◆ Inside the Latest Quarter (Q2 2026)

AbbVie (ABBV) — the variant view

In the second quarter of 2026 AbbVie grew 10% on Skyrizi and Rinvoq while Imbruvica, its first drug with a government price, fell 29%.

📈 ABBV valuation, revenue & earnings — P/E, P/S, revenue, EPS →

AbbVie's second quarter of 2026 showed the replacement working and the next pressures arriving. Net revenues were $16,990 million, up 10.2%1. Adjusted diluted earnings per share were $3.65, up 22.9%, and GAAP earnings $2.03 a share23.

Q2 2026 growth by area (%)+20.3%Neuroscience+15.1%Immunology+0.3%Aesthetics-1.5%OncologyAbbVie Q2 2026 results release
Two areas growing, two stalled.

Immunology carried it. The segment sold $8,786 million, up 15.1%, with Skyrizi at $5,505 million, up 24.4%, and Rinvoq at $2,525 million, up 24.5%, while Humira fell 35.9% to $756 million4. Neuroscience grew 20.3% to $3,228 million5.

The weak spots were oncology and aesthetics. Oncology fell 1.5% to $1,650 million as Imbruvica, now under a government-set Medicare price, fell 29.4%6. Aesthetics grew 0.3% to $1,282 million7.

Margins were strong: an adjusted gross margin of 84.7% and an adjusted operating margin of 48.3%8. AbbVie updated its 2026 adjusted earnings guidance to $13.87 to $14.07, including dilution from its $10.9 billion Apogee acquisition910.

The balance sheet moved the other way. Stockholders' equity was a deficit of $5,935 million at 30 June 202611, and AbbVie issued $7,991 million of long-term debt in the first half12.

The cost lines moved in the right direction. Cost of products sold was $4,291 million, below the year before, while revenue rose; selling, general and administrative expenses rose to $3,632 million and research to $2,344 million13. Operating earnings were $6,432 million and other expense, mostly the Skyrizi royalty liability, $1,475 million14. The quarter's acquired research charge was $291 million15, much lower than a year earlier.

The quarter confirms the growth engine and the cost of feeding it. What to check next is the third-quarter immunology growth rate; holding above 12% as Humira's decline shrinks as a drag would say the franchise is still accelerating toward its 2026 plan.

References
  1. ReportedNet revenues were $16,990 million, up 10.2%.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  2. ReportedAdjusted diluted earnings per share were $3.65, up 22.9%, and GAAP earnings $2.03 a share.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  3. ReportedAdjusted diluted earnings per share were $3.65, up 22.9%, and GAAP earnings $2.03 a share.
    AbbVie Form 10-Q for the quarter ended 30 June 2026 - product revenue, the balance sheet, cash flow and the Apogee agreement. — Q2 2026 · publ. 3 August 2026 · source ↗
  4. ReportedThe segment sold $8,786 million, up 15.1%, with Skyrizi at $5,505 million, up 24.4%, and Rinvoq at $2,525 million, up 24.5%, while Humira fell 35.9% to $756 million.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  5. ReportedNeuroscience grew 20.3% to $3,228 million.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  6. ReportedOncology fell 1.5% to $1,650 million as Imbruvica, now under a government-set Medicare price, fell 29.4%.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  7. ReportedAesthetics grew 0.3% to $1,282 million.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  8. ReportedMargins were strong: an adjusted gross margin of 84.7% and an adjusted operating margin of 48.3%.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  9. ReportedAbbVie updated its 2026 adjusted earnings guidance to $13.87 to $14.07, including dilution from its $10.9 billion Apogee acquisition.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  10. ReportedAbbVie updated its 2026 adjusted earnings guidance to $13.87 to $14.07, including dilution from its $10.9 billion Apogee acquisition.
    AbbVie Form 10-Q for the quarter ended 30 June 2026 - product revenue, the balance sheet, cash flow and the Apogee agreement. — Q2 2026 · publ. 3 August 2026 · source ↗
  11. ReportedStockholders' equity was a deficit of $5,935 million at 30 June 2026, and AbbVie issued $7,991 million of long-term debt in the first half.
    AbbVie Form 10-Q for the quarter ended 30 June 2026 - product revenue, the balance sheet, cash flow and the Apogee agreement. — Q2 2026 · publ. 3 August 2026 · source ↗
  12. ReportedStockholders' equity was a deficit of $5,935 million at 30 June 2026, and AbbVie issued $7,991 million of long-term debt in the first half.
    AbbVie Form 10-Q for the quarter ended 30 June 2026 - product revenue, the balance sheet, cash flow and the Apogee agreement. — Q2 2026 · publ. 3 August 2026 · source ↗
  13. ReportedCost of products sold was $4,291 million, below the year before, while revenue rose; selling, general and administrative expenses rose to $3,632 million and research to $2,344 million.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  14. ReportedOperating earnings were $6,432 million and other expense, mostly the Skyrizi royalty liability, $1,475 million.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  15. ReportedThe quarter's acquired research charge was $291 million, much lower than a year earlier.
    AbbVie Form 8-K exhibit 99.1, Q2 2026 acquired IPR&D and milestones guidance update. — Q2 2026 · publ. 6 July 2026 · source ↗
Sources
Generated September 25, 2026