These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. Turning to our second quarter performance, we achieved adjusted earnings per share of $3.65, which is $0.06 above our guidance midpoint. Total net revenues were nearly $17 billion, beating our expectations by $300 million, and reflecting robust sales growth of 10.2%. The performance of SKYRIZI, RINVOQ, and our neuroscience portfolio continues to be very strong, with each delivering growth above 20%.
Based on this momentum, we are raising our full-year revenue guidance by $300 million and have now raised total revenue by $600 million since the start of the year. Turning now to R&D, we continue to make excellent progress advancing our pipeline. During the quarter, we also announced the acquisition of Apogee Therapeutics, which will add multiple differentiated assets in dermatology, respiratory, and other related inflammatory diseases with significant sales potential. The acquisition will add even more depth to our robust pipeline in immunology, which we expect will be a major growth driver for AbbVie over the long term.
This transaction is an excellent fit with our strategy to build and advance a compelling pipeline with new sources of growth to support AbbVie's performance in the 2030s and beyond. In summary, we are delivering outstanding execution across our business, and our long-term outlook remains very strong. I'll start with the quarterly results for immunology, which delivered total revenues of nearly $8.8 billion, reflecting very strong operational sales growth of 14.6%. We have achieved market share leadership now in more than 30 countries and see substantial room for continued growth globally.
| Metric | Period | Current guidance |
|---|---|---|
| Total net revenues | FY2026 | ~$67.6B (+$300M; +$600M cumulative YTD) |
| Adjusted EPS | FY2026 | $13.87-$14.07 (includes $0.14 Apogee dilution offsetting a $0.10 base-business improvement) |
| Net revenues | Q3 2026 | ~$17.2B (includes ~0.4% unfavorable FX) |
| Adjusted EPS | Q3 2026 | $3.84-$3.88 (partial-quarter Apogee dilution) |
| SKYRIZI global revenue | FY2026 | $21.7B (+$100M) |
| Neuroscience revenue | FY2026 | $12.7B (+$100M; VRAYLAR ~$4.1B, BOTOX therapeutic ~$4.2B) |
| Adjusted gross margin | FY2026 | Above 84% of sales |
| Adjusted operating margin | FY2026 | Approaching 47% of sales |
| Net leverage | 2-3 years post-Apogee close | Committed to ~2x within 2-3 years |
| Metric | YoY | Note |
|---|---|---|
| Total net revenues | +10.2% to ~$17B | Beat by $300M on double-digit ex-HUMIRA platform growth; FX added 0.7%. |
| SKYRIZI | +24% to $5.5B | 4x-higher psoriasis in-play share capture, IBD front-line leadership, and a distinct efficacy/dosing profile. |
| RINVOQ | +23.7% to >$2.5B | On pace for 30% GI growth; strong demand across indications and expanded IBD label pulling patients earlier. |
| Neuroscience | +~20% to >$3.2B | VRAYLAR ~$1.1B (+~19%), double-digit migraine growth (BOTOX therapeutic, UBRELVY, QULIPTA), and VYALEV +27% sequentially. |
| Immunology (total) | +14.6% to ~$8.8B | SKYRIZI and RINVOQ strength more than offsetting HUMIRA's 36.1% decline to $756M. |
| Oncology | -2.4% to >$1.6B | IMBRUVICA -29.4% on IRA pricing/competition; VENCLEXTA +9.6% and double-digit ELAHERE/TEPKINLY/EMRELIS partially offset. |
| Aesthetics | -0.9% to ~$1.3B | BOTOX Cosmetic +3.4% offset by JUVEDERM -6.6% on dermal-filler headwinds. |
| Adjusted operating margin | 48.3% of sales | Included a 1.7% unfavorable impact from acquired IPR&D expense. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| SKYRIZI/RINVOQ growth engine post-HUMIRA | Navigating the HUMIRA LOE | SKYRIZI ($21.7B FY guide) and RINVOQ, each growing >20%, are more than absorbing HUMIRA erosion; management sees continued psoriasis headroom and IBD leadership, with the upcoming SKYRIZI subcutaneous Crohn's induction approval expected to drive a meaningful acceleration into early 2027. | — |
| Business development and Apogee | Building 2030s growth sources | The planned Apogee acquisition adds long-acting biologics in atopic dermatitis and respiratory; AbbVie is running all its own AD assets (IL-13, bispecifics) in parallel and retains ample capacity for more early- and late-stage deals, targeting ~2x net leverage within 2-3 years. | — |
| Immunology-market resilience vs new orals | Concern over ICOTYDE (Ico) oral launch impact | Management reported no material change in SKYRIZI momentum since Ico's launch -- NBRx trends actually grew -- with Ico share sourced mainly from other orals; they view it as a market-expanding launch given large untreated moderate-to-severe populations. | — |
| Neuroscience pipeline breadth | Migraine and psychiatry pillars | Parkinson's is a >$5B peak opportunity (VYALEV blockbuster this year, tavapadon U.S. approval expected Q3 with a modest formulary-driven ramp), oral CGRPs target >$5B collectively, and early assets advance in Alzheimer's (BBB-crossing ABBV-1758), schizophrenia (emraclidine dosing), and psychedelics (bretisilocin). | — |
| Oncology ADC and biomarker strategy | 'Underappreciated' oncology | Three ADCs now on market (ELAHERE, EMRELIS, DECNUPAZ); Temab-A is in phase III in third-line CRC (30% phase II response) with a c-MET biomarker-directed strategy across CRC, ovarian (up to 80% response in c-MET-selected), and head and neck, plus a licensed PD-1/VEGF asset with World Lung data upcoming. | — |
| SKYRIZI exclusivity runway | 2033 composition-of-matter expiry | CEO Rob Michael noted later-expiring IP into the mid-2030s and beyond, regulatory data protection to 2031, no expected biosimilar filings until the end of the decade, and a strong track record of defending patents. | — |