AbbVie Stock Jumps After Q2 Earnings - Here's Why

AbbVie Inc ABBV has reported Q2 adjusted EPS of $2.91, down 13.6% Y/Y, beating the consensus of $2.80.

Overall sales decreased 4.9% Y/Y (down 4.2% on an operational basis) to $13.87 billion, beating the consensus of $13.52 billion.

The immunology portfolio generated $6.81 billion in sales, down 5.5% (-5% on an operational basis). Humira sales decreased 25.2% to $4.01 billion. 

Related: Growing Competition in Hematology, Aesthetics Complicates AbbVie's Post-Humira Landscape, Analyst Says.

Skyrizi sales reached $1.88 billion (+50.4% Y/Y), and Rinvoq jumped 55.1% to $918 million.

Hematologic oncology portfolio sales were $1.48 billion, down 10.4% (-9.8% on an operational basis). Imbruvica sales decreased 20.8% to $907 million. Venclexta revenues were up 13.1% to $571 million.

Sales from the neuroscience portfolio reached $1.89 billion, +13.6%. Aesthetics portfolio sales increased 1% to $1.38 billion, with $685 million in Botox sales for cosmetic uses.

Guidance: AbbVie has raised FY23 adjusted EPS guidance from $10.57-$10.97 to $10.90-$11.10 versus the consensus of $10.85.

Price Action: ABBV shares are up 5.20% at $149.28 on the last check Thursday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: BiotechEarningsLarge CapNewsGuidanceHealth CareMoversGeneralBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!