AbbVie Rocks Earnings Beat - And It's Helping on Covid-19, Too

Author:
Publish date:
Video Duration:
2:21

AbbVie (ABBV) - Get Report rocked its first-quarter earnings, posting stronger-than-expected profit on rising sales from its popular Humira rheumatoid arthritis treatment as well as strong cancer-drug sales helped bolster earnings.

But its role in helping battle the coronavirus and lay it to rest is also gaining some ground - and some attention. 

AbbVie said adjusted earnings for the three months ended in March were $3.01 billion, or $2.42 a share, vs. $2.46 billion, or $1.65 a share, in the comparable year-earlier quarter. Analysts polled by FactSet had been expecting earnings of $2.25 a share.

Global sales totaled $8.62 billion vs. $7.63 billion a year ago, also ahead of analysts' forecasts of sales of $8.31 billion.

Meantime, the company has continued to work on a treatment for Covid-19, focusing on HIV treatment drugs Kaletra and Aluvia, known respectively as lopinavir and ritonavir, as possible antiretroviral therapies. 

More broadly AbbVie is collaborating with the likes of the U.S. Food and Drug Administration, Centers for Disease Control and Prevention and the National Institutes of Health and Biomedical Advanced Research and Development Authority to  evaluate the potential of Imbruvica (ibrutinib) to treat patients with moderate to severe Covid-19.  

It has also joined the Innovative Medicines Initiative to support research and discovery of targeted medicines against the disease.

AbbVie is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells CLX? Learn more now.

Watch More of the Latest Videos from TheStreet and Jim Cramer