How to Approach AbbVie Stock After Earnings
AbbVie reported earnings.
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.
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.
"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.
You can follow Katherine Ross on Twitter at @byKatherineRoss.
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