Back to top
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Bristol Myers Squibb Company (BMY) - $25 value - yours FREE >>
Johnson & Johnson (JNJ) - $25 value - yours FREE >>
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Bristol Myers Squibb Company (BMY) - $25 value - yours FREE >>
Johnson & Johnson (JNJ) - $25 value - yours FREE >>
Image: Bigstock
AbbVie (ABBV) Beats on 2Q Earnings, Revenues, Ups View
AbbVie Inc. (ABBV - Free Report) reported second quarter 2016 earnings of $1.26 per share, up 16.7% from the year-ago quarter and surpassing the Zacks Consensus Estimate of $1.20 per share
Revenues increased 17.5% to $6.43 billion in the second quarter of 2016, beating the Zacks Consensus Estimate of $6.24 billion.
The Quarter in Details
Key drug Humira recorded growth of 17.4% with revenues coming in at $4.1 billion. U.S. sales increased 26.7% ($2.7 billion) driven by growth across all three major market categories: rheumatology, dermatology and gastroenterology. Ex-U.S. sales grew 3% to $1.4 billion. Growing awareness, favorable clinical data, additional indications and expansion into new markets should help the product to continue contributing significantly to the top line.
Other products that performed well include Duodopa (up 31.2% to $73 million) and Creon (up 12.9% to $180 million). Meanwhile, products like Synagis and Kaletra (HIV) recorded a decline in revenues.
HCV product Viekira recorded sales of $419 million, slightly above $414 million in the first quarter of 2016. Competition in the HCV market has intensified. AbbVie recorded Imbruvica U.S. sales of $384 million and $55 million of international profit sharing.
Raises 2016 Outlook
AbbVie raised its 2016 EPS outlook to $4.73 - $4.83 per share from the previous range of $4.62 - $4.82 per share. The Zacks Consensus Estimate is currently $4.76 per share.
Our Take
AbbVie’s second quarter results were good with the company surpassing expectations on all fronts. Humira and Imbruvica continued to perform well while Viekira continues to feel the impact of additional competition and the label update.
With several companies working on bringing Humira biosimilars to market, AbbVie has been focusing on diversifying its revenue base and lowering its dependence on the product. AbbVie is a Zacks Rank #3 (Hold) stock. Some better-ranked stocks in the health care sector include Bristol-Myers Squibb Company (BMY - Free Report) , Johnson & Johnson (JNJ - Free Report) and Eli Lilly and Company (LLY - Free Report) . All three are Zacks Rank #2 (Buy) stocks.
ABBVIE INC Price
ABBVIE INC Price | ABBVIE INC Quote
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>