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AbbVie Shares Fall On Mixed Bag Q1 Results, Cuts FY22 Profit Guidance

Benzinga · 04/29/2022 09:40
  • AbbVie Inc (NYSE:ABBV) reports Q1 adjusted EPS of $3.16, higher than the $2.89 reported a year ago and beating the consensus of $3.14.
  • Overall sales increased 4.1% Y/Y (5.4% on an operational basis) to $13.54 billion, missing the consensus of $13.63 billion.
  • The immunology portfolio generated $6.14 billion in sales, +6.9% (+8.1% on an operational basis). Humira sales decreased 2.7% to $4.74 billion. Skyrizi sales reached $940 million (+63.7% Y/Y), and Rinvoq jumped 53.6% to $465 million.
  • Hematologic oncology portfolio sales were $1.65 billion, down 1.6% (-0.6% on an operational basis). Imbruvica sales decreased 7.4% to $1.17 billion. Venclexta revenues were up 16.9% to $473 million.
  • Sales from the neuroscience portfolio reached $1.49 billion, +19.2%. Aesthetics portfolio sales increased 20.5% (+22.5% on an operational basis) to $1.37 billion, with $641 million in Botox sales for cosmetic uses.
  • The adjusted gross margin expanded from 83.9% to 84.5%. The adjusted operating margin also improved from 51% to 51.4%.
  • Guidance: AbbVie revised its FY22 Adjusted EPS guidance to $13.92 - $14.12, versus the prior range of $14.00 - $14.20 and the consensus of $14.11.
  • The guidance includes an unfavorable impact of $0.08 per share related to acquired IPR&D and milestones expenses.
  • Price Action: ABBV shares are down 6.69% at $146.00 on the last check Friday.
  • Photo Via Company Website