Biosimilars taking a toll on AbbVie, but sales still beat forecasts

US biopharma major AbbVie (NYSE: ABBV) today posted second-quarter 2019 financial results, showing that net revenue fell 0.3% to $8.26 billion, but still beat the average analyst estimate of $8.10 billion. Adjusted net revenues were flat on a reported basis and increased 1.5% operationally. AbbVie’s shares were up 2% pre-market.

Second-quarter diluted earnings per share (EPS) of $0.49 on a generally accepted accounting principle (GAAP) basis, versus $1.26 in the like 2018 quarter. Adjusted diluted EPS of $2.26 compared with $2.00. Net earnings were $741 million, compared with $1.98 in the like 2018 period, as AbbVie recorded a $2.28 billion charge related to future payments associated with plaque psoriasis drug Skyrizi (risankizumab), which is partnered with Boehringer Ingelheim.

For 2019, the company raised it adjusted earnings per share forecast to between $8.82 and $8.92 from a prior range of $8.73 to $8.83.