AbbVie's Humira Sales Sink 36% but Guidance Lifted on Growth From Other Drugs | ABBV Message Board Posts


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Msg  712 of 729  at  10/27/2023 12:00:51 PM  by

jerrykrause


AbbVie's Humira Sales Sink 36% but Guidance Lifted on Growth From Other Drugs

AbbVie's Humira Sales Sink 36% but Guidance Lifted on Growth From Other Drugs
 

AbbVie posted better-than-expected third-quarter earnings and revenue, raised its fiscal 2023 earnings outlook, and increased its dividend.

The stock was up 1.2% in premarket trading. Coming into the session, the stock has dropped 10% this year.

AbbVie (ticker: ABBV) reported third-quarter earnings of $2.95 a share on revenue of $13.93 billion. Analysts surveyed by FactSet were expecting the biopharmaceuticals maker to post earnings of $2.87 a share on revenue of $13.72 billion.

In the same period last year, the company posted earnings of $3.66 a share on revenue of $14.81 billion.

"We delivered another quarter of outstanding results driven by accelerating performance across our non-Humira growth platform, which is demonstrating double-digit growth," Chief Executive Richard Gonzalez said in a press release.

Global revenue of Humira, a drug that treats conditions like rheumatoid arthritis and plaque psoriasis, of $3.55 billion fell 36% from the prior year. But other drugs in the company's immunology segment, like Skyrizi and Rinvoq, saw revenue jump 52% and 59%, respectively.

AbbVie raised its earnings guidance for fiscal 2023 to between $11.19- $11.23 a share from its previous forecast of $10.860-$11.06 a share. The company also raised its quarterly cash dividend to $1.55 a share from $1.48.

 


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