Abbvie Inc

Strong Q2 execution + raised guidance - Adjusted EPS $3.65, $0.06 above guidance midpoint. - Total net revenues ~$17B, +10.2% sales growth (incl. 0.7% favorable FX), beating expectations by ~$300M. - Raised full-year revenue guidance by $300M (and + $600M total since start of year). - Good: clear outperformance vs expectations and solid momentum into H2.

2026 outlook (key forecasts) - Full-year adjusted EPS guidance updated to $13.87–$14.07 (includes $0.14 dilution from planned Apogee acquisition, more than offset by underlying outperformance). - Full-year net revenues forecast ~$67.6B, +$300M, assuming roughly 0.5% favorable FX benefit (less than prior assumption). - Margin/R&D/commercial spend targets: - Adjusted gross margin >84% - Adjusted R&D expense ~$9.8B (up $100M from Apogee pipeline investments) - Adjusted SG&A ~$14.5B - Adjusted operating margin ratio approaching ~47% - Q3 outlook: net revenues ~$17.2B (incl. 0.4% unfavorable FX), adjusted EPS $3.84–$3.88 (includes *partial-quarter* Apogee dilution; excludes any acquired IPR&D expense that could occur in-quarter). - Bad/limitation: outlook guidance explicitly factors potential acquired IPR&D expense timing uncertainty.

Immunology growth strength (major engine) - Immunology Q2 revenues ~$8.8B, +14.6% operational. - SKYRIZI: $5.5B, +24% operational; continued leadership in psoriasis (management cited “4x” faster in-play share capture vs other biologics/orals in the U.S.). - IBD: SKYRIZI continues strong new patient starts; company preparing for potential fall FDA approval of SC induction option for Crohn’s. - RINVOQ: >$2.5B, +23.7% operational; gastroenterology momentum highlighted (on pace for ~30% global sales growth in 2026). - HUMIRA: $706M, -36.1% operational due to biosimilar pressure (in-line with expectations). - Good: strong broad-based demand; company sees psoriasis/IBD durability with limited negative impact from competitive dynamics discussed.