- AbbVie Inc ABBV beat Wall Street consensus for first-quarter revenue & earnings and raised its full-year profit forecast, helped by demand for its rheumatoid arthritis drug, Humira, and newer treatments such as psoriasis treatment Skyrizi.
- It reported an adjusted EPS of $2.95, which beat the analyst consensus estimate of $2.83
- Sales of $13.01 billion also surpassed the analyst consensus estimate of $12.76 billion and increased 50% over sales of $8.62 billion in the same period last year.
- Consolidated Humira sales rose 3.5% to $4.87 billion. However, they fell 8.3% in markets outside the U.S. due to increasing biosimilar competition.
- AbbVie is banking on newer treatments such as Skyrizi and rheumatoid arthritis drug Rinvoq.
- Sales of Skyrizi surged about 91% to $574 million, while Rinvoq almost doubled to $303 million.
- Sales of Botox, which AbbVie gained through its $63 billion deal for Allergan, rose 44.7% to $447 million as a treatment for wrinkles and other cosmetic uses. The drug generated sales of $532 million as a therapeutic treatment.
- Sales of the anti-wrinkle injection had been hit last year due to the COVID-19 pandemic as people avoided non-urgent medical procedures.
- Guidance: AbbVie raised its full-year adjusted earnings forecast to between $12.37 and $12.57 per share, from its prior estimate of $12.32 to $12.52. Analysts anticipated an adjusted EPS of $12.45.
- It forecasts GAAP diluted EPS guidance of $7.27 to $7.47 versus prior guidance of $6.69 to $6.89.
- Price Action: ABBV shares are trading 1.7% higher at $112.78 in the premarket trading on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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