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5 Insightful Analyst Questions From AbbVie’s Q2 Earnings Call

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AbbVie’s second quarter saw a significant positive market response, driven by robust sales from its immunology and neuroscience portfolios. Management emphasized that continued uptake in Skyrizi and Rinvoq, along with strength in the neuroscience franchise (particularly Vraylar, Vyalev, and migraine therapies), fueled the quarter’s revenue and margin expansion. CEO Robert Michael cited “continued robust performance from Skyrizi and Rinvoq” and called out “strong double-digit growth from neuroscience,” highlighting how these products are offsetting ongoing declines in the legacy Humira franchise as biosimilar competition intensifies.

Is now the time to buy ABBV? Find out in our full research report (it’s free).

AbbVie (ABBV) Q2 CY2025 Highlights:

  • Revenue: $15.42 billion vs analyst estimates of $15.04 billion (6.6% year-on-year growth, 2.5% beat)
  • Adjusted EPS: $2.97 vs analyst estimates of $2.91 (2.1% beat)
  • Adjusted EBITDA: $7.02 billion vs analyst estimates of $6.75 billion (45.5% margin, 3.9% beat)
  • Management lowered its full-year Adjusted EPS guidance to $11.98 at the midpoint, a 1.7% decrease
  • Operating Margin: 31.7%, up from 27.6% in the same quarter last year
  • Constant Currency Revenue rose 6.5% year on year, in line with the same quarter last year
  • Market Capitalization: $350.9 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From AbbVie’s Q2 Earnings Call

  • Mohit Bansal (Wells Fargo) asked about the impact of Stelara biosimilars on Skyrizi and Rinvoq. Chief Commercial Officer Jeffrey Stewart explained that while some patient movement occurs, most growth in Skyrizi and Rinvoq is driven by data strength rather than biosimilar entry.

  • Terence C. Flynn (Morgan Stanley) questioned the sustainability of Skyrizi and Rinvoq’s growth trajectories and the impact of new tariffs. CEO Robert Michael noted momentum remains strong and that AbbVie’s U.S. manufacturing network should mitigate tariff risks.

  • Chris Schott (JPMorgan) probed what is driving the upside in Skyrizi and whether business development will focus on early- or late-stage assets. Stewart cited broad-based growth in both psoriatic and IBD indications, while Michael emphasized continued investment in early- and mid-stage external innovation.

  • Timothy Minton Anderson (Bank of America) asked about the potential impact of the Inflation Reduction Act on Vraylar and the effects of GLP-1 drugs on aesthetics. Michael indicated it is too early to comment on negotiations, but noted a positive change in orphan drug exemption, while Stewart described the impact of GLP-1s as net neutral.

  • Gary Jay Nachman (Raymond James) inquired about competitive dynamics for Skyrizi in IBD and neurology segment strength. Stewart highlighted ample market headroom for Skyrizi and strong volume-driven growth in the neuro segment, with plans for further investment in sales and product launches.

Catalysts in Upcoming Quarters

In the coming quarters, our team will be watching (1) the continued pace of share gains for Skyrizi and Rinvoq in immunology, (2) the trajectory of Vyalev and Qulipta in the neuroscience segment, and (3) stabilization and potential recovery in aesthetics amid macroeconomic headwinds. Progress on late-stage pipeline milestones and successful integration of recent acquisitions will also be important indicators of AbbVie’s ability to sustain its growth strategy.

AbbVie currently trades at $198.99, up from $189.37 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

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