AbbVie trims full-year profit outlook on Apogee deal while beating second-quarter estimates

AbbVie (ABBV) slightly reduced its 2026 earnings forecast to account for its planned acquisition of Apogee Therapeutics, even as the drugmaker surpassed second-quarter expectations on the back of robust immunology drug sales.

The North Chicago-based company agreed in June to acquire Apogee for $10.9bn, its largest buyout in more than five years, in a bid to strengthen its pipeline for inflammatory conditions including eczema and asthma. AbbVie said the deal would reduce full-year earnings by 14 cents per share, though performance from its existing portfolio would offset 10 cents of that impact, leaving a net drag of four cents per share.

The company has leaned heavily on newer immunology drugs Skyrizi and Rinvoq to compensate for biosimilar competition eroding demand for Humira, its former flagship product. Global Humira sales fell 36 per cent to $756mn in the three months ended June 30, though that still exceeded the $732.4mn analysts had projected. Skyrizi revenue rose 24.4 per cent to $5.51bn, edging past estimates of $5.45bn, while Rinvoq climbed 24.5 per cent to $2.53bn, above the $2.48bn Wall Street had anticipated.

"While the magnitude of Skyrizi and Rinvoq outperformance in the quarter will not fully quell fears of increasing competition, we believe they will continue to perform well and drive strong revenue growth," said Matt Phipps, analyst at William Blair.

Some on Wall Street struck a more cautious note. Carter Gould, analyst at Cantor, observed that with shares up 30 per cent since their April lows and 18 per cent since the Apogee deal was announced, the results "may not be enough" to satisfy investors' elevated expectations.