AbbVie (ABBV) reported another "strong" quarter operationally, with investor attention increasingly shifting to its pipeline as Skyrizi continues to show resilience against new competition, RBC Capital Markets said.

Management was largely positive about Q2, citing increased investor interest in the pipeline, continued strength in Skyrizi and Rinvoq despite pricing headwinds expected through 2027 and beyond, and strong demand for Vraylar despite flat pricing trends and inventory headwinds anticipated in the second half, according to the note Friday.

RBC said investor sentiment now depends on Skyrizi continuing to grow despite recent competitive launches and on additional pipeline wins. The brokerage added that AbbVie remains well positioned in immunology and inflammation with a durable high-single- to low-double-digit growth profile.

Management reiterated Etentamig's strong efficacy profile, highlighting its safety and tolerability with low rates of cytokine release syndrome. The company also expects data from its two trispecific candidates later this year.

RBC now forecasts full-year 2026 revenue of $67.6 billion and earnings per share of $13.98, compared with its previous estimates of $67.4 billion and $14.14, respectively.

The firm kept an outperform rating on AbbVie with a price target of $280.

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