AbbVie Lowers 2026 Profit Forecast Amid Apogee Acquisition, Exceeds Q2 Earnings Estimates
AbbVie has revised its 2026 profit forecast downward due to the planned $10.9 billion acquisition of Apogee Therapeutics, which is expected to close in the third quarter and reduce earnings by 14 cents per share. Despite this adjustment, AbbVie reported second-quarter results that beat estimates, driven by strong sales from its immunology drugs Skyrizi and Rinvoq. The company's adjusted profit for Q2 was $3.65 per share compared to an estimated $3.60, while revenue reached $16.99 billion versus forecasts of $16.77 billion. However, sales from its former top-selling drug Humira declined 36% year-over-year due to biosimilar competition and patent expirations looming for key immunology products. AbbVie has increasingly relied on acquisitions like the Apogee deal and a recent purchase of an experimental psychedelic-based depression treatment to bolster growth. Shares fell over 4% in premarket trading following the revised forecast.
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Topics: drug_sales M&A pharmaceuticals profit_forecast