AbbVie Inc. (NYSE: ABBV) released its second-quarter earnings report before the markets opened on Friday. The company said that it had $1.26 in earnings per share (EPS) on $6.45 billion in revenue. The consensus estimates had called for $1.20 in EPS on revenue of $6.2 billion. In the same period of last year, the company posted EPS of $1.08 and $5.47 billion in revenue.
In terms of guidance for the full year, AbbVie expects EPS to be in the range of $4.73 to $4.83, up from the previous range of $4.62 to $4.82. The consensus estimates for the full year are $4.75 in EPS on $25.47 billion in revenue.
Early in June, AbbVie successfully completed the acquisition of Stemcentrx and its lead late-stage asset, rovalpituzumab tesirine (Rova-T), further strengthening the company’s oncology portfolio by providing a highly attractive platform in solid tumors.
Also AbbVie announced the FDA approval of Humira for the treatment of non-infectious intermediate, posterior and panuveitis in adult patients, a disease that can severely impact vision. Keep in mind that Humira is the first and only FDA-approved non-corticosteroid therapy available for these patients.
AbbVie reported its key product revenues as:
- Humira had $4.15 billion in revenue.
- Imbruvica had $439 million in revenue.
- Viekira had $419 million in revenue.
- Lupron had $219 million in revenue.
- Synagis had $45 million in revenue.
- Synthroid had $188 million in revenue.
- Creon had $180 million in revenue.
- AndroGel had $171 million in revenue.
- Kaletra had $146 million in revenue.
- Sevoflurane had $114 million in revenue.
- Duodopa had $73 million in revenue.
Richard A. Gonzalez, chairman and CEO of AbbVie, commented on earnings:
AbbVie continues to deliver on our long-term strategy, as demonstrated by our sixth consecutive quarter of double digit sales and earnings growth. A key element to our long-term sustainable performance is our advancing pipeline and this quarter we saw several regulatory approvals, including VENCLEXTA and ZINBRYTA. We also made progress on a number of clinical development programs and completed the acquisition of Stemcentrx, which adds a promising late-stage asset for solid tumors and brings a target discovery platform to AbbVie’s oncology portfolio, further enhancing the robustness of our pipeline.
Shares of AbbVie closed Thursday at $64.72, with a consensus analyst price target of $70.17 and a 52-week trading range of $45.45 to $70.79. Following the release of the earnings report, the stock was up 2.9% at $66.59 in Friday’s premarket.
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
