AbbVie generated $8.030 billion from Skyrizi and Rinvoq in the second quarter. The two immunology medicines now sit at the center of the company's growth case as management prepares to discuss results at 10:00 AM ET Friday.
That sales total changes the question around AbbVie's June agreement to acquire Apogee Therapeutics. AbbVie is adding a late-stage immunology asset while its existing franchise already produces major revenue. Investors need to hear whether the company sees a broader revenue path ahead or a growing need for deal spending to keep the franchise moving.
Skyrizi produced $5.505 billion in global second-quarter sales, while Rinvoq added $2.525 billion. Together, they generated about $1.6 billion more than the same medicines produced a year earlier.
The growth was nearly the same on a percentage basis. Skyrizi sales rose about 24% from $4.423 billion in the second quarter of 2025, and Rinvoq increased at a similar pace from $2.028 billion. That gives AbbVie two large products contributing to growth rather than one medicine doing all the work.
Two drugs carry a large share of the story
Skyrizi is the larger exposure, with more than twice the quarterly sales of Rinvoq. A softer result from the larger medicine would therefore carry more weight for the franchise, while the smaller drug remains important because it is already a multibillion-dollar quarterly product.
Both medicines also posted higher sales than in the first quarter. Skyrizi rose from $4.483 billion, and Rinvoq increased from $2.119 billion. Those gains show stronger reported sales, but they do not prove that the pace will continue through the rest of the year.
Investors should ask whether the sequential increase came from volume, price, new indications, or geographic expansion. The available results do not show which uses, patients, or markets drove the sequential increase. Management's explanation will help investors judge whether growth came from broad demand or from factors that may be harder to repeat.
Revenue growth and earnings quality are separate tests
Strong drug sales do not automatically flow through to earnings. AbbVie recorded $291 million of acquired in-process research and development and milestone expense in the second quarter, reducing earnings by $0.17 per share. This category covers spending on outside drug programs that are still in development, and it can create value if an asset becomes a successful medicine.
AbbVie's full-year adjusted earnings guidance is $13.91 to $14.11 per share, including that research and milestone expense. Friday's call should clarify whether management maintains the $13.91-to-$14.11 range while absorbing pipeline costs.
Apogee raises the bar for the next asset
AbbVie agreed to acquire the company on June 22. Its lead asset, zumilokibart, is a late-stage immunology medicine that could add another product behind an already important growth engine.
Late-stage development makes the asset more advanced than an early research project, but it is not yet a commercial contributor. AbbVie may have an advantage if a new immunology medicine fits its commercial organization and established relationships in the field. Investors need to assess what distinct demand, indication, or commercial contribution zumilokibart can add beyond the existing treatment lineup.
The disclosed research charge should not be assumed to be related to this transaction. The available figures identify it as acquired research and milestone expense but do not assign it to a specific deal, an important distinction when assessing the acquisition's economics.
The concentration risk is real
At 10:00 AM ET, the most useful signals will be management's explanation for the sequential sales gains, its treatment of further pipeline spending within the annual earnings range, and its description of zumilokibart's place in the portfolio. Those answers will show whether AbbVie is extending a successful franchise or asking its two largest growth drugs to carry even more weight.
