Now let's read the actual 8-K about the EPS adjustment and the Apogee Therapeutics acquisition announcement, both key for the preview.# AbbVie (ABBV) Q2 2026 Earnings Preview Reports: Friday, July 31, 2026, before market open | Call: 2026Q2 Earnings Call

Setup Into the Print

ABBV shares have been on a strong run heading into the quarter, rallying from roughly $200 in late April to around $257 as of July 30 — a ~28% gain over the past three months — as investors have rewarded consistent beat-and-raise quarters, immunology momentum, and an active M&A pipeline. That run has pushed the stock close to or above several sell-side price targets (Guggenheim raised its target to $261 and BofA Securities to $276 in early July), meaning expectations are elevated and the bar for a "good" print is higher than it was last quarter.

The Guidance Wrinkle: Two Different Q2 Targets

Investors need to reconcile two separate Q2 EPS goalposts management has given this year:

  1. Original guidance (given April 29 on the Q1 call): Net revenues of approximately $16.7 billion and adjusted EPS of $3.74–$3.78, with an adjusted operating margin ratio of roughly 50%.
  2. Revised guidance (8-K filed July 6, 2026): AbbVie disclosed a $291 million pre-tax acquired IPR&D and milestones charge in Q2, cutting $0.17 off EPS and bringing the guided range down to $3.57–$3.61. Full-year adjusted EPS guidance was correspondingly reduced from $14.08–$14.28 to $13.91–$14.11 (the revenue outlook of ~$67.3 billion was unaffected — this is purely a below-the-line, deal-related charge).

Street consensus has settled roughly in between: Zacks Consensus Estimate currently sits near $3.66 EPS on ~$16.81 billion of revenue for the quarter, with full-year consensus near $14.18. The key read for tomorrow is whether AbbVie beats its own (already-lowered) $3.57–$3.61 guide — as it has done in each of the last four quarters (average surprise of ~2.7%) — and whether full-year guidance gets raised again on the underlying business strength, net of whatever new IPR&D/milestone charges show up.

What Drove Q1 — And What It Implies for Q2

Q1 2026 set a high bar: revenue of $15.0 billion, up 12.4% reported (10.3% operational), beat guidance by $300 million, and adjusted EPS of $2.65 beat the midpoint by $0.07. Segment trends to watch continuing into Q2:

Capital Deployment: Apogee Deal Adds a New Wrinkle

On June 22, 2026, AbbVie announced a definitive agreement to acquire Apogee Therapeutics for $135.11/share in cash (~$10.9 billion total equity value), adding lead asset zumilokibart (APG777), an IL-13 antibody for atopic dermatitis, plus APG273 (combined with an anti-TSLP antibody) for asthma — pushing AbbVie further into respiratory disease. The deal is expected to close in Q3 2026 and, notably, isn't expected to be accretive to EPS until 2032, reinforcing that near-term IPR&D charges (like the Q2 $291M hit) are the price of AbbVie's continued aggressive business-development strategy (Capstan, Gilgamesh, IGI, RemeGen, ARx, Gubra, Nimble, and now Apogee). Expect questions tomorrow on: deal financing/leverage impact, integration timeline, and whether more BD is coming given management's repeated comments that it has "ample financial capacity" and remains open to deals across immunology, neuroscience, oncology and obesity.

Key Things to Watch on the Call

  1. Q2 beat/miss vs. the reduced $3.57–$3.61 EPS guide and $16.7B revenue guide, and whether full-year guidance is raised again (ex-IPR&D) given underlying momentum.
  2. Skyrizi/Rinvoq trajectory amid intensifying oral competition — management has flagged emerging oral IL-23/JAK entrants but expressed confidence Skyrizi's NBRx continues hitting all-time highs and that both drugs will exceed peak sell-side consensus (Skyrizi ~$33B/Rinvoq ~$16B by 2031 per current Street models).
  3. Immunology combination pipeline progress — interim data on Skyrizi + ABBV-382 (anti-α4β7) in Crohn's showed roughly double the endoscopic remission rate of either monotherapy, a potentially important longer-term moat; watch for updates on Phase IIb timing.
  4. H2 2026 catalysts: Skyrizi SC induction in Crohn's (FDA decision expected later this year), Rinvoq alopecia areata (EU/Japan decisions this year, US early 2027), HS 16-week topline data for Rinvoq/lutikizumab, tavapadon approval decision (Q3), and Phase II obesity program for amylin analog ABBV-295 starting Q3.
  5. Aesthetics commentary on consumer spending trends and the timeline for resubmitting trenibotoxinE following its manufacturing-related Complete Response Letter.
  6. Capital allocation/leverage post-Apogee, dividend growth, and buyback posture.

Bottom Line

AbbVie enters this print from a position of operating strength — immunology and neuroscience are both compounding at high-teens-to-30%+ growth rates, the Humira drag is largely behind it, and management has consistently signaled upside to consensus. The main complicating factor for tomorrow's headline comparison is the self-inflicted, deal-related EPS guidance cut from early July, which muddies the "beat vs. guide" narrative. With the stock up sharply into the quarter and already reflecting a lot of good news, the market's reaction will likely hinge less on the reported EPS number itself and more on commentary around Skyrizi/Rinvoq durability against new competition, the FY26 guidance trajectory ex-IPR&D charges, and next steps on the Apogee integration and further M&A.