AbbVie Inc. (ABBV): 2Q26 Earnings Preview: Narrative Swings Underway

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AbbVie Inc. (ABBV): 2Q26 Earnings Preview: Narrative Swings Underway

Equity Research

21 July 2026 | 6:00AM EDT

In contrast to the shakier setup we had highlighted into its 1Q26 print last quarter, Asad Haider, CFA

+1(212)902-0691 | asad.haider@gs.com

ABBV is approaching its 2Q26 results next week (July 31st) from a relatively stronger Goldman Sachs & Co. LLC

foundational base with the investment narrative becoming increasingly anchored to Nick Jennings

the emergence of new revenue drivers via both recent BD and a next generation +1(415)249-7412nick.jennings@gs.com|

immunology pipeline getting heightened focus for potentially extending the growth Goldman Sachs & Co. LLC

Jeff Surunway with several combination approaches that can deliver higher efficacy than +1(212)357-9930 | jeff.su@gs.com

Skyrizi and Rinvoq. The BD-lever specifically, which we’ve previously noted was Goldman Sachs & Co. LLC

needed for a sustained re-rate, has been of keen interest in a backdrop where

investors had been searching for a new narrative with Skyrizi/Rinvoq upside getting

understood. To that end, after languishing for several months, shares of ABBV have

recovered in recent weeks following the APGE acquisition announcement on June

22nd (+17% vs +6% for the DRG).

For 2Q earnings, we project a modest top and bottom line beat, and expect, as

always, the greatest focus to be on trends in the workhorse products. For Skyrizi, we

see scope for upside and forecast a slight beat vs. VA consensus per prescription

volume data and a LSD y/y decline. From a lateral read perspective, we note that in

JNJ’s 2Q26 earnings last week, Tremfya sales/TRx pricing was favorable by HSD per

IQVIA data- which some may interpret as favorable for Skyrizi - although per JNJ on