AbbVie Shares Climb After Adjusted Profit Beats Analyst Views

AbbVie's adjusted profit beat estimates. Revenue from the immunology and oncology portfolios saw gains in the second quarter.
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Drugmaker AbbVie  (ABBV) - Get Report reported stronger-than-expected second-quarter results, with revenue from the immunology and oncology portfolios seeing gains.

AbbVie reported a net loss of $739 million, or 46 cents a share, for the quarter, swinging from a profit of $807 million, or 49 cents, in the year-earlier quarter. Shares outstanding rose 11% to 1.65 billion.

On an adjusted basis, the company reported earnings of $2.34 a share, topping expectations of $2.22 a share in a survey of analysts by FactSet. 

Revenue increased 26% to $10.43 billion from $8.26 billion, with the latest figure topping estimates of $9.9 billion. 

"The adverse impact from covid-19 on legacy AbbVie was less than expected, demonstrating the robustness and resiliency of our key brands, and new patient starts have stabilized and started to recover," Chief Executive Richard Gonzalez said in a statement. 

AbbVie shares at last check were little changed at $95.94.

Net revenue from its immunology portfolio were $5.32 billion, an 8.1% year-over-year increase. Revenue in its hematologic-oncology portfolio were $1.6 billion, an increase of 26%. 

Revenue from Botox used in cosmetic treatments dropped 43% to $226 million, while sales of the drug for therapeutic uses fell 22% to $297 million. 

The North Chicago company said the "integration of Allergan is going well, with a strong recovery in the aesthetics portfolio." AbbVie closed the purchase of Allergan on May 8.

Last month, AbbVie and peer pharmaceutical company Genmab  (GMAB) - Get Report unveiled a $4 billion pact that will see them develop and commercialize a series of Genmab’s early-stage cancer treatments.

In a joint statement, AbbVie said it would pay Genmab $750 million up front and an additional $3.15 billion in milestone payments to develop Genmab’s next-generation cancer-treating antibody program.