2Q26 Preview - Rizing To The Occasion

研报英文原文证据摘录

2Q26 Preview - Rizing To The Occasion

Pharmaceuticals (Major) & Large Cap Biotechnology

Pharmaceuticals - Major - Market Weight

2Q26 Preview - Rizing To The Occasion July 22, 2026

AbbVie (ABBV)

The Wolfe Byte

Before quarter-end, we caught up with mgmt. who continue to view Skyrizi as competitive in IBD and ready to regain

market share with subQ Skyrizi. Next-gen approaches to I&I (e.g., α4β7 combos) and neuroscience (e.g., bretisilocin,

ABBV-932) are top of mind. Maintain PP.

Commercial execution continues on its strong trajectory with green shoots on the pipeline. We came away from our

conversation optimistic on Skyrizi commercial dynamics both in the near- and long-term, with the latter driven by ABBV's

plans to launch Skyrizi with a subQ induction administration in Crohn's. On Skyrizi+α4β7, ABBV shared we should see

final data in Crohn's in 2H, with full data at a medical congress in early 2027. Specifically on the α4β7, it's 3-4x more

potent than Takeda's Entyvio and the monotherapy did as well as Skyrizi in Crohn's, which the company reminded is

not what is seen with Entyvio. Regarding BD, we expect ABBV to maintain an appetite for early-stage assets that could

supplement their commercial portfolio in 2030+ while keeping the door open for differentiated late-stage assets.

ABBV 2Q26E Change 2026E Change

$ in millions Wolfe Consensus Delta q/q y/y Wolfe Consensus Delta

Humira $727 $732 ($5) 6% (38%) $2,851 $2,878 ($27)

Skyrizi $5,531 $5,440 $91 23% 25% $21,842 $21,725 $117

Rinvoq $2,520 $2,486 $35 19% 24% $10,344 $10,243 $101

Immunology $8,779 $8,658 $121 20% 15% $35,037 $34,846 $191

Imbruvica $562 $560 $3 1% (25%) $2,189 $2,188 $1

Venclexta $743 $757 ($14) (3%) 8% $3,032 $3,050 ($17)

Elahere $202 $207 ($5) 2% 27% $847 $857 ($10)