AbbVie slumps, as 1st-quarter financials disappoint
Shares US pharma major AbbVie (NYSE: ABBV) were down 9% at $142.08 in early trading, as the company announced financial results for the first quarter ended March 31, 2022, which missed Wall Street estimates for first-quarter sales, hurt by European biosimilars competition for its mega blockbuster rheumatoid arthritis drug Humira (adalimumab) and lower-than-expected revenue from its newer drug Rinvoq (upadacitinib).
Worldwide net revenues were $13.54 billion, an increase of 4.1% on a generally accepted accounting principles (GAAP) basis, or 5.4% on an operational basis. Net earnings attributable to AbbVie came in at $4.49 billion, a rise of 26%.
Diluted EPS in the first quarter was $2.51 on a GAAP basis. Adjusted diluted EPS, excluding specified items, was $3.16. These results include an unfavorable impact of $0.08 per share related to acquired IPR&D and milestones expense.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
More on this story...
Today's issue
Company Spotlight
More Features in Biotechnology
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze