Key facts
- AbbVie agreed to acquire Apogee Therapeutics for $10.9 billion.
- The Apogee acquisition is expected to reduce AbbVie's 2026 earnings by 14 cents per share.
- AbbVie reported second-quarter adjusted earnings per share of $3.65, exceeding estimates of $3.60.
- AbbVie's second-quarter revenue was $16.99 billion, surpassing estimates of $16.77 billion.
- Global sales of Humira fell 36% to $756 million.
- Skyrizi sales reached $5.51 billion, and Rinvoq sales were $2.53 billion.
AbbVie announced it will reduce its 2026 profit forecast by 14 cents per share due to its planned $10.9 billion acquisition of Apogee Therapeutics, the company's largest buyout in over five years. The deal aims to bolster AbbVie's pipeline for inflammatory diseases.
Despite the forecast adjustment, AbbVie surpassed second-quarter earnings and revenue expectations. The company reported adjusted earnings of $3.65 per share, exceeding the analyst estimate of $3.60, and revenue of $16.99 billion, above the $16.77 billion consensus. This performance was driven by strong sales of its immunology drugs Skyrizi, which generated $5.51 billion in sales, and Rinvoq, which saw sales of $2.53 billion, beating estimates.
Global sales of AbbVie's former top-selling drug, Humira, fell 36% to $756 million, as the company faces biosimilar competition and braces for patent expirations of Skyrizi and Rinvoq. AbbVie also recently acquired an experimental psychedelic-based depression drug from Gilgamesh Pharmaceuticals.
Separately, Corteva reported second-quarter profit exceeding estimates, driven by strong seed and crop protection sales. Regeneron Pharmaceuticals also exceeded its second-quarter revenue and profit estimates, fueled by strong Dupixent sales and a high-dose version of Eylea.