AbbVie Posts First-Quarter Earnings Beat and Raises Guidance

AbbVie reports first-quarter earnings that beat expectations and raises its full-year outlook amid stronger-than-expected sales of its therapeutic drugs and treatments.
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AbbVie  (ABBV) - Get Report on Friday posted first-quarter earnings that beat Wall Street's expectations and also raised its full-year outlook amid stronger-than-expected sales of its therapeutic drugs and treatments.

AbbVie reported adjusted net income of $3.55 billion, or $2.95 a share, vs. $3.01 billion, or $2.42 a share, in the year-earlier quarter. Analysts polled by FactSet were expecting the company to report earnings of $2.81 a share.

Revenue rose to $13 billion, 51% higher than the $8.62 billion in brought in last year and also above analysts' estimates for $12.8 billion.

First-quarter global net revenue from the company's immunology portfolio rose 12.9% to $5.74 billion, the company said. U.S. sales of Humira, the company's rheumatoid arthritis treatment, rose 6.9% to $3.91 billion, though international Humira sales fell 8.3% to $960 million. 

AbbVie is set to lose U.S. exclusivity of Humira in 2023, and the company said it expected total sales to drop that year, with modest top-line growth in 2024.

"We are off to an excellent start to 2021, with strong performance across our core therapeutic areas and first quarter revenue and earnings results ahead of our expectations," CEO Richard Gonzalez said in a statement. 

"Our new products are delivering impressive performance and we are on the cusp of potential commercial approvals for more than a dozen new products or indications over the next two years - including five expected approvals in 2021."

Global net sales of Skyrizi were $574 million, while global sales of Rinvoq came in at $303 million. 

AbbVie said it was lifting its full-year adjusted per-share guidance by 5 cents to between $12.37 and $12.57.

At last check, shares of Abbvie were down 0.09% at $110.81.

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