, Kestrel, Gilgamesh, IGI, Gubra, ARx). CEO Rob Michael has been explicit: AbbVie doesn't need BD to hit top-tier growth this decade but is "very active" and open to differentiated assets — including near-term revenue drivers — across immunology, neuroscience, oncology, and obesity. The $291M Q2 IPR&D charge is a tangible sign the deal machine keeps running. A key investor question: how much more M&A capacity/appetite, and does the balance sheet constrain the dividend or buyback?
The pipeline news flow into year-end is dense. Look for updated timing on: - Skyrizi subcutaneous induction in Crohn's — U.S. approval decision expected later this year; strong AFFIRM data - Tavapadon (Parkinson's) — U.S. approval decision expected Q3; a new oral launch - Etentamig (multiple myeloma) — response-rate readout expected Q3, potential PFS interim; submission pulled forward to end-2026 - Skyrizi + ABBV-382 (α4β7) Crohn's combo — study completes Q3; potentially "transformational" endoscopic remission data - HS 16-week readouts — Rinvoq and lutikizumab, 2H - Obesity (ABBV-295 amylin) — Phase II to begin Q3; obese-patient interim data later this year - Emraclidine (schizophrenia dose escalation) and TmAb A oncology accelerations - trenibotE — resolving the manufacturing CRL (no safety/efficacy issues cited); international launches proceeding
Watch also for any long-term guidance framework commentary — management said it wouldn't rule out re-issuing multi-year targets given confidence in the post-Humira outlook.
Note: All figures above are drawn from AbbVie's Q1 2026 earnings call (April 29), the July 6 guidance 8-K, the June 22 Apogee announcement, and market pricing through July 30, 2026. Actual Q2 consensus estimates were not available in my sources, so I've benchmarked against company guidance rather than Street numbers.