AbbVie trims 2026 profit view on Apogee deal, tops second-quarter estimates

AbbVie slightly trimmed its 2026 profit forecast on Friday to account for its planned Apogee Therapeutics acquisition, while topping second-quarter estimates on strong immunology drug sales.

The company agreed in June to buy Apogee for $10.9 billion, its largest buyout in more than five years, to bolster its treatment pipeline for inflammatory diseases like eczema and asthma.

The drugmaker, whose shares fell 2% in morning trading, said the buyout would reduce full-year earnings by 14 cents per share but performance of its existing businesses would make up for 10 cents of that, bringing the net impact to 4 cents per share.

AbbVie has bet on acquisitions and newer immunology drugs Skyrizi and Rinvoq to counter biosimilars eating into demand for Humira, its former top-seller.

"With shares +30% since lows in April, and +18% since the Apogee deal was announced in June, we expect there will be some questioning," Cantor analyst Carter Gould said.

The North Chicago-based company now expects annual adjusted earnings per share of $13.87 to $14.07 on sales of $67.6 billion, compared to its prior view of $13.91 to $14.11 on sales of $67.3 billion.

For the third quarter, it expects adjusted earnings per share of $3.84 to $3.88, compared with estimates of $3.84.

AbbVie posted second-quarter adjusted profit of $3.65 per share on revenue of $16.99 billion. Analysts on average estimated earnings of $3.60 per share on sales of $16.77 billion, according to LSEG data.

Global sales of Humira slumped 36% to $756 million, still trumping an estimate of $732.4 million. Skyrizi sales jumped 24.4% to $5.51 billion, beating Wall Street estimates of $5.45 billion. Rinvoq sales soared 24.5% to $2.53 billion, above estimates of $2.48 billion, in the three months ended June 30.