AbbVie's Q2 Earnings Beat Estimates, Raises Annual Profit On Strong Sales From Newer Immunology And Cancer Drugs

Author: Vandana Singh | July 25, 2024 10:18am

On Thursday, AbbVie Inc. (NYSE:ABBV) reported second-quarter adjusted EPS of $2.65, down 8.9% year over year, beating the consensus of $2.57.

Net revenues reached $14.46 billion, up 4.3%, beating the consensus of $14.03 billion. Sales were up 5.6% on an operational basis.

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The immunology portfolio generated $6.97 billion in sales, up 2.3% on a reported basis or 3.5% on an operational basis.

• Humira revenues were $2.81 billion (down 29.8%), Skyrizi sales reached $2.73 billion (up 44.8%), and Rinvoq revenues were $1.43 billion (up 55.8%). 

Oncology product sales were $1.63 billion, up 10.5% or 12.2% on an operational basis.

• Imbruvica revenues were $833 million (down 8.2%), Venclexta sales increased 11.5% to $637 million, and Elahere’s net revenues were $128 million.

Neuroscience revenues reached $2.16 billion, up 14.7% on a reported basis or 15.2% on an operational basis.

• Botox Therapeutic sales were $814 million, up 8.7%. Aesthetics portfolio sales reached $1.39 billion, up 0.5%. Global Botox Cosmetic revenues were $729 million, up 6.4%.

Citing BMO Capital Markets analyst Reuters noted that the strong results show “the command AbbVie has over its commercial business and their impressive ability to guide through” the loss of exclusivity for Humira.

Guidance: AbbVie raised its 2024 adjusted EPS guidance from $10.61-$10.81 to $10.71-$10.91 versus consensus of $10.78, which includes an unfavorable impact of $0.60/share related to acquired IPR&D and milestones expense.

In the company conference call, AbbVie announced it is discontinuing further development of the experimental Alzheimer’s drug ABBV-916 as a standalone antibody.

Price Action: ABBV stock is down 5.14% at $185.26 at the last check on Thursday.

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