AbbVie hikes full-year earnings guidance as Humira sales top estimates

AbbVie (NYSE: ABBV) shares rose slightly in premarket trading Thursday after the company raised its full-year adjusted earnings per share (EPS).

The company now expects its EPS to be in the range of $10.71 to $10.91, up from the previous range of $10.61 to $10.81.

ABBV stock climbed less than 1% in the pre-open trade.

For the fiscal Q2, AbbVie reported adjusted EPS of $2.65, slightly below analyst expectations of $2.70. Net revenue for the quarter was $14.46 billion, exceeding the estimated $14.02 billion.

The adjusted gross margin stood at 85.2%, higher than the estimate of 84.7%.

Sales of Humira, which was once the world's top-selling drug, fell nearly 30% to $2.81 billion in the second quarter but still exceeded analysts' estimates of $2.76 billion according to LSEG data.

Skyrizi recorded global sales of $2.73 billion, beating expectations of $2.59 billion, while Rinvoq sales reached $1.43 billion, topping the estimate of $1.36 billion.

Moreover, global sales of the oncology drug dropped 8% to $833 million but still surpassed the estimate of $789 million.

"Our business continues to perform exceptionally well, with second quarter results meaningfully ahead of our expectations," said Robert A. Michael, chief executive officer, AbbVie.

"Based upon the significant momentum of our ex-Humira growth platform, our continued investments in the business and our pipeline progress, we are very well positioned to deliver our top-tier long-term outlook."

By Vahid Karaahmetovic

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