Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

AbbVie boosts 2019 profit outlook as Humira helps beat revenue estimates

Published Nov 01, 2019 08:52AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A screen displays the share price for pharmaceutical maker AbbVie on the floor of the New York Stock Exchange
 
AGN
0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ABBV
+0.76%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(Reuters) - AbbVie Inc (N:ABBV) posted quarterly sales above estimates on Friday and raised the lower end of its 2019 profit forecast, getting a boost from strong demand for cancer medicine Imbruvica and a lower-than-expected drop in bestseller Humira's revenue.

Shares of the Chicago, Illinois-based drugmaker rose nearly one percent to $80 before the bell.

In June, AbbVie announced a $63 billion deal for Botox-maker Allergan Plc (N:AGN), in a bid to diversify its drug pipeline amid growing threats to Humira's longevity.

The world's top-selling drug, which treats rheumatoid arthritis and psoriasis, has come under pressure from cheaper rivals in Europe and faces patent expiration in the United States - its biggest market, in 2023.

Humira sales was about $20 billion last year and the drug has accounted for the bulk of AbbVie's revenue for years.

In the quarter ended Sept. 30, Humira sales dipped 3.7% to $4.94 billion, hurt by biosimilar competition outside the United States, but beat estimates of $4.89 billion, according to five analysts polled by Refinitiv IBES.

Sales of cancer drug Imbruvica rose nearly 30% to $1.26 billion, ahead of estimates of $1.19 billion.

AbbVie raised the lower end of its 2019 adjusted earnings per share forecast by 8 cents to $8.90, while maintaining the top end at $8.92.

Net earnings fell to $1.88 billion, or $1.26 per share, from $2.75 billion, or $1.81 per share, a year earlier, as research and development costs soared and the company took a charge related to assets acquired as part of an acquisition in 2016.

Excluding items, AbbVie earned $2.33 per share, above the average analyst estimate of $2.30.

Total revenue rose nearly 3% to $8.48 billion, beating estimates of $8.38 billion.

AbbVie said it still expects the deal for Allergan to close early next year and that both companies were cooperating with regulators after receiving a request for more information from the U.S. Federal Trade Commission in September.

AbbVie boosts 2019 profit outlook as Humira helps beat revenue estimates
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email