AbbVie (ABBV) shares slide despite revenue beat

AbbVie (NYSE: ABBV) shares are tumbling premarket, currently down over 6% after the company reported its first-quarter earnings, which saw it report in-line profits and a revenue beat but miss sales estimates for some of its major drugs.

The company reported Q1 EPS of $2.46, in line with the analyst estimate of $2.46, while revenue, which fell more than 9% YoY, came in at $12.23 billion, topping the consensus estimate of $12.18 billion.

However, ABBV's sales of Humira came in at $3.54 billion, below the consensus estimate of $3.58 billion, according to Reuters, using data from Refinitiv IBES. In addition, Rinvoq's revenues were $686 million, which Reuters reported was lower than the consensus estimate of $713.7 million.

Nevertheless, ABBV chairman and chief executive officer Richard Gonzalez struck a positive tone: "This year is off to an excellent start, with first-quarter revenues and EPS ahead of our expectations, driven by strong commercial execution across all areas of our diversified portfolio."

Looking ahead, the company sees FY2023 earnings between $10.72 and $11.12 per share versus the consensus of $10.94.

By Sam Boughedda

You May Also Be Interested In

• AbbVie agrees to acquire Apogee Therapeutics for $10.9 billion
• Qtrex Quantum executives plan to buy up to 2M shares over 12 months
• AbbVie strikes $10.9 billion deal for Apogee Therapeutics