Finance

AbbVie’s stock is down 3% after missing on revenue in the first quarter of 2022

An earlier model of this report incorrectly listed Rinvoq’s income. The drug generated $465 million in income within the first quarter of 2022.

Shares of AbbVie Inc.
ABBV,
-0.83%
had been down 3.4% in premarket buying and selling on Friday after the corporate missed on income within the first quarter of the yr. AbbVie had earnings of $4.5 billion, or $2.51 per share, within the first quarter of 2022, up from $3.5 billion, or $1.99 per share, in the identical quarter of 2021. Adjusted earnings per share had been $3.16. The FactSet consensus was $3.14. The corporate stated it had income of $13.5 billion for the quarter, up from $13.0 billion, towards a FactSet consensus of $13.6 billion. Prime-performing merchandise included eczema remedy Rinvoq (up 53.6% to $465 million), its aesthetics franchise, which incorporates Botox Beauty and Juvederm (up 20.% to $1.3 billion), and psoriasis remedy Skyrizi (up 63.7% to $940 million). Nonetheless, gross sales of Humira, its top-selling drug, fell 2.7% to $4.7 billion, as did gross sales of lymphoma remedy Imbruvica, which got here in at $1.1 billion. AbbVie up to date its steering for adjusted EPS for 2022, saying it now expects $13.92 to $14.12 as an alternative of $14.00 – $14.20. The corporate’s inventory has gained 15.4% this yr, whereas the broader S&P 500
SPX,
+2.47%
is down 10.0%.

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