AbbVie Boosts FY23 Outlook As Q2 Results Top Estimates

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Stocktwits
AbbVie Boosts FY23 Outlook As Q2 Results Top Estimates

(RTTNews) - While reporting financial results for the second quarter on Thursday, biopharmaceutical company AbbVie, Inc. (ABBV) trimmed its adjusted earnings guidance for the full-year 2023.

For fiscal 2023, AbbVie now projects adjusted earnings in a range of $10.90 to $11.10 per share, which includes an unfavorable impact of $0.23 per share related to the acquired IPR&D and milestones expense incurred year-to-date through the second quarter 2023.

However, the adjusted earnings guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the second quarter of 2023, as both cannot be reliably forecasted.

Previously, the company expected adjusted earnings in the range of $10.57 to $10.97 per share.

On average, 20 analysts polled by Thomson Reuters expect the company to report earnings of $10.85 per share for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported net income attributable AbbVie of $2.02 billion or $1.14 per share, sharply higher than $924 million or $0.51 per share in the prior-year quarter. Excluding items, adjusted net earnings for the quarter was $2.91 per share, compared to last year's $3.37 per share.

Net revenues for the quarter declined 4.9 percent to $13.87 billion from $14.58 billion in the same quarter last year. Revenues decreased 4.2 percent on an operational basis.

Analysts expected quarterly earnings of $2.80 per share on revenues of $13.52 billion for the quarter.

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AbbVie Boosts FY24 Outlook - Update

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AbbVie, Inc. (ABBV) announced Friday that it has submitted applications for a new indication to the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) for upadacitinib (RINVOQ 15 mg, once daily) for the treatment of adult patients with giant cell arteritis (GCA).
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AbbVie Says New Weight-based Oral Solution RINVOQ LQ Now Available As Option For Pediatric Patients

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AbbVie, Inc. (ABBV) announced Tuesday that a new weight-based oral solution RINVOQ LQ (upadacitinib) is now available as an option for pediatric patients two years of age and older with active polyarticular juvenile idiopathic arthritis (pJIA) as well as psoriatic arthritis (PsA), provided they have had an inadequate response or intolerance to one or more tumor necrosis factor (TNF) blockers.
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AbbVie Announces Topline Results From Phase 2 LUMINOSITY Trial Of Telisotuzumab-Vedotin

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Biopharmaceutical company AbbVie, Inc. (ABBV) announced Wednesday topline results from the single-arm Phase 2 LUMINOSITY trial evaluating telisotuzumab-vedotin (Teliso-V) in patients with c-Met protein overexpression, epidermal growth factor receptor (EGFR) wild type, advanced/metastatic nonsquamous non-small cell lung cancer (NSCLC). The trial demonstrated compelling clinical benefits across key endpoints.
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AbbVie Says Phase 3 CANOVA Trial Fails To Meet Primary Endpoint

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AbbVie (ABBV) announced Friday data from its Phase 3 CANOVA study evaluating the safety and efficacy of venetoclax (VENCLEXTA®/ VENCLYXTO®) plus dexamethasone (VenDex) for patients with t(11;14)-positive relapsed or refractory (R/R) multiple myeloma who have received two or more prior treatments.
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