AbbVie Logs Higher Sales, Strong Adjusted Profit in 4Q
February 03 2021 - 8:27AM
Dow Jones News
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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