AbbVie slumps, as 1st-quarter financials disappoint

29 April 2022

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.

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