On July 31, AbbVie declined 3.04% in regular trading, trading at approximately $251.64/share, with turnover of $3.19 billion. The stock came under pressure as the company lowered its full-year earnings outlook despite reporting a Q2 beat.

AbbVie posted Q2 adjusted EPS of $3.65, surpassing the consensus estimate of $3.60, representing a 22.9% year-over-year increase from $2.97. Net revenue reached $16.99 billion, up from $15.42 billion a year earlier and ahead of the $16.78 billion estimate. However, the company cut its full-year adjusted EPS guidance to $13.87-$14.07, below prior guidance of $13.91-$14.11 and the Street estimate of $14.06. The reduction reflects approximately $0.14 per share dilution from the Apogee Therapeutics acquisition and a $0.17 per share drag from $291 million in Q2 acquired IPR&D expenses.

While management raised full-year net revenue expectations to approximately $67.6 billion, up $3 billion from prior forecasts, and guided Q3 adjusted EPS to $3.84-$3.88, the lowered earnings outlook triggered profit-taking after the stock had rallied significantly on multiple catalysts including analyst upgrades and pipeline approvals.

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