AbbVie reports disappointing Q2 sales, better-than-expected profits
- AbbVie reported Q2 earnings that were a mixed bag. Revenues came in at $5.48 billion—below analysts' expectations, while profits came in at $1.37 billion, or $1.08 per share—better than the $1.06 expected by analysts.
- The increased profits were largely based on strong sales of Humira, which came in at $3.54 billion.
- AbbVie's stock fell on Friday on the news but is up in morning trading on Monday.
Overall, AbbVie has had a decent year, with its shares gaining almost 8% since the beginning of the year, and almost 30% over the last 12 months. While sales were off by $120 million from analysts' estimates, Humira, which treats numerous conditions, such as rheumatoid arthritis, psoriasis and Crohn's disease, performed well despite competition from biosimilars.
Viekira Pak for hepatitis C had $385 million in sales. As a newly approved therapy (December 2014), Viekira is entering a crowded market in which Gilead's Sovaldi and Harvoni are already top contenders. Nonetheless, AbbVie is using aggressive negotating strategies with payers in an effort to carve out larger market share.
- St. Louis Dispatch AbbVie beats 2Q profit forecasts, but sales fall short