AbbVie Slips Despite Q2 Earnings Beat

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AbbVie Inc. (NYSE: ABBV) reported its second-quarter financial results before the markets opened on Friday. The biotech giant posted $1.42 in earnings per share (EPS) and $6.94 billion in revenue, which compares with consensus estimates from Thomson Reuters of $1.40 in EPS and revenue of $6.93 billion. The same period of last year reportedly had EPS of $1.26 and $6.43 billion in revenue.

During the second quarter, global Humira sales rose 13.7% to $4.716 billion on a reported basis, or 14.9% on an operational basis. At the same time, Humira sales in the United States increased 18% to $3.201 billion and international sales grew 9.1% to $1.515 billion.

Imbruvica net revenues totaled $626 million for the quarter, which was an increase of 42.6% year over year. U.S. sales totaled $528 million and international profit sharing tallied $98 million.

In terms of the outlook for the 2017 full year, AbbVie confirmed its EPS guidance of $5.44 to $5.54, representing growth of 13.9% at the midpoint. The consensus estimates from Thomson Reuters are $5.53 in EPS and $27.77 billion in revenue.

Richard A. Gonzalez, board chair and chief executive of AbbVie, commented:

We are pleased with the continued strength of our business. Our second quarter financial results reflected strong commercial and operational execution. We also remain very encouraged about the recent progress we’ve made with our late-stage pipeline, including strong results from a registrational trial of our selective JAK1 inhibitor, upadacitinib. We look forward to seeing data from numerous additional pivotal studies in the second half.

Shares of AbbVie were trading down about 2% at $70.24 on Friday, with a consensus analyst price target of $75.41 and a 52-week range of $55.06 to $75.04.