AbbVie (ABBV) shares hit a record high on Thursday as the biopharmaceutical company reported better-than-expected revenue and raised its guidance, thanks to strong demand for its non-Humira portfolio. The company’s second-quarter revenue rose 4.3% year-over-year to $14.46 billion, surpassing the consensus estimate of $14.02 billion from analysts polled by Visible Alpha. However, adjusted earnings per share (EPS) fell 8.9% to $2.65, slightly below expectations.
Sales of its rheumatoid arthritis (RA) treatments Rinvoq and Skyrizi soared by 55.8% and 44.8%, respectively, generating a combined $4.16 billion. This growth helped counterbalance a 29.8% drop in Humira sales, which fell to $2.81 billion due to increased competition from several new biosimilar medications.
In other segments, sales increased for Oncology (+10.5%), Aesthetics (+0.5%), Neuroscience (+14.7%), and Other Key Products (+1.6%). However, sales of Eye Care products declined by 13.3%.
CEO Robert Michael highlighted AbbVie’s “significant momentum in our ex-Humira growth,” stating that this progress will support the company in achieving its “top-tier long-term outlook.” As a result, AbbVie raised its full-year adjusted EPS forecast to a range of $10.71 to $10.91, up from the previous range of $10.61 to $10.81.
As of 1:15 p.m. ET on Thursday, AbbVie shares were up 3% to $181.57, after reaching an earlier peak of $186.11. The stock has gained about 17% year-to-date.
If you’re considering adding real estate to your portfolio, explore the Fundrise Flagship Fund. This robust $1.3 billion real estate portfolio ranks among the largest 25 global interval funds and offers a unique Build-for-Rent strategy. Before investing, review the Fund’s objectives, risks, charges, and expenses. A prospectus is available at Fundrise.com/Flagship.
Source: investopedia
