On July 31, AbbVie fell 4.29% in pre-market trading, trading at approximately $245.84/share, with turnover of $2.07 million.

The decline followed the company's Q2 earnings release. AbbVie reported adjusted EPS of $3.65, beating the consensus estimate of $3.60 by 1.39%, while revenue came in at $16.99 billion, surpassing the $16.765 billion estimate and representing a significant year-over-year increase. Despite the top- and bottom-line beat, the stock came under selling pressure as the full-year adjusted EPS guidance of $13.91 to $14.11 incorporates a $0.14 per share dilution impact from the $10.9 billion Apogee Therapeutics acquisition, along with a $0.17 per share drag from acquired IPR&D and milestone expenses totaling $291 million in Q2.

The stock had accumulated substantial gains ahead of the report, rising over 17% in a single week around the Apogee deal announcement, with multiple institutions including Barclays raising price targets to as high as $300. With positive expectations already priced in, profit-taking pressure emerged following the earnings release as investors locked in gains despite the operational beat.

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