AbbVie inventory falls as Humira worldwide decline continues in Q3; narrows FY22 outlook

AbbVie (NYSE:ABBV) shares fell ~4% premarket on Friday after the corporate delivered a combined Q3 present and narrowed is FY22 EPS outlook.

Adjusted EPS grew +29.3% Y/Y to $3.66, beating analysts expectations, however web revenues missed estimates regardless of rising +3% Y/Y to $14.81B.

“We proceed to see sturdy momentum from our key immunology property, Skyrizi and Rinvoq, and this efficiency – mixed with energy from different progress drivers inside our numerous portfolio – has mitigated the influence of non permanent financial headwinds on our aesthetics merchandise to ship one other quarter of sturdy outcomes,” stated AbbVie Chairman and CEO Richard Gonzalez.

Gross sales from Immunology phase grew +14.6% Y/Y to ~$7.65B, pushed by blockbuster drug Humira which grew +2.5% Y/Y and introduced in a complete (Worldwide +U.S.) $5.56B.

Nonetheless, Worldwide gross sales of Humira continued to say no in Q3 as properly, with the quarter seeing -25.9% Y/Y to $603M, because of biosimilar competitors. Humira web revenues in U.S. grew +7.4% Y/Y to $4.96B.

Gross sales of Skyrizi soared +75.4% Y/Y to ~$1.4B, whereas Rinvoq web revenues grew +53.5% Y/Y to $695M.

Web Revenues from Hematologic Oncology portfolio declined -11.7 Y/Y to $1.65B, lead by a fall in Imbruvica gross sales which have been down -17.4 Y/Y to ~$1.14B.

In the meantime, Venclexta gross sales elevated +4.5% Y/Y to $515M.

Web revenues from Neuroscience division rose +6.7% Y/Y to ~$1.67B. Botox Therapeutic gross sales elevated +8.2% Y/Y to $699M.

However gross sales from Aesthetics phase elevated 4% Y/Y to $1.30B, pushed by Worldwide gross sales (+25.6 Y/Y), whereas U.S. revenues noticed a decline (-7.4 Y/Y).

Botox Beauty web revenues elevated +16.9 Y/Y to $637M. Juvederm Assortment revenues fell -0.6% Y/Y to $352M, primarily because of -21.9 Y/Y decline within the U.S. market.

Eye Care phase gross sales fell -28.6 Y/Y to $623M.

Dividend: AbbVie additionally raised its quarterly dividend by 5%.

Outlook:

AbbVie confirmed the midpoint of its full-year 2022 adjusted EPS outlook vary and narrowed it to between $13.84 to $13.88, from prior forecast of $13.76 to $13.96 (consensus $13.86). The corporate famous that the steering consists of an unfavorable influence of $0.25 per share associated to acquired IPR&D and milestones expense incurred YTD by Q3.

Throughout Q2 outcomes, AbbVie had supplied its lowered income steering of $58.9B for the yr (consensus $58.91B).

ABBV -4.10% to $147.20 premarket Oct. 28