AbbVie (ABBV) — Q2 2026 Earnings Preview
Key Points and Preview Table
| Focus Area | Details & What to Watch |
|---|---|
| Guidance vs. Consensus | AbbVie raised FY26 adjusted EPS guidance to $14.08–$14.28 (excl. IPR&D), consensus at $14.11; revenue guidance at $67.3B, consensus at $67.2B. Q2 guidance: adj. EPS $3.74–$3.78, revenue $16.7B, consensus $16.8B. |
| Immunology (Skyrizi/Rinvoq) | Skyrizi and Rinvoq remain the core growth engines. Watch for continued >20% YoY growth, share gains, and impact of new competition (e.g., ICOTYDE in psoriasis). Q1 saw Skyrizi +29%, Rinvoq +20% YoY. |
| Neuroscience | Segment is outperforming (+24% YoY in Q1). Key drivers: Vraylar, Botox Therapeutic, Ubrelvy, Qulipta, Vyalev. Watch for continued double-digit growth and Parkinson’s franchise ramp. |
| Oncology | Oncology flat to slightly down YoY in Q1. Monitor for stabilization or improvement, especially from Venclexta, Elahere, Epkinly, and pipeline progress (Temab-A, etentamig). |
| Aesthetics | Modest recovery in Q1 (+5% YoY). Watch for signs of sustained rebound, especially in Botox Cosmetic and Juvederm, and any commentary on macro headwinds. |
| Pipeline/BD | Recent Apogee acquisition adds long-term immunology pipeline depth. Watch for updates on integration, clinical milestones, and any new BD activity. |
| Margins/Operating Leverage | Operating margin guided to expand to ~47.5% for FY26. Watch for SG&A leverage and R&D investment trends. |
| Pricing Dynamics | Immunology pricing expected to see low single-digit headwinds for Skyrizi/Rinvoq; Q1 was flat, but management expects step-down through the year. |
| Capital Allocation | No change to dividend policy or leverage targets post-Apogee deal. Watch for commentary on further M&A appetite and balance sheet flexibility. |
Summary and Conclusions
- AbbVie enters Q2 2026 earnings with strong momentum: Q1 results beat expectations, leading to a guidance raise for both EPS and revenue.
- Immunology remains the dominant growth engine: Skyrizi and Rinvoq are expected to deliver robust double-digit growth, with management signaling upside to consensus for both assets through the decade.
- Neuroscience is a key underappreciated driver: Segment is growing high teens, with Parkinson’s (Vyalev, tavapadon) and migraine franchises (Ubrelvy, Qulipta, Botox Therapeutic) all exceeding expectations.
- Oncology and Aesthetics are mixed: Oncology is stable but not a growth driver yet; aesthetics is showing early signs of recovery but remains sensitive to macro conditions.
- Guidance is above consensus: Management’s full-year and Q2 outlooks are slightly ahead of Street estimates, with confidence in achieving and potentially exceeding these targets.
- Key watch items for Q2: Immunology growth and share trends, neuroscience outperformance, pricing headwinds, margin expansion, and any signals on further business development or capital allocation.
Quarterly Financial Snapshot — Actuals and Consensus
Quarterly Results and Consensus (Q2 2026 Preview)
| Quarter | Revenue ($M) | Adj. EPS | Gross Margin (%) | EBITDA ($M) | Net Income ($M) |
|---|---|---|---|---|---|
| Q2 2026E (Consensus) | 16,758 | 84.3 | 8,444 | 6,385 | |
| Q2 2026 Guidance | 16,700 | $3.74–$3.78 | >84.0 | ||
| Q1 2026 Actual | 15,002 | $2.65 | 83.6 | 695 | |
| Q2 2025 Actual | 15,403 | $2.97 | 84.4 | 1,561 |
Note: Q2 2026 consensus and guidance figures are pre-IPR&D expense; actuals for Q2 2025 are as reported.
Full-Year Results and Guidance
| Fiscal Year | Revenue ($M) | Adj. EPS | Gross Margin (%) | EBITDA ($M) | Net Income ($M) |
|---|---|---|---|---|---|
| 2026E (Consensus) | 67,235 | 84.0 | 32,742 | 25,062 | |
| 2026 Guidance | 67,300 | $14.08–$14.28 | >84.0 | ||
| 2025 Actual | 61,160 | $10.00 | 83.6 | 4,226 |
Segment Trends — Q1 2026 Actuals
| Segment | Q1 2026 Revenue ($M) | YoY Growth (%) | Key Drivers/Notes |
|---|---|---|---|
| Immunology | 7,290 | +16.4 | Skyrizi $4,483M (+30.9%), Rinvoq $2,119M (+23.3%), Humira $688M (-38.6%) |
| Neuroscience | 2,875 | +26.0 | Vraylar $905M (+18.4%), Botox Therapeutic $1,009M (+16.5%), Ubrelvy/Qulipta $635M (+~47%) |
| Oncology | 1,631 | -0.2 | Venclexta $770M (+15.7%), Imbruvica $556M (-24.7%), Elahere $198M (+10.7%) |
| Aesthetics | 1,186 | +7.6 | Botox Cosmetic $668M (+20.2%), Juvederm $232M (+0.4%) |
What to Watch for in Q2 2026
1. Immunology (Skyrizi, Rinvoq)
- Growth sustainability: Expectation is for continued >20% YoY growth for both Skyrizi and Rinvoq.
- Competitive landscape: Monitor impact from new oral competitors (e.g., ICOTYDE in psoriasis) and any share shifts.
- Pricing: Management expects low single-digit price erosion for the year; Q1 was flat, so look for step-down in Q2 and commentary on gross-to-net dynamics.
- Pipeline/combo updates: Progress on alpha 4 beta 7, TL1A, and other next-gen combinations.
2. Neuroscience- Momentum in migraine and Parkinson’s: Continued double-digit growth expected; watch for Vyalev ramp and tavapadon launch updates.
- Vraylar: Track prescription trends and any updates on next-gen psychiatry assets (932, bretisilocin, emraclidine).
3. Oncology- Stabilization or growth: Oncology was flat in Q1; watch for Venclexta, Elahere, Epkinly, and pipeline progress (Temab-A, etentamig).
- Pipeline catalysts: Any updates on pivotal trial timelines or regulatory submissions.
4. Aesthetics- Recovery trajectory: Q1 showed modest growth; watch for sustained improvement, especially in Botox Cosmetic and Juvederm.
- Macro commentary: Any changes in consumer sentiment or market conditions.
5. Margins and Operating Leverage- SG&A leverage: Management expects margin expansion to ~47.5% for FY26; watch for evidence of SG&A discipline and R&D investment trends.
- Gross margin: Guided above 84%.
6. Capital Allocation and M&A- Apogee integration: Updates on pipeline progress and financial impact.
- Further BD/M&A: Any signals on additional deals, especially in obesity, neuroscience, or oncology.
Last Year’s Q2 Performance and Comparables
- Q2 2025 Revenue: $15,403M (+6.5% YoY at the time)
- Q2 2025 Adj. EPS: $2.97- Immunology Q2 2025: $7,600M+ (Skyrizi $4,400M, Rinvoq $2,000M, Humira $1,100M)
- Neuroscience Q2 2025: ~$2,700M- Oncology Q2 2025: ~$1,700M- Aesthetics Q2 2025: ~$1,300M Comparable: Q2 2026 faces a relatively easy YoY comp in Immunology and Neuroscience due to continued strong growth, but Oncology and Aesthetics comps are more challenging given recent volatility and macro headwinds.
