AbbVie 2Q26 Takeaways: Story Remains On Track With Core Products Performing Well/Pipeline Advancing

研报英文原文证据摘录

AbbVie 2Q26 Takeaways: Story Remains On Track With Core Products Performing Well/Pipeline Advancing

J P M O R G A N North America Equity Research

31 July 2026

AbbVie Overweight

ABBV, ABBV US

2Q26 Takeaways: Story Remains On Track With Price (30 Jul 26):$257.41

Core Products Performing Well/Pipeline Advancing ▲Price Target (Dec-26):$285.00 Prior (Dec-26):$280.00

Exiting the quarter, we continue to see ABBV as one of the best positioned

companies in our space with 1) core drivers performing well/not facing LOEs, 2) Pharmaceuticals — Major &

Specialtynew indications coming online for Rinvoq and 3) a pipeline, particularly in

immunology, that is providing increased visibility on revenue growth into the Chris Schott, CFA AC

2030s. On the quarter, ABBV’s results came in modestly ahead of the Street (1-212) 622-5676

christopher.t.schott@jpmorgan.com

(broad-based beat on the top line) and the company bumped its topline guidance

(+$300mm vs prior) driven by favorable dynamics for Skyrizi and the Hardik Parikh, CFA

(1 212) 622-2875

neuroscience portfolio. On the bottom line, the company raised its 2026 underlying hardik.k.parikh@jpmorgan.com

guidance by +$0.10, offset by $0.14 of dilution from the Apogee deal (i.e., net -

Ethan Brown

$0.04 decrease). Remain OW. (1-212) 622-4928

ethan.brown@jpmchase.com

• Icotyde has not impacted Skyrizi growth in PsO thus far. In PsO, ABBV has Taylor Hanley

seen an increase in Skyrizi’s NBRx (new to brand) scripts since the March

(1-212) 622-0790

launch of JNJ’s oral IL-23, Icotyde, which is largely expanding the market/ taylor.hanley@jpmchase.com

taking share from other orals. We see these initial trends as lessening some Ekaterina V Knyazkova, CFA

investor concerns on the impact this new launch could have on ABBV’s (1-212) 622-9576

growth.