AbbVie Inc. (ABBV - Free Report) reported better-than-expected results in the first-quarter of 2017. The company surpassed both earnings and sales expectations.
In the past one year, AbbVie’s shares gained 3.9%, while the Zacks classified Large-Cap Pharma industry witnessed an increase of 5.9%.
The biopharmaceutical company reported first-quarter 2017 earnings of $1.28 per share that beat the Zacks Consensus Estimate of $1.26 per share by 1.6%. Earnings grew 11% year over year.
The company posted revenues of $6.54 billion in the reported quarter, which surpassed the Zacks Consensus Estimate of $6.51 billion. Revenues also jumped 9.7% year over year. On operational basis revenue increased 10.1%.
Quarter in Detail
Humira sales on an operational basis, excluding currency impact, rose 15.8% year over year to $4.1 billion.
First-quarter net revenue from Imbruvica was $551 million, up 44.7% year over year. U.S. sales of Imbruvica were $457 million. AbbVie recorded $94 million of international profit sharing with Johnson & Johnson (JNJ - Free Report) .
Other products that delivered an impressive performance include Duodopa which showed revenue of $80 million up 22.8% on both operational and reported basis. Another product Creon reported revenue of $185 million up 19.8% and 17% on an operational and reported basis respectively.
HCV product Viekira recorded sales of $263 million, down 15.4% sequentially.
Adjusted SG&A expenses rose 0.7%, while R&D expenses increased 23.3% in the quarter. Adjusted operating margin was 42.3% of sales in the reported quarter.
2017 Outlook
AbbVie reiterated its previously issued outlook for 2017. The company maintains its adjusted EPS in the range of $5.44–$5.54 reflecting growth of 13.9% at the mid-point.
Zacks Rank & Key Picks
AbbVie currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector are Heska Corporation and Galena Biopharma, Inc. which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Heska’s earnings per share estimates increased from $1.53 to $1.65 for 2017 and from $1.80 to $2.01 for 2018, over the last 60 days. The company posted positive surprises in three of the four trailing quarters with an average beat of 291.54%.
Galena’s loss per share estimates narrowed from $2.03 to 58 cents for 2017, over the last 60 days. The company posted positive earnings surprises in two of the four trailing quarters with an average beat of 53.83%.
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AbbVie Inc. (ABBV - Free Report) reported better-than-expected results in the first-quarter of 2017. The company surpassed both earnings and sales expectations.
In the past one year, AbbVie’s shares gained 3.9%, while the Zacks classified Large-Cap Pharma industry witnessed an increase of 5.9%.
The biopharmaceutical company reported first-quarter 2017 earnings of $1.28 per share that beat the Zacks Consensus Estimate of $1.26 per share by 1.6%. Earnings grew 11% year over year.
The company posted revenues of $6.54 billion in the reported quarter, which surpassed the Zacks Consensus Estimate of $6.51 billion. Revenues also jumped 9.7% year over year. On operational basis revenue increased 10.1%.
Quarter in Detail
Humira sales on an operational basis, excluding currency impact, rose 15.8% year over year to $4.1 billion.
First-quarter net revenue from Imbruvica was $551 million, up 44.7% year over year. U.S. sales of Imbruvica were $457 million. AbbVie recorded $94 million of international profit sharing with Johnson & Johnson (JNJ - Free Report) .
Other products that delivered an impressive performance include Duodopa which showed revenue of $80 million up 22.8% on both operational and reported basis. Another product Creon reported revenue of $185 million up 19.8% and 17% on an operational and reported basis respectively.
HCV product Viekira recorded sales of $263 million, down 15.4% sequentially.
Adjusted SG&A expenses rose 0.7%, while R&D expenses increased 23.3% in the quarter. Adjusted operating margin was 42.3% of sales in the reported quarter.
2017 Outlook
AbbVie reiterated its previously issued outlook for 2017. The company maintains its adjusted EPS in the range of $5.44–$5.54 reflecting growth of 13.9% at the mid-point.
Zacks Rank & Key Picks
AbbVie currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector are Heska Corporation and Galena Biopharma, Inc. which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Heska’s earnings per share estimates increased from $1.53 to $1.65 for 2017 and from $1.80 to $2.01 for 2018, over the last 60 days. The company posted positive surprises in three of the four trailing quarters with an average beat of 291.54%.
Galena’s loss per share estimates narrowed from $2.03 to 58 cents for 2017, over the last 60 days. The company posted positive earnings surprises in two of the four trailing quarters with an average beat of 53.83%.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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