Health and Healthcare
Why AbbVie Earnings Failed to Impress Investors
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AbbVie Inc. (NYSE: ABBV) reported its first-quarter financial results before the markets opened on Thursday. The company said it had $1.15 in earnings per share (EPS) on $5.96 billion in revenue, which compares to consensus estimates from Thomson Reuters of $1.13 in EPS on revenue of $5.97 billion. In the same period of last year, the company posted EPS of $0.94 and $5.04 billion in revenue.
On an operational basis, revenues increased 22.4%, excluding a 4.2% unfavorable impact from foreign exchange rate fluctuations.
During the first quarter, the U.S. Food and Drug Administration (FDA) approved Imbruvica (ibrutinib) as a first-line therapy for the treatment of chronic lymphocytic leukemia (CLL). At the same time, the company received accelerated FDA approval of Venclexta (venetoclax) for patients with relapsed/refractory (R/R) CLL with chromosome 17p deletion. Separately, AbbVie announced that it received a Committee for Medicinal Products for Human Use (CHMP) positive opinion for Humira (adalimumab) for the treatment of pediatric patients aged six years or older with moderate to severe active Crohn’s disease.
The company also announced that it will acquire Stemcentrx and its lead late-stage asset rovalpituzumab tesirine (Rova-T), currently in registrational trials for small cell lung cancer.
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