AbbVie Q2 2026 Earnings: Skyrizi and Rinvoq Drive Post-Humira Growth

Let's dig into the income statement from AbbVie's latest 10-Q filing to examine how the biopharmaceutical giant is performing in the second quarter of 2026. Famous historically for its flagship immunology drug Humira, AbbVie has spent recent years navigating one of pharma's most significant patent cliffs—the loss of exclusivity allowing cheaper competition. By dissecting their quarterly financial results, we can evaluate how effectively next-generation therapies and recent strategic acquisitions are driving top- and bottom-line growth.

High-Level Financial Results

Total net revenues for Q2 2026 rose 10.2% year-over-year to $17.0 billion. AbbVie delivered a gross profit of $12.7 billion, representing a strong gross margin—the proportion of revenue remaining after subtracting product manufacturing costs—of nearly 75%.

Total operating expenses reached $6.3 billion, composed of $3.6 billion in selling, general, and administrative (SG&A) expenses, $2.3 billion in research and development (R&D), and $291 million in acquired in-process R&D (IPR&D) and milestone expenses. Operating earnings expanded to $6.4 billion, yielding a robust 38% operating margin. Net income came in at $3.6 billion, translating to a 21% net margin and $2.03 in diluted earnings per share (EPS).

The flow of quarterly revenues through operating costs, expenses, and net profit is summarized below:

The Immunology Transition and Segment Highlights

AbbVie's core growth engine remains its Immunology segment, which generated $8.8 billion in revenue (52% of total sales). Global sales of Humira tumbled 36% down to $756 million as lower-priced biosimilars—highly similar, generic-like alternatives to biologic medicines—continued to erode its market share.

However, AbbVie's newer immunology blockbusters, Skyrizi and Rinvoq, have more than absorbed the loss. Skyrizi's sales surged 24% to $5.5 billion, while Rinvoq jumped 25% to $2.5 billion. To solidify its long-term pipeline, AbbVie announced a definitive agreement in June 2026 to acquire Apogee Therapeutics for $10.9 billion, gaining promising late-stage assets like zumilokibart for atopic dermatitis and asthma.

Performance across other major therapeutic categories included:

• Neuroscience: Generated $3.2 billion (up 20%), driven by bipolar and schizophrenia drug Vraylar ($1.1 billion, +19%), Botox Therapeutic ($1.0 billion, +12%), and oral migraine treatments Qulipta (+31%) and Ubrelvy (+16%).
• Oncology: Delivered $1.7 billion in total revenue. While older blood cancer treatment Imbruvica fell 29% to $532 million, Venclexta grew 12% to $771 million. Elahere—an ovarian cancer drug acquired via ImmunoGen—contributed $211 million, growing 33% year-over-year.
• Aesthetics: Total division revenues were essentially flat at $1.3 billion (up 0.3% reported). While Botox Cosmetic grew 5% to $728 million, the Juvederm collection of dermal fillers dropped 6% to $245 million, reflecting weaker consumer demand for elective aesthetic procedures amid macroeconomic headwinds.

Conclusion

AbbVie's Q2 2026 earnings demonstrate a successful corporate transition beyond the Humira patent cliff. Rapid demand growth for Skyrizi and Rinvoq, combined with targeted pipeline acquisitions like Apogee, provides a durable foundation for long-term expansion. Despite minor pressures in consumer-facing aesthetics, AbbVie's primary pharmaceutical franchises continue to generate high-margin cash flows and exceptional operational profitability.