AbbVie: 2Q26 - pipeline broadening (incl Apogee), but we worry about more marginal beats & rising competition

研报英文原文证据摘录

AbbVie: 2Q26 - pipeline broadening (incl Apogee), but we worry about more marginal beats & rising competition

31 July 2026

Courtney Breen

+1 917 344 8407

US Biopharmaceuticals courtney.breen@bernsteinsg.com

Woody PolglaseAbbVie Inc +1 917 344 8314

Rating woody.polglase@bernsteinsg.com

Market-Perform Louisa Qiu

+1 917 344 8495

Price Target louisa.qiu@bernsteinsg.com

ABBV 230.00 USD (225.00 OLD) Specialist Sales

Christian Moore

+1 917 344 8555

christian.moore@bernsteinsg.com

AbbVie: 2Q26 - pipeline broadening (incl Apogee), but we worry

about more marginal beats & rising competition

Today, ABBV reported a modest Q2 beat, with revenue of $17.0B (+1.3% vs. consensus) and

Close Date 31 Jul 2026

adjusted EPS of $3.65 (+1.3% vs. consensus). Please see our QT from this morning here; this

ABBV Close Price (USD) 250.94

note provides additional context from the earnings call and our 1x1, along with updates to

Price Target (USD) 230.00

our model.

Upside/(Downside) (8)%

The Skyrizi debate will continue to weigh on the stock. We anticipate an air pocket in for 52-Week Range 267.47/187.62

Skyrizi PsO growth as NBRx are pressured by Icotyde (JNJ, Hambright). See our recent deep- SPX 7,489.72

dive with Derms here. We are also seeing Skyrizi NBRx among gastroenterologists fall below FYE Dec

50%, with Tremfya (also JNJ) now holding the leading share position, albeit counterbalanced Div Yield 2.8%

by growth in overall IL-23. While Skyrizi is unlikely to stall completely given the long treatment Market Cap (USD) (M) 443,359

duration typical of chronic IBD patients, this competition is likely to drag growth rates. EV (USD) (M) 506,870

Performance YTD 1M 6M 12M

Pipeline: ABBV continues to make progress across its pipeline, disclosing seven new Absolute (%) 9.8 (0.3) 12.5 32.8