AbbVie Inc (ABBV) (Q2 2026) Earnings Call Highlights: Robust Growth Driven by Skyrizi and ...

This article first appeared on GuruFocus.

Release Date: July 31, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

AbbVie Inc (NYSE:ABBV) delivered another excellent quarter with total net revenues of nearly $17 billion, beating expectations by $300 million and reflecting robust sales growth of 10.2%. Skyrizi continues to outperform, with global sales of $5.5 billion, up 24% operationally, and strong market share gains in psoriasis and IBD. Rinvoq also exceeded expectations, with global sales of over $2.5 billion, up 23.7% operationally, and is on pace for 30% growth in gastroenterology this year. The neuroscience portfolio delivered strong growth of approximately 20%, with Vraylar, Botox Therapeutic, Ubrelvy, and Qulipta all achieving double-digit sales growth. The pipeline is advancing well, with multiple regulatory approvals (e.g., Decnopaz, Qulipta, Rinvoq in Europe) and promising data readouts expected in the second half of 2026. The planned acquisition of Apogee Therapeutics is expected to bolster the immunology portfolio with differentiated assets in dermatology and respiratory diseases. AbbVie Inc (NYSE:ABBV) raised its full-year revenue guidance by $300 million, reflecting strong momentum and confidence in the business.

Negative Points

Humira global sales declined 36.1% operationally due to biosimilar competition, though this was in line with expectations. Oncology revenues declined 2.4% operationally, with Imbruvica sales down 29.4% due to IRA pricing and competitive pressure. Aesthetics revenues were slightly down 0.9% operationally, with Juvederm sales declining 6.6% due to continued headwinds in dermal filler markets. The Apogee acquisition is expected to cause $0.14 of dilution to full-year adjusted EPS, partially offsetting underlying overperformance. The company faces potential competitive pressures in psoriasis from new oral therapies like Icatide, though management sees no material impact so far. The launch of Tavapadon in Parkinson's disease is expected to have a modest start due to formulary timing, which may limit near-term sales acceleration.

Q & A Highlights

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Q: Can you provide confidence in the FDA approval for Skyrizi's subcutaneous induction in Crohn's disease, and will the Skyrizi plus anti-alpha 4 beta 7 combo data be presented at UEGW this fall?A: Rupal Thacker, EVP, R&D and Chief Scientific Officer, expressed high confidence in the approval, citing very strong data, a complete submission, and a review that is on track with no manufacturing concerns. Regarding the combo data, he noted that while they will try to present at a fall congress, it may be delayed to next year if the timing doesn't align, but they are excited to share more data either way.

Story Continues

Q: Regarding the large phase 2B combination trial in IBD, will you wait for full data before moving to phase 3, and is the combination with Skyrizi and the anti-alpha 4 beta 7 a co-formulation?A: Rupal Thacker confirmed the trial is a large platform study with Skyrizi as the anchor, combining with a higher dose of the anti-alpha 4 beta 7 antibody and a TL1A antibody. They are working on co-formulation for launch. They do not intend to wait for final data; interim snapshots will guide decisions, potentially enabling phase 3 programs to kick off in the first half of 2028.

Q: Can you elaborate on Skyrizi's momentum in psoriasis despite the Icatide launch, and what is your confidence in the upcoming HS readouts for Lutikizumab and Rinvoq?A: Jeff Stewart, EVP and Chief Commercial Officer, stated that Skyrizi's momentum has not been impacted by Icatide, with the vast majority of Icatide's share sourced from other orals. Skyrizi's new and switching patient trends have actually grown since Icatide's launch. Rupal Thacker added that the HS trials are designed robustly, with Lutikizumab targeting earlier-line patients with a stringent HiSCR75 endpoint, while Rinvoq targets post-biologic patients with a HiSCR50 endpoint, positioning them similarly to their successful IBD strategy.

Q: What are your expectations for the Tavapadon launch in Parkinson's disease, and how is your brain shuttle asset (ABBV-1758) differentiated in Alzheimer's?A: Jeff Stewart noted Tavapadon is a first-in-class selective D1/D5 agonist with impressive data, including over 90% of patients not needing to increase levodopa doses after 85 weeks. The launch will start modestly due to formulary timing, but it is a key contributor to the >$5 billion Parkinson's peak sales potential. Rupal Thacker highlighted that ABBV-1758 has extended half-life and over 1% CSF penetration (vs. 0.1-0.2% for naked antibodies), potentially enabling a monthly subcutaneous dosing, with data expected next year.

Q: What evidence gives you confidence that Lutikizumab can break through the efficacy ceiling in HS, and how are you managing GLP-1 baseline use in trials?A: Rupal Thacker cited strong phase 2 data with high deltas versus anti-TNFs and anti-IL-17s, and a favorable safety profile without fungal infections or IBD flares. Regarding GLP-1 use, he noted that since trials are large, GLP-1 use would be balanced across arms, and they are exploring combinations with their amylin asset (295) to address weight loss and inflammation.

Q: What will we learn from upcoming Teliso-V (telisotuzumab vedotin) readouts, and how does it differentiate from other ADCs? Also, what can we expect from the PD-1/VEGF program at World Lung?A: Rupal Thacker outlined that Teliso-V is already in phase 3 for third-line CRC with bevacizumab, and upcoming second-line CRC data will inform a potential move into earlier lines. Differentiation includes high c-MET expression in later lines and a biomarker-directed approach. For the PD-1/VEGF (from RemeGen), World Lung data will show response rates and PFS in lung cancer, and if competitive, they could rapidly move into phase 3 as a chemo combo and test it with their ADCs across tumor types.

Q: How do you square your peak sales expectations for Rinvoq in vitiligo and alopecia areata with an increasingly crowded development space?A: Jeff Stewart emphasized that these are lifelong conditions with no systemic treatments approved for vitiligo, and Rinvoq will be first. The efficacy builds over time, and they have an expanded sales force to lead the market. Rupal Thacker added that Rinvoq has over a decade of safety data, which is a key differentiator versus newer entrants like IL-15s and CD122s.

Q: How are you thinking about positioning Breta-cilisin (psychedelic/neuroplastogen) given recent MDD data for other agents?A: Rupal Thacker highlighted several differentiators: patients are ready to leave the clinic within 2 hours, the experience is visual and rich (not unpleasant), and it is an antagonist at 5-HT2B, avoiding cardiovascular toxicity seen with agonists, which could enable chronic use. It is being studied in MDD and PTSD.

Q: Can you provide early indications from the formulary season for Skyrizi and Rinvoq, and did the Apogee acquisition lead to deprioritizing any internal AD assets?A: Jeff Stewart noted that payer negotiations are consistent with prior years, with low single-digit rebate concessions in immunology, and they remain encouraged. Rupal Thacker confirmed they are running all internal atopic dermatitis assets in parallel, including the anti-IL-13 and IL-13/IL-31 bispecific, with no deprioritization, and they will accelerate programs post-deal closure.

Q: How do you see the differentiation for the oral IL-23 receptor inhibitor (ABBV-8859) in psoriasis?A: Rupal Thacker explained that the asset's potency could allow for higher dosing and better coverage, and a design element extends half-life, potentially enabling less frequent dosing (e.g., once weekly). Data is expected next year to confirm these attributes, aiming to get efficacy closer to Skyrizi.

Q: If Skyrizi's subcutaneous induction is approved this fall, do you

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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