AbbVie's Profit Falls
July 26 2019 - 8:59AM
Dow Jones News
By Allison Prang and Michael Tobin
AbbVie Inc. (ABBV) reported a drop in second-quarter profit as
its earnings were hit by a noncash charge from a psoriasis
treatment that gained regulatory approval.
The biopharmaceutical company said it had $741 million in net
income, down 63% from the comparable quarter a year prior. Earnings
per share were 49 cents, down from $1.26.
On an adjusted basis, earnings rose to $2.26 a share from $2 a
share the same time last year. Analysts polled by FactSet estimated
adjusted earnings of $2.21 a share.
AbbVie reported $8.26 billion in revenue, down 0.3%. Analysts
estimated $8.1 billion in revenue.
The company said its estimate for future milestones and royalty
payments as a result of psoriasis treatment Skyrizi being approved
by the U.S. Food and Drug Administration and European Commission
grew by $2.3 billion.
AbbVie on Friday also revised its earnings targets for this
year. The company lowered its profit outlook to between $5.69 and
$5.79 a share from between $7.26 and $7.36 a share. But excluding
one-time items and noncash charges, AbbVie said it expects to
generate a profit between $8.82 and $8.92 a share, compared with
its prior forecast of posting an adjusted profit between $8.73 and
$8.83 a share.
The earnings report comes after Abbvie last month agreed to buy
drugmaker Allergan PLC in a roughly $63 billion deal.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
July 26, 2019 08:44 ET (12:44 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
AbbVie (NYSE:ABBV)
Historical Stock Chart
From Mar 2024 to Apr 2024
AbbVie (NYSE:ABBV)
Historical Stock Chart
From Apr 2023 to Apr 2024