AbbVie beats Q2 earnings but cuts full-year guidance due to Apogee acquisition impact

AbbVie delivered strong second-quarter results with adjusted diluted earnings of $3.65 per share, exceeding the consensus estimate, and total revenue of $16.99 billion, up 10.2% year-over-year. Despite the operational beat, the company trimmed its full-year 2026 adjusted earnings guidance to a range of $13.87 to $14.07 from the prior $13.91 to $14.11, primarily due to the pending $10.9 billion acquisition of Apogee Therapeutics. The company expects the Apogee deal to close in the third quarter and to weigh on full-year earnings by 14 cents per share, though a 10-cent operational improvement partially offset the impact. The guidance reduction pushed the midpoint below analyst expectations, contributing to a decline in AbbVie shares on the announcement.

1. Q2 adjusted diluted earnings reached $3.65 per share, beating the $3.60 consensus estimate by 1.4% and representing a 22.9% increase from $2.97 in the same period a year ago.
2. Q2 total revenue was $16.99 billion, surpassing the $16.765 billion estimate by 1.34% and growing 10.2% year-over-year.
3. Full-year 2026 adjusted EPS guidance was narrowed to $13.87 to $14.07 from the prior range of $13.91 to $14.11, with the midpoint of $13.97 sitting below the $14.08 Street consensus.
4. The Apogee Therapeutics acquisition, expected to close in Q3 2026, is projected to reduce 2026 earnings by 14 cents per share.
5. Underlying operational performance improved by 10 cents per share, partially offsetting the 14-cent Apogee-related drag.
6. Full-year guidance absorbs a 58-cent per-share drag from in-process research and development charges and milestone payments recorded through the end of Q2.