AbbVie’s post-Humira immunology strategy continued to gain momentum during the second quarter of 2026, as combined revenue from Skyrizi and Rinvoq reached approximately $8.03 billion and more than offset another sharp decline in Humira sales.
Skyrizi generated $5.51 billion in global revenue, increasing 24.4% from the prior-year quarter. Rinvoq revenue increased 24.5% to $2.53 billion.
The two products represented approximately 91% of AbbVie’s $8.79 billion immunology portfolio and about 47% of total company revenue.
Humira revenue declined 35.9% to $756 million as competition from biosimilars continued to reduce sales of the company’s former flagship drug. Humira generated $425 million in the United States and $331 million internationally.
The U.S. decline was particularly severe, with Humira revenue falling 47%. International Humira sales decreased 12.5%.
Despite the continued Humira erosion, AbbVie’s total immunology revenue increased 15.1% on a reported basis and 14.6% operationally.
The performance indicates that AbbVie has moved beyond merely replacing Humira’s lost sales. Skyrizi and Rinvoq are now expanding the immunology business while becoming the company’s two largest growth products.
Skyrizi generated $4.77 billion in U.S. revenue and $738 million internationally. Its international sales increased 27.3%, slightly faster than its 24% U.S. growth.
Rinvoq generated $1.77 billion in the United States and $760 million internationally.
International Rinvoq revenue increased 31.9%, compared with 21.6% growth in the United States. This demonstrates that AbbVie’s newer immunology portfolio is becoming increasingly global.
During the first six months of 2026, Skyrizi revenue reached nearly $10 billion, increasing 27.3%. Rinvoq generated approximately $4.64 billion, increasing 24%.
Combined first-half revenue from the two drugs therefore reached approximately $14.63 billion.
Humira generated $1.44 billion during the first half, declining 37.2%. Skyrizi and Rinvoq together produced more than 10 times as much revenue as Humira during the period.
AbbVie is seeking to reinforce its immunology portfolio further through the proposed acquisition of Apogee Therapeutics.
The transaction values Apogee at approximately $10.9 billion and would add a pipeline of clinical-stage treatments for inflammatory and immunological diseases.
Apogee’s lead candidate, zumilokibart, is a long-acting antibody targeting IL-13 that is being developed for atopic dermatitis.
The acquisition also includes APG273, a potential long-acting combination therapy targeting IL-13 and thymic stromal lymphopoietin for asthma. AbbVie believes Apogee’s pipeline could have mega-blockbuster sales potential.
AbbVie expects the transaction to close during the third quarter of 2026.
The acquisition is projected to reduce AbbVie’s 2026 adjusted diluted earnings per share by $0.14. However, approximately $0.10 of operating outperformance is expected to offset most of the dilution.
As a result, AbbVie lowered the midpoint of its full-year adjusted EPS guidance by only $0.04. The company now expects adjusted diluted EPS of between $13.87 and $14.07.
AbbVie’s neuroscience portfolio also delivered substantial growth during the second quarter.
Neuroscience revenue increased 20.3% to $3.23 billion. Vraylar generated $1.07 billion, increasing 18.9%, while Botox Therapeutic revenue rose 12.2% to $1.04 billion.
Combined revenue from the migraine treatments Ubrelvy and Qulipta reached $742 million.
Ubrelvy revenue increased 16% to $392 million, while Qulipta increased 30.9% to $350 million. Vyalev generated $256 million, with total revenue more than doubling from the prior-year quarter.
AbbVie’s oncology portfolio remained under pressure despite growth from several newer treatments.
Oncology revenue declined 1.5% to $1.65 billion as Imbruvica revenue fell 29.4% to $532 million.
Venclexta revenue increased 11.6% to $771 million, while Elahere grew 33.1% to $211 million. Epkinly revenue increased 46.8% to $103 million.
Those gains were not sufficient to offset the $222 million year-over-year decline in Imbruvica revenue.
The Aesthetics portfolio generated $1.28 billion in revenue, increasing only 0.3% on a reported basis and declining 0.9% operationally.
Botox Cosmetic revenue increased 5.2% to $728 million, while Juvederm revenue fell 6% to $245 million.
Total AbbVie revenue increased 10.2% to $16.99 billion from $15.42 billion.
U.S. revenue increased 9.3% to $12.86 billion, while international revenue rose 12.8% to $4.13 billion.
Operating earnings increased to $6.43 billion from $4.89 billion.
AbbVie reported a GAAP operating margin of 37.9% and an adjusted operating margin of 48.3%. Adjusted gross margin reached 84.7%.
Net earnings attributable to AbbVie increased to $3.61 billion from $938 million.
GAAP diluted earnings per share increased 290.4% to $2.03 from $0.52. Adjusted diluted EPS increased 22.9% to $3.65 from $2.97.
The much larger increase in reported earnings partly reflected changes in contingent-consideration accounting.
AbbVie recorded a $1.52 billion charge related to changes in the fair value of contingent consideration, compared with $2.8 billion during the prior-year quarter.
The company also recorded $291 million of acquired research and development and milestone expense, compared with $823 million a year earlier.
The latest acquired research expense reduced both reported and adjusted diluted EPS by $0.17.
For the first six months of 2026, acquired research and development and milestone expenses totaled approximately $1.04 billion, reducing earnings per share by $0.58.
AbbVie’s second-quarter results demonstrate that the company’s immunology transition has moved well beyond the initial loss of Humira exclusivity.
Skyrizi and Rinvoq are now collectively producing more than $8 billion in quarterly revenue, supporting double-digit immunology growth even as Humira continues to contract.
The next phase of AbbVie’s strategy will depend on expanding the two drugs into additional indications while using acquisitions such as Apogee to create the next generation of immunology growth products.
KEY QUOTES:
“AbbVie delivered another excellent quarter, marked by outstanding execution and pipeline advancement. We also announced the proposed acquisition of Apogee Therapeutics, which strengthens our ability to deliver innovative medicines to patients, bolsters our immunology leadership and creates significant shareholder value.”
Robert A. Michael, Chairman And Chief Executive Officer Of AbbVie
