AbbVie lowered its full-year adjusted earnings outlook to account for its acquisition of Apogee Therapeutics, as the company logged higher profit and revenue in the recent quarter.
The pharmaceutical company on Friday said the proposed acquisition is expected to ding earnings by 14 cents a share in 2026, though it noted the decline will be partially offset by higher-than-expected earnings so far this year.
AbbVie last month agreed to buy Apogee for about $10.9 billion, bolstering its core immunology franchise. The deal, expected to close in the third quarter, would add Apogee's experimental drug zumilokibart, a potential rival to Dupixent from Regeneron Pharmaceuticals and Sanofi as a treatment for moderate-to-severe atopic dermatitis, the most common form of eczema.
AbbVie said it now expects adjusted earnings of $13.87 to $14.07 a share for the year, down from a prior forecast of $13.91 to $14.11 a share. Analysts polled by FactSet are looking for $14.06 a share.
Shares fell 3.7%, to $248, in premarket trading.
The new outlook came as AbbVie posted a second-quarter profit of $3.61 billion, or $2.03 a share, up from $938 million, or 52 cents a share, a year earlier.
Stripping out certain one-time items, earnings came in at $3.65 a share. Analysts expected adjusted earnings of $3.60 a share.
Total revenue rose 10% to $16.99 billion, ahead of Wall Street models for $16.78 billion.
AbbVie's immunology portfolio reported revenue of $8.79 billion, up 15% from last year, boosted by Skyrizi and Rinvoq, drugs that treat arthritis and Crohn's disease, respectively. Revenue across the company's neuroscience portfolio jumped 20%, to $3.23 billion.
The gains helped offset declining revenue in the company's oncology portfolio, as well as roughly flat revenue across its aesthetics arm.
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