Manager – Category Management

AbbVie expects SKYRIZI to generate $21.7 billion of its projected $67.6 billion in 2026 revenue, representing nearly one-third of total sales from a single medicine. The immunology drug sold $5.5 billion in Q2 2026, up 24% operationally, whilst the company's next largest product, RINVOQ, brought in $2.5 billion. The concentration becomes significant as other segments struggle. Oncology revenue fell 2.4% operationally to $1.6 billion, whilst aesthetics slipped 0.9% to $1.3 billion. Neuroscience grew roughly 20% to $3.2 billion. AbbVie's experience with HUMIRA illustrates the biosimilar risk. The former blockbuster fell 36% operationally to $756 million in Q2 2026 due to competition. However, SKYRIZI's US composition-of-matter patent doesn't expire until 2033, with additional patents extending into the mid-2030s. Shares trade at $250.94, up 37% over twelve months, valuing the company at $444 billion.

AbbVie reported strong second-quarter 2026 results, driven by over 20% growth in SKYRIZI, RINVOQ, and its neuroscience portfolio. The company raised its full-year revenue guidance by $300 million. Management expects RINVOQ to reach combined peak sales approaching $2 billion in vitiligo and alopecia areata, significantly above previous projections. The Parkinson's portfolio, including tevapadone, is forecast to exceed $5 billion in peak sales. AbbVie is acquiring Apogee Therapeutics to strengthen its immunology pipeline with long-acting biologics for the 2030s and beyond. The transaction is expected to close in the third quarter. HUMIRA sales declined 36.1% due to biosimilar competition, whilst IMBRUVICA faces pressure from Medicare pricing reforms. The company aims to achieve a net leverage ratio of 2 times within two to three years following the Apogee acquisition.

AbbVie shares pressured as Q2 I&I beat falls below investor expectations. July 31, 2026 | AbbVie investors' sky-high expectations led to a 4% share decline on Friday as the company reported more modest consensus beats than expected. While "a beat is a beat," AbbVie's shares faced pressure Friday after the immunology heavyweight reported exceeding consensus to a lesser extent than investors were anticipating. "AbbVie beat consensus expectations across its I&I portfolio, but beats were more modest than investors are typically accustomed to," BMO Capital Markets wrote. This "may not be enough for ABBV investor high expectations." Indeed, shareholders sent the company's stock down nearly 4% to $247.50 in pre-market trading. William Blair attributed the share decline to an update of earnings per share (EPS) guidance. The company shaved four cents off the range, which is now between $13.87 to $14.07. "We think that is misinterpreted given the net four-cent decline is due to the previously announced acquisition of Apogee," William Blair wrote on Friday morning. AbbVie reported that its immunology and inflammation (I&I) portfolio beat consensus expectations by about 1% with total revenue of $8.79 billion, marking a 15% increase over the same period a year prior. Humira, once the best-selling drug in the world but now slipping off its patent cliff, beat by 3% with $756 million. Skyrizi notched $5.5 billion and Rinvoq $2.53 billion, marking beats of 1% and 2%, respectively. UCB's Bimzelx elicited significantly stronger joint relief at 16 weeks than AbbVie's Skyrizi in a Phase 3 head-to-head study of psoriatic arthritis. May 20, 2026 "While the magnitude of Skyrizi and Rinvoq outperformance in the quarter will not fully quell fears of increasing competition, we believe they will continue to perform well and drive strong revenue growth for the company," William Blair said. Overall, AbbVie recorded net revenue of $16.99 billion for the second quarter. While the I&I portfolio disappointed, AbbVie's neurology programs impressed analysts, with a 4% beat. Led by schizophrenia and bipolar I disorder therapy Vraylar, the neuroscience unit recorded $3.23 billion. The Parkinson's disease therapy Vyalev also impressed, with BMO noting "a faster launch than many analysts initially expected." The drug took in $256 million for the quarter. Since the beginning of the year, AbbVie's shares have increased 12% and the company has many meaningful catalysts to come, such as advancements for the Parkinson's franchise, antibody-drug conjugate portfolio and additional indications for Skyrizi, William Blair wrote. AbbVie is awaiting a regulatory decision for tavapadon in Parkinson's, which could help the company reach $5 billion in market potential for the disease area, according to Chief Commercial Officer Jeffrey Stewart. "There's nothing else like it in the marketplace," Stewart said on the Friday earnings call. The oral drug can be used alone or paired with standard of care carbidopa and levodopa. Clinical studies found that after 85 weeks of receiving tavapadon, more than 90% of patients did not need to up their dose of carbidopa and levodopa. AbbVie's asset is also less prone to cause sedation, or "so-called sleep attacks," according to Stewart. Phase 3 data has also shown a statistically significant improvement in motor and daily living complications at week 26. This has all led to excitement in the treatment community, which is aiding AbbVie's confidence in the upcoming launch. The FDA is expected to render its decision by Dec. 31. Toward the end of the second quarter, AbbVie announced the $10.9 billion acquisition of Apogee Therapeutics. The deal is expected to bolster the pharma's I&I portfolio, providing a rival to Sanofi and Regeneron's blockbuster Dupixent. And AbbVie may not be done dealing. "We have ample financial capacity for more business development and remain focused on adding both early and late-stage opportunities across our core disease areas," CEO Robert Michael said Friday morning. Strong growth in immunology and neurology prompted AbbVie to raise its 2026 outlook and consider future M&A from a position of "ample financial capacity." April 29, 2026