AbbVie Shares Up After Earnings Beat and Guidance Boost
October 29 2021 - 11:54AM
Dow Jones News
By Michael Dabaie
AbbVie Inc. shares were up nearly 4.3%, to $114.37, after the
biopharmaceutical company beat third-quarter analyst estimates and
boosted its guidance and quarterly dividend.
The company earlier reported third-quarter worldwide net revenue
of $14.342 billion, up 11.2% and beating FactSet consensus of
$14.298 billion.
Adjusted earnings per share were $3.33, above the $3.22 FactSet
consensus.
AbbVie also raised its full-year GAAP earnings per share
guidance range to $6.29 to $6.33 and adjusted EPS forecast to
$12.63 to $12.67. The company also raised its cash dividend to
$1.41.
The forecast marked the third time the biopharma raised its
adjusted earnings guidance this year.
"Most of the key products performed well, including Humira,
Skyrizi, Rinvoq and Botox/aesthetics, with Imbruvica the one
notable exception," Mizuho Securities USA said in an analyst
note.
Global Imbruvica net revenue were $1.374 billion, an increase of
0.3%, with U.S. net revenue of $1.109 billion and international
profit sharing of $265 million.
AbbVie also said Friday a Phase 3 study of its antipsychotic
drug Vraylar as an adjunctive treatment for major depressive
disorder met its primary endpoint, and that it plans to seek
expanded approval in the indication from the U.S. Food and Drug
Administration. AbbVie said Vraylar showed a statistically
significant change from baseline to week six compared with placebo
in major depressive disorder. AbbVie said Vraylar showed numerical
improvement in depressive symptoms from baseline to week six in a
second Phase 3 study but didn't achieve statistical
significance.
Mizuho said the topline data "appear mixed to negative to us at
first glance."
--Colin Kellaher contributed to this article
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
October 29, 2021 11:39 ET (15:39 GMT)
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