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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.
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