AbbVie (ABBV) investor relations material

Executive summary

• Delivered double-digit sales growth with Q2 net revenues of $16.99B, up 10.2% year-over-year, and six-month revenues of $32.0B, up 11% year-over-year.

• Adjusted EPS for Q2 was $3.65, up 22.9%, and GAAP diluted EPS was $2.03; operating earnings for six months reached $10.4B.

• Raised full-year revenue guidance by $300M, now totaling a $600M increase since the start of the year.

• Announced $10.9B acquisition of Apogee Therapeutics to strengthen the immunology pipeline and long-term growth, expected to close in Q3 2026.

• Strategic focus on diversified revenue, pipeline expansion, and major U.S. manufacturing investments.

Financial highlights

• Adjusted EPS of $3.65, $0.06 above guidance midpoint; net revenues nearly $17B, up 10.2% year-over-year.

• Gross margin improved to 75% GAAP and 84.7% adjusted; operating margin 48.3% adjusted, 38% GAAP.

• Net interest expense $679M for the quarter; adjusted tax rate 14.7%.

• SG&A and R&D expenses as a percentage of revenues remained flat year-over-year; adjusted R&D expense 13.6% of sales, SG&A 21% of sales.

• Net earnings for Q2 were $3.62B GAAP, adjusted net earnings $6.491B; cash and equivalents at $6.57B as of June 30, 2026.

Outlook and guidance

• Full-year adjusted EPS guidance raised to $13.87–$14.07, reflecting $0.10 improvement and $0.14 dilution from Apogee acquisition, and $0.58 per share unfavorable impact from IPR&D and milestones expense year-to-date.

• Full-year net revenue guidance increased to $67.6B (+$300M), with 0.5% FX benefit.

• Q3 net revenues expected at $17.2B, adjusted EPS $3.84–$3.88.

• Anticipates multiple regulatory submissions, approvals, and key clinical trial data readouts in the next 12 months.

• Continued investment in pipeline and U.S. manufacturing to support long-term growth.