AbbVie Lowers Annual Profit Guidance Amid Billion-Dollar Acquisition

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• ABBV

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AbbVie (ABBV) lowered its full-year profit outlook after agreeing to acquire Apogee Therapeutics in a cash transaction [1][2]. 

The biopharmaceutical maker entered into a definitive agreement to purchase Apogee for $135.11 per share, representing a total equity value of approximately $10.9 billion [2][3][4]. The company said the transaction is expected to be accretive to adjusted diluted EPS starting in 2032 [4].

Full-year 2026 adjusted diluted EPS guidance was revised to a range of $13.91 - $14.11, down from the previous range of $14.08 - $14.28 [1]. The acquisition is expected to reduce adjusted diluted EPS by approximately $0.14 in 2026 and $0.46 in 2027 [4].

Recent quarterly performance showed a shift in the company's revenue drivers. In the first quarter of 2026, net revenues rose 12.4% to $15.002 billion [5]. Adjusted diluted EPS for the period increased 7.7% to $2.65, though GAAP diluted EPS fell 45.8% to $0.39 due to a $0.41 per share impact from acquired IPR&D and milestones expense [5].

Growth in the immunology portfolio, which rose 16.4% to $7.290 billion, helped offset a 38.6% decline in Humira revenues [5][6]. The result was driven by Skyrizi, which grew 30.9% to $4.483 billion, and Rinvoq, which rose 23.3% to $2.119 billion [5][6].

Other segments also saw gains. Neuroscience portfolio revenues increased 26.0% to $2.875 billion, led by growth in Qulipta and Ubrelvy [5][6]. Aesthetics revenues rose 7.6% to $1.186 billion, while oncology revenues decreased 0.2% to $1.631 billion as Imbruvica declines offset growth in Venclexta [5][6].

Profitability improved on a quarterly basis, with the adjusted operating margin expanding to 40.8% in the first quarter of 2026 from 38.3% in the final quarter of 2025 [7][8].

Recent spending on research and development milestones continued to weigh on short-term earnings. Second-quarter acquired IPR&D and milestones expense totaled $291 million, which the company said created an unfavorable impact of $0.17 per share on adjusted diluted EPS for the quarter [1].

Citations

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  2,ABBV,ex_99,2026-06-22,0001104659-26-076067,null
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  5,ABBV,ex_99_1,2026-04-29,0001551152-26-000013,null
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