The drugmaker beat second-quarter estimates on strong immunology sales but lowered its full-year adjusted earnings outlook by 14 cents a share
AbbVie reported second-quarter results on Friday that topped analyst estimates, but the company lowered its full-year profit forecast to account for its planned acquisition of Apogee Therapeutics, sending AbbVie stock down more than 4% in premarket trading.
AbbVie revised its full-year adjusted earnings guidance to a range of $13.87 to $14.07 per share, narrowing it down from the previous range of $13.91 to $14.11 per share, the company said. The Apogee deal is expected to reduce earnings by 14 cents per share in 2026. Analysts were expecting $14.08 per share, according to Reuters.
For the quarter ended June 30, AbbVie posted adjusted earnings of $3.65 per share on total revenue of $16.99 billion, up 10% from a year earlier. Analysts expected adjusted earnings of $3.60 per share and revenue of $16.77 billion, according to Reuters.
Immunology drugs Skyrizi and Rinvoq led the quarter. Skyrizi brought in $5.51 billion, a 24.4% increase year over year, and Rinvoq generated $2.53 billion, up 24.5%. AbbVie's immunology segment generated $8.79 billion in total, a 15% gain compared with the same period last year. Its neuroscience business also posted strong results, with revenue climbing 20% to $3.23 billion. Global sales of Humira fell 36% to $756 million.
AbbVie agreed in June to acquire Apogee for $135.11 per share in cash, valuing the clinical-stage biotechnology company at approximately $10.9 billion. The deal centers on Apogee's lead drug candidate, zumilokibart, which is being developed as a treatment for moderate-to-severe atopic dermatitis and asthma. Because it requires injections as infrequently as twice a year, zumilokibart could offer a convenience advantage over Dupixent, the blockbuster atopic dermatitis drug from Regeneron $REGN Pharmaceuticals and Sanofi, which requires injections every two weeks. The acquisition is expected to close in the third quarter, pending regulatory approval and a shareholder vote.
The transaction represents AbbVie's biggest acquisition in over five years. AbbVie has used acquisitions as a strategic tool to compensate for Humira's eroding market share amid biosimilar competition, while also positioning itself ahead of looming patent cliffs for Skyrizi and Rinvoq.
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