AbbVie (ABBV.N): Initial thoughts on Q2‘26: Skyvog duo growth remains healthy

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31 Jul 2026 08:26:03 ET │ 11 pages

AbbVie (ABBV.N)

Initial thoughts on 2Q26: Skyvoq duo growth remains healthy

CITI'S TAKE

AbbVie’s 2Q26 results included total revenues of $17B (+$218M vs. VA

cons) and non-GAAP diluted EPS of $3.65/sh (+$0.04/sh). Skyrizi ($5.5B;

+$62M) and Rinvoq ($2.5B; +$38M) remain the key drivers, with

continued volume growth reinforcing the durability of the I&I franchise

despite LSD% pricing pressure and rising competition. That said,

magnitude of the beats are compressing over time (Skyrizi 2Q25: +10%;

2Q26: +1%). Elsewhere, Vraylar ($1.1B; +$79M) and Vyalev ($256M; +$8M)

support neuroscience growth, while Botox Cosmetic ($728M; +$23M)

remains relatively stable and Juvederm ($245M; -$4M) continues to face a

softer market. Humira ($756M; +$22M) erosion remains manageable

within the broader portfolio, while Imbruvica ($532M; -$27M) continues

to weigh on oncology. Overall, Skyrizi / Rinvoq execution remains the

central earnings driver, while Apogee adds longer-duration I&I optionality

without changing the need for continued pipeline and BD execution.

Maintain Neutral and $260 TP.

AbbVie is hosting its 2Q26 EPS call today at 9am ET (dial-in: 800-330-6710;

conference ID: 8110877; webcast here).

Neutral

Price (30 Jul 26 16:00)

Target price

Expected share price

return

Expected dividend yield

Expected total return

Market Cap

Geoff Meacham, Ph.D.AC

Jarwei Fang

Nishant Gandhi, Ph.D.

Skyrizi / Rinvoq durability anchors the quarter, while BD and pipeline execution

frame what comes next — Updated 2026 guidance now calls for non-GAAP diluted

EPS of $13.87/sh-$14.07/sh (-$0.04/sh), inclusive of a $0.14/sh dilution related to

the proposed Apogee acquisition. We expect key themes on the call to include: 1)

Skyrizi and Rinvoq volume durability through pricing pressure, including Skyrizi’s

competitive position against J&J's Tremfya and Icotyde and timing for SC induction

in Crohn’s; 2) capital deployment following the Apogee acquisition and the appetite

for additional BD across I&I, obesity, neuroscience, oncology, and dermatology; 3)

neuroscience portfolio evolution, including Vyalev uptake and how oral CGRPs,

…