AbbVie Shares Fall 6% Following Revenue Miss
2022.07.29 20:37
AbbVie (ABBV) Shares Fall 6% Following Revenue Miss
By Sam Boughedda
AbbVie (NYSE:ABBV) shares tumbled 6% Friday following its earnings report before the open, which beat earnings estimates but missed revenue expectations.
The biopharmaceutical company posted earnings per share of $3.37, $0.03 above expectations of $3.34, with revenue missing the consensus estimate of $14.67 billion, coming in at $14.58 billion. However, revenue did increase 4.5% year-over-year.
AbbVie’s Juvederm revenues were $344 million, a decrease of 19.5%, due to the unfavorable impact of Covid-19 restrictions in China and suspension of aesthetics operations in Russia.
“We delivered another strong quarter with substantial progress for our new products and indications. Importantly, Skyrizi and Rinvoq continued their impressive ramps and are on pace to deliver approximately $7.5 billion in combined annual sales, underscoring their significant potential,” said Richard Gonzalez, chairman and chief executive officer, AbbVie. “The momentum of our business, combined with advances across our pipeline continue to support AbbVie’s promising long-term outlook.”
The company sees fiscal 2022 earnings per share between $13.78 and $13.98 versus the consensus of $13.91.
Following the report, a Cowen analyst said they viewed the company’s sales as in-line.
“Revenue of $14,583MM (+4%) vs. our estimate of $14,550MM (+4%) and consensus of $14,623MM. Skyrizi, Humira, and Botox Cosmetic beat our estimates by $232MM, $123MM, and $55MM, respectively. Imbruvica missed by $255MM,” he wrote.
The analyst reiterated an Outperform rating and $180 per share price target on AbbVie.
