AbbVie Misses Q4 Earnings And Revenues, Shares Down
North Chicago, IL-based AbbVie Inc. (ABBV - Free Report) is best known for its autoimmune disease drug, Humira. AbbVie’s flagship product Humira is approved for several indications like rheumatoid arthritis (moderate to severe), moderately to severely active polyarticular juvenile idiopathic arthritis, active psoriatic arthritis, active ankylosing spondylitis, Crohn’s disease (moderate to severe), ulcerative colitis (moderate to severe), axial spondyloarthritis, pediatric Crohn’s disease, chronic plaque psoriasis (moderate to severe), and hidradenitis suppurativa (moderate to severe. Other key products include Imbruvica (cancer) and Mavyret (hepatitis C virus (HCV) treatment).
Performance of other drugs, namely Duodopa and Creon, are also encouraging. Leukemia drug, Venclexta, has also shown rapid growth
Humira, is a major contributor to AbbVie’s top line. While Humira will remain the key growth driver at AbbVie, Imbruvica and Mavyret are fast becoming important revenue generators.
AbbVie’s performance has been impressive, with the pharmaceuticals company delivering positive surprises in all of the past four quarter. The average earnings beat over the last four quarters is 3.54%.
Currently, AbbVie has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: AbbVie's fourth-quarter earnings came in at $1.90 per share, missing the Zacks Consensus Estimate of $1.92.
Revenues: AbbVie posted revenues of $8.31 billion, which also missed the Zacks Consensus Estimate of $8.36 billion.
Key Stats:Humira sales came in at $4.9 billion, a slow growth of 1.4% year over year excluding currency impact due to biosimilar impact in international market. Fourth-quarter Imbruvica net revenues were $1 billion, up 42% year over year. HCV sales more than doubled year-over year to $862 million on strong sales of Mavyret.
2019 Outlook: AbbVie provided its outlook for 2019. The company expects its adjusted EPS in the range of $8.65 to $8.75. The Zacks Consensus Estimate is currently pegged at $8.68 per share.
Share Price Impact: Shares fell more than 2.2% in pre-market trading.
Check back later for our full write up on this AbbVie earnings report.
AbbVie Inc. Price and Consensus
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