AbbVie Q2 2026 earnings: Immunology and neuroscience drive 10.2% revenue growth

AbbVie (NYSE: ABBV) reported Q2 2026 net revenues of $16.990 billion, up 10.2% year over year, while GAAP diluted EPS rose to $2.03 from $0.52 and adjusted diluted EPS increased 22.9% to $3.65. Immunology and neuroscience led the revenue growth, while lower acquired IPR&D and contingent consideration expenses amplified the improvement in GAAP earnings.

Core earnings results

Revenue growth translated into faster operating profit growth as cost of products sold declined despite higher sales. GAAP operating earnings increased 31.4%, while the much larger increase in net earnings also reflected lower non-operating expenses and a lower GAAP tax rate.

The prior-year margin figures are calculated from the revenue and expense figures disclosed by AbbVie. Q2 2026 EPS included a $0.17 unfavorable impact from acquired IPR&D and milestone expense, compared with a $0.42 impact in the prior-year quarter.

Business and portfolio performance

Immunology and neuroscience generated the strongest portfolio growth. Oncology declined as lower Imbruvica revenue outweighed growth from Venclexta and Elahere, while aesthetics was nearly unchanged on a reported basis and contracted slightly at constant currency.

Within immunology, Skyrizi revenue increased 24.4% to $5.505 billion and Rinvoq grew 24.5% to $2.525 billion. Their combined growth more than offset a 35.9% decline in Humira revenue to $756 million, showing that AbbVie’s newer immunology products have become the primary drivers of the portfolio.

Neuroscience revenue benefited from Vraylar, which grew 18.9% to $1.071 billion, and Botox Therapeutic, up 12.2% to $1.042 billion. Ubrelvy and Qulipta generated combined revenue of $742 million, with growth of 16.0% and 30.9%, respectively. Vyalev contributed $256 million.

In oncology, Venclexta grew 11.6% to $771 million and Elahere increased 33.1% to $211 million. Those gains did not fully offset a 29.4% decline in Imbruvica revenue to $532 million. Aesthetics showed a similar divergence: Botox Cosmetic grew 5.2% to $728 million, while Juvederm declined 6.0% to $245 million.

Lower specified expenses amplified GAAP profit growth

The difference between GAAP EPS growth of 290.4% and adjusted EPS growth of 22.9% is important. AbbVie’s operating performance improved, but the GAAP comparison also benefited substantially from lower specified and tax-related expenses.

Acquired IPR&D and milestone expense fell to $291 million from $823 million. The change in fair value of contingent consideration was $1.518 billion, down from $2.795 billion, while intangible asset amortization declined to $1.689 billion from $1.864 billion. AbbVie’s GAAP tax rate also fell to 15.5% from 39.4%; by comparison, its adjusted tax rate moved to 14.7% from 16.2%.

The underlying margin trend was still positive. Adjusted gross margin reached 84.7%, and adjusted operating margin was 48.3%. However, the large gap between GAAP and adjusted earnings means investors should distinguish recurring portfolio growth from quarter-to-quarter changes in acquisition-related and accounting expenses.

Full-year 2026 guidance

AbbVie lowered its full-year adjusted diluted EPS range by $0.04 at both ends. The proposed Apogee Therapeutics acquisition is expected to reduce 2026 EPS by $0.14, but the company said $0.10 of operating overperformance partially offsets that dilution.

The guidance includes a $0.58-per-share unfavorable impact from acquired IPR&D and milestone expenses incurred through Q2 2026. It excludes any such expenses incurred after the quarter because AbbVie said they cannot be reliably forecast.

AbbVie values the proposed Apogee acquisition at approximately $10.9 billion in total equity value and expects it to close in Q3 2026. The transaction would add clinical-stage inflammatory and immunology candidates to AbbVie’s pipeline, including zumilokibart for atopic dermatitis and APG273 for asthma.

Risks investors should watch

• Continued Humira erosion: Humira revenue declined 35.9%. Overall immunology growth increasingly depends on Skyrizi and Rinvoq sustaining their current expansion.
• Uneven performance outside the main growth portfolios: Oncology revenue declined 1.5% as Imbruvica fell 29.4%, while aesthetics decreased 0.9% operationally despite modest reported growth.
• Volatility from acquisition-related expenses: Acquired IPR&D, milestone costs, intangible amortization, and contingent consideration can create large differences between GAAP and adjusted earnings. Future IPR&D and milestone expenses beyond Q2 are not included in guidance.
• Apogee transaction and pipeline execution: The proposed $10.9 billion acquisition introduces closing, integration, development, and commercialization risks. Its expected $0.14 dilution is already included in 2026 guidance, assuming a Q3 close.

Summary

AbbVie’s Q2 2026 results were led by continued growth from Skyrizi, Rinvoq, and the neuroscience portfolio, which more than offset declining Humira and Imbruvica revenue. Margins improved and adjusted EPS rose 22.9%, although lower specified expenses and taxes made GAAP profit growth appear substantially larger. The main issues to monitor are the durability of the newer immunology franchises, weakness in oncology and aesthetics, and the financial and pipeline implications of the proposed Apogee acquisition.