AbbVie stock ( NYSE:ABBV ) dropped almost 4% before the market opened on Friday. This was because the company reported a mixed third-quarter performance and lowered its EPS forecast for FY22. Adjusted EPS, which went up +29.3% year over year to $3.66, beat analyst predictions, but net revenues, which went up +3% year over year to $14.81 billion, were less than expected.
Richard Gonzalez, chairman and CEO of AbbVie said, “Our major immunology assets continue to show great growth. Skyrizi and Rinvoq. With this performance and the strength of other growth drivers in our diverse portfolio, we were able to make up for the temporary economic headwinds that hurt our aesthetic products and have another strong quarter.
The Immunology segment’s sales went up by about $7.65 billion because the best-selling drug Humira’s sales went up by 2.5% year over year and reached $5.56 billion worldwide (international and U.S.). Due to competition from biosimilar drugs, Humira’s international sales fell by 25.9% Y/Y to $603 million in the third quarter. US Humira net sales increased by 7.4% year over year to $4.96 billion.
Rinvoq’s net revenues increased by 53.5% year over year to $695 million, while Skyrizi’s sales increased by 75.4% to almost $1.4 billion. The reduction in Imbruvica sales, which fell 17.4% Y/Y to about $1.14 billion, was the main factor in the 11.7% decline in net revenues from Hematologic Oncology’s portfolio to $1.65 billion. Venclexta’s sales rose to $515 million while increasing by +4.5% YoY.
The Neuroscience division’s net sales increased +6.7% YoY to about $1.67 billion. Botox Therapeutics sales climbe...
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