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AbbVie (ABBV) Q4 Earnings Meet Estimates, Revenues Lag
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AbbVie Inc. (ABBV - Free Report) reported mixed fourth-quarter results, wherein earnings came in line with expectations but sales missed the same. Shares declined around 2% in pre-market trading.
In the past one year, AbbVie’s share price was up 9.7%, while the Zacks classified Large-Cap Pharma industry witnessed a 1% decline.
Earnings Meet Estimates
The pharma giant reported fourth-quarter 2016 earnings of $1.20 per share, in line with the Zacks Consensus Estimate but up 6.2% from the year-ago quarter.
Revenues increased 6.2% to $6.80 billion in the fourth quarter but missed the Zacks Consensus Estimate of $6.92 billion.
The Quarter in Detail
Sales of AbbVie’s key drug Humira surged 15.5% to $4.3 billion. Growth across all the three major market categories – rheumatology, dermatology and gastroenterology – drove the upside. Sales in the U.S. increased 23.5% ($2.8 billion), while that in the ex-U.S. market were up 4.1% to $1.4 billion.
Other products that put up an impressive performance include Duodopa ($78 million) and Creon ($213 million).
HCV product Viekira recorded sales of $311 million, down 27.9%. Sales were also down 17.2% sequentially.
AbbVie recorded Imbruvica U.S. sales of $77 million and $434 million of international profit sharing.
2017 Outlook
AbbVie provided its 2017 earnings per share outlook in the range of $5.44 to $5.54. The Zacks Consensus Estimate is currently pegged at $5.48.
AbbVie delivered mixed fourth-quarter results with in-line earnings and lower-than-expected revenues. Humira continued to perform well. Growing awareness, favorable clinical data, additional indications and expansion into new markets should help the product continue making significant contributions to the top line.
With several companies striving to bring Humira biosimilars to the market, AbbVie has been focusing on diversifying its revenue base and lowering its dependence on the product.
Zacks Rank & Key Picks
AbbVie currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector include Sucampo Pharmaceuticals , Anika Therapeutics (ANIK - Free Report) and Sunesis Pharmaceuticals . While Sucampo and Sunesis sport a Zacks Rank #1 (Strong Buy), Anika carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunesis’ loss estimates narrowed 5.06% and 8.80% for 2016 and 2017, respectively, over the past 60 days. The company recorded a positive earnings surprise in three of the last four quarters, the average being 0.54%.
Sucampo’s earnings estimates were stable at $1.22 for 2016 but have increased from $1.58 to $1.74 for 2017 over the last 60 days. The company posted a positive earnings surprise in all of the four trailing quarters with an average beat of 35.5%.
Anika’s earnings estimates for 2016 and 2017 were up 3.9% and 0.5%, respectively, over the last 60 days. The company recorded a positive earnings surprise in each of the last four quarters, the average being 33.1%. Its share price was up 37.2% in the past year.
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AbbVie (ABBV) Q4 Earnings Meet Estimates, Revenues Lag
AbbVie Inc. (ABBV - Free Report) reported mixed fourth-quarter results, wherein earnings came in line with expectations but sales missed the same. Shares declined around 2% in pre-market trading.
In the past one year, AbbVie’s share price was up 9.7%, while the Zacks classified Large-Cap Pharma industry witnessed a 1% decline.
Earnings Meet Estimates
The pharma giant reported fourth-quarter 2016 earnings of $1.20 per share, in line with the Zacks Consensus Estimate but up 6.2% from the year-ago quarter.
Revenues Miss
Revenues increased 6.2% to $6.80 billion in the fourth quarter but missed the Zacks Consensus Estimate of $6.92 billion.
The Quarter in Detail
Sales of AbbVie’s key drug Humira surged 15.5% to $4.3 billion. Growth across all the three major market categories – rheumatology, dermatology and gastroenterology – drove the upside. Sales in the U.S. increased 23.5% ($2.8 billion), while that in the ex-U.S. market were up 4.1% to $1.4 billion.
Other products that put up an impressive performance include Duodopa ($78 million) and Creon ($213 million).
HCV product Viekira recorded sales of $311 million, down 27.9%. Sales were also down 17.2% sequentially.
AbbVie recorded Imbruvica U.S. sales of $77 million and $434 million of international profit sharing.
2017 Outlook
AbbVie provided its 2017 earnings per share outlook in the range of $5.44 to $5.54. The Zacks Consensus Estimate is currently pegged at $5.48.
AbbVie Inc. Price and EPS Surprise
AbbVie Inc. Price and EPS Surprise | AbbVie Inc. Quote
Our Take
AbbVie delivered mixed fourth-quarter results with in-line earnings and lower-than-expected revenues. Humira continued to perform well. Growing awareness, favorable clinical data, additional indications and expansion into new markets should help the product continue making significant contributions to the top line.
With several companies striving to bring Humira biosimilars to the market, AbbVie has been focusing on diversifying its revenue base and lowering its dependence on the product.
Zacks Rank & Key Picks
AbbVie currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector include Sucampo Pharmaceuticals , Anika Therapeutics (ANIK - Free Report) and Sunesis Pharmaceuticals . While Sucampo and Sunesis sport a Zacks Rank #1 (Strong Buy), Anika carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunesis’ loss estimates narrowed 5.06% and 8.80% for 2016 and 2017, respectively, over the past 60 days. The company recorded a positive earnings surprise in three of the last four quarters, the average being 0.54%.
Sucampo’s earnings estimates were stable at $1.22 for 2016 but have increased from $1.58 to $1.74 for 2017 over the last 60 days. The company posted a positive earnings surprise in all of the four trailing quarters with an average beat of 35.5%.
Anika’s earnings estimates for 2016 and 2017 were up 3.9% and 0.5%, respectively, over the last 60 days. The company recorded a positive earnings surprise in each of the last four quarters, the average being 33.1%. Its share price was up 37.2% in the past year.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>