AbbVie Inc. (ABBV) Q2 2025 Earnings Summary

Executive Summary

• Q2 revenue $15.42B and adjusted EPS $2.97 beat S&P Global consensus ($15.03B revenue, $2.91 EPS), driven by outperformance in Immunology (Skyrizi +61.8% op, Rinvoq +41.2% op) and Neuroscience (+24.0% op); Aesthetics declined 8% operationally . Consensus sources: S&P Global estimates*.
• Management raised FY25 adjusted EPS to $11.88–$12.08 (from $11.67–$11.87 on 7/3) and lifted FY25 revenue outlook to ~$60.5B (+$0.8B), citing strong momentum across ex-Humira platform .
• Key positives: ex-Humira platform +22% YoY growth; Skyrizi+Rinvoq on pace for >$25B 2025 sales; Neuroscience strength across Vraylar, Botox Therapeutic, oral CGRP, and Vyalev .
• Watch items: Aesthetics macro headwinds (fillers), Humira erosion; VERONA (MDS) did not meet OS primary endpoint; acquired IPR&D cut $0.42 from EPS .

What Went Well and What Went Wrong

• What Went Well
  • Immunology beat: Skyrizi $4.423B (+61.8% op) and Rinvoq $2.028B (+41.2% op), offsetting Humira declines . CEO: “We are making excellent progress…SKYRIZI and RINVOQ…on pace to deliver more than $25 billion in combined sales this year” .
  • Neuroscience broad-based strength: segment $2.683B (+24.0% op) with Vraylar $900M (+16.3%), Botox Therapeutic $928M (+14.2%), Ubrelvy $338M (+47.2%), Qulipta $267M (+76.9%) .
  • Guidance raised again: FY25 revenue to ~$60.5B (+$800M) and adj. EPS to $11.88–$12.08; Q3 guide revenue ~$15.5B, EPS $3.24–$3.28 .
• What Went Wrong
  • Aesthetics softness: portfolio $1.279B (-8.0% op) on filler pressures (Juvederm $260M, -24%) and macro sentiment .
  • Humira erosion continued: $1.180B (-58.2% op); management expects further U.S. access decreases in 2H25 .
  • Pipeline setback: VERONA (Venclexta+azacitidine) in higher-risk MDS did not meet OS primary endpoint .

Financial Results

Consolidated results and vs estimates (USD):

Segment and key product revenue (Q2 2025):

KPI snapshot (Q2 2025):

• Ex-Humira platform growth: +22% YoY (management)
• Acquired IPR&D/milestones: $823M (5.3% of revenue), -$0.42 EPS impact
• Net interest expense: $678M

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• Strategy and momentum: “We delivered adjusted EPS of $2.97…Total net revenues were $15.4 billion…sales growth of 22% from our ex‑HUMIRA platform…raising our full‑year outlook” .
• Immunology leadership: “As a portfolio, RINVOQ and SKYRIZI together are capturing one out of every two in‑play Crohn’s disease patients and one out of every three in‑play UC patients in the U.S.” .
• Aesthetics posture: “We moderated our assumptions for near‑term category growth…we remain very well‑positioned for growth over the long term in the aesthetics category” .
• Neuroscience ambition: “We expect to be the largest neuroscience company in the industry next year” .

Q&A Highlights

• Biosimilars dynamics: STELARA biosimilars impact on Skyrizi/Rinvoq seen as minor contributor; core momentum from data and breadth .
• Tariffs: 2025 largely insulated; broad U.S. manufacturing network; additional U.S. capacity planned as part of $10B capex .
• IRA: Venclexta exempt from negotiation due to expanded orphan exemption; VRAYLAR in upcoming round—company will comment when prices are public .
• Pricing and Part D: Skyrizi pricing neutral for 2025 overall with back‑half headwinds; modest first‑half favorability explained (gating, Part D timing) .
• RINVOQ Alopecia Areata: Phase 3 showed transformative hair regrowth; management sees meaningful long‑term opportunity across next wave indications .

Estimates Context

• Q2 2025 vs S&P Global consensus: Revenue $15.423B vs $15.030B*; Adjusted EPS $2.97 vs $2.9078*; # of estimates: Revenue 17*, EPS 20* [actuals from 8‑K; estimates from S&P].
• Q1 2025 vs S&P Global consensus: Revenue $13.343B vs $12.921B*; Adjusted EPS $2.46 vs $2.397*; # of estimates: Revenue 17*, EPS 18*.
• Implication: Likely upward revisions to FY revenue and EPS following raised guidance and segment raises (Skyrizi, Neuroscience, Imbruvica, Venclexta) .
  Values retrieved from S&P Global.*

Table – Actual vs S&P Global consensus:

Key Takeaways for Investors

• Beat-and-raise quarter with strong Immunology and Neuroscience; FY25 revenue/adj. EPS raised, plus higher product-level guides (Skyrizi +$600M; Neuroscience +$300M; Imbruvica/Venclexta +$100M each) .
• Near-term catalysts: Q3 print (rev ~$15.5B; EPS $3.24–$3.28) ; second Phase 3 RINVOQ Alopecia Areata data and vitiligo readouts; ADC presentations (Temab‑A/ABBV‑400, ABBV‑706) .
• Risk watch: Aesthetics remains macro-sensitive (fillers) with -8% op; management leaning into activation (Allē), new campaigns, and BoNT/E pipeline for 2026 .
• Portfolio durability: Ex‑Humira platform +22% YoY; Humira decline manageable within raised outlook; combined Skyrizi+Rinvoq >$25B 2025 pace .
• Policy backdrop: Part D headwind ~4% to growth baked in; Venclexta spared from negotiation via orphan carve‑out; tariff exposure seen in‑line with peers and mitigable .
• Pipeline/BD adds optionality: Capstan (in‑vivo CAR‑T tLNP), ADARx siRNA, rinvoq AA data, Emrelis approval expand medium/long‑term growth vectors .

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References:

• Q2 2025 8‑K earnings press release and exhibits .
• Q2 2025 earnings call transcript .
• Guidance 8‑K (July 3, 2025) .
• Q1 2025 8‑K and call transcript – .
  Values retrieved from S&P Global.*