ABBV AbbVie Inc

By Matt Grossman

AbbVie Inc.'s revenue grew in the latest quarter, boosted by growth for its immunology and oncology products and by drugs it gained in an acquisition.

The North Chicago, Ill.-based pharmaceutical company logged fourth-quarter earnings of a penny a share, compared with $1.88 a share in the year-ago quarter. Net earnings attributable to the company were $36 million, down from $2.8 billion in the fourth quarter of 2019.

On an adjusted basis, AbbVie's profit was $2.92 a share. Analysts surveyed by FactSet had been forecasting an adjusted profit of $2.85 a share.

Revenue was $13.86 billion, up from $8.7 billion in 2019's fourth quarter. Analysts were expecting revenue of $13.7 billion in the quarter.

Immunology sales grew 15% year over year, with contributions from drugs such as Humira, Skyrizi and Rinvoq. Hematologic-oncology revenue was up 16%.

Sales were also boosted by the addition of products AbbVie gained as part of its acquisition of Allergan Plc. Those include Botox, several eye-care products, and Ubrelvy, a migraine medication.

The company's gross margin ratio was 66%, or 82% on an adjusted basis.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

February 03, 2021 08:12 ET (13:12 GMT)

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