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Call sheet · Q2'26

AbbVie (ABBV)

Q2'26 earnings call · held July 31, 2026 · compared with the Q1'26 call · management-credibility review
7/12
Disclosure score
1 high, 2 medium, 3 low flags
Financial quality
Bottom line
The sleeper story is RINVOC quietly doubling its derm opportunity to $2B while everyone obsesses over Skyrizzy's deceleration. Yes, Skyrizzy beat and raised, but growth slowed 520 bps and management is playing denominator games. The binding constraint is cash generation: they went completely silent on operating cash flow after talking it up for quarters, while interest expense mysteriously spiked. Roopal's defensive comment that 'the review is going according to plan' on sub-Q approval sounds like cover for manufacturing issues. My view changes if Q3 shows CFFO growing in line with earnings, proving this quarter's silence was harmless.

The 30-second version

  • The $2B sleeper: Alopecia/vitiligo quietly doubled peak expectations to $2B from prior guidance
  • Skyrizzy hits $5.5B quarterly (22B run rate) but sub-Q Crohn's approval is the real catalyst
  • Cash flow mysteriously absent from commentary despite 'double-digit growth'

What changed this quarter

MetricQ1'26Q2'26Change
Total Revenue$15.0B (+12.4% YoY)$17.0B (+10.2% YoY)200 bps deceleration despite beat
Adjusted EPS$2.65 (beat by $0.07)$3.65 (beat by $0.06)Smaller beat magnitude
Skyrizzy Revenue$4.5B (+29.2%)$5.5B (+24%)520 bps growth deceleration
RINVOC Revenue$2.1B (+20.2%)$2.5B (+23.7%)+350 bps acceleration
Humira Revenue$688M (-40.3%)$756M (-36.1%)Erosion slowing by 420 bps
Operating Margin40.8% (with 5% IPR&D impact)48.3% (with 1.7% IPR&D impact)+750 bps expansion
Net Interest Expense$645M$679M+5.3% QoQ increase
Neuroscience Revenue$2.9B (+24.3%)$3.2B (+20%)430 bps growth deceleration
Oncology Revenue$1.6B (-3.0%)$1.6B (-2.4%)Decline moderating
Aesthetics Revenue$1.2B (+5.1%)$1.3B (-0.9%)Turned negative growth

Accountability tracked

8 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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