Drug maker AbbVie (ABBV) on Thursday reported second-quarter profit and sales that fell from a year earlier but topped expectations. AbbVie stock rose on the news.
AbbVie earnings for the June quarter, including in-process research and development that reduced profits, came in at $2.91 per share, down 13% from a year earlier. Revenue fell 5% to $13.86 billion.
Analysts had predicted AbbVie would report a profit of $2.83 per share on revenue of $13.54 billion. A year earlier, AbbVie earned $3.37 per share on sales of $14.58 billion.
On the stock market today, AbbVie stock rose 1.2% to 143.60.
AbbVie Stock Retreats In 2023
Heading into the earnings report, AbbVie stock had retreated 12% in 2023.
The company is dealing with falling sales of Humira amid the rise of more affordable biosimilar competitors. Humira treats various autoimmune conditions and inflammatory diseases. Amgen (AMGN) has launched biosimilar Amjevita at a deep discount to Humira.
Sales of newer immunology drugs Rinvoq and Skyrizi slowed in early 2023 as customers used up back inventory. Sales of Vraylar, a treatment for schizophrenia in adults and adolescents, have been a bright spot for AbbVie stock. And sales in China are rebounding, the company has stated.
AbbVie also sells anti-wrinkle treatment Botox as well as cancer drugs, Imbruvica and Venclexta. AbbVie purchased Botox-maker Allergan in 2020.
One wild card for investors in AbbVie stock is when longtime Chief Executive Rick Gonzalez will step down. That could happen as soon as 2024, analysts say.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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