AbbVie Inc (NYSE: ABBV) delivered its Q2 earnings report with noteworthy figures, showing resilience amid challenging conditions.
Adjusted EPS for the quarter stood at $2.91, which, despite being down 13.6% year-over-year, surpassed the consensus estimate of $2.80.
The company’s overall sales experienced a decline of 4.9% year-over-year (or 4.2% on an operational basis), totaling $13.87 billion, beating the consensus estimate of $13.52 billion.
Within AbbVie’s immunology portfolio, sales amounted to $6.81 billion, showing a 5.5% decrease (or 5% on an operational basis). However, there were positive highlights, as Skyrizi sales saw a remarkable 50.4% year-over-year surge, reaching $1.88 billion. Additionally, Rinvoq witnessed a notable jump of 55.1% to $918 million.
Sales from the hematologic oncology portfolio amounted to $1.48 billion, with a decline of 10.4% (or 9.8% on an operational basis). Imbruvica sales decreased by 20.8% to $907 million, while Venclexta revenues showed promise, rising by 13.1% to $571 million.
The neuroscience portfolio achieved sales of $1.89 billion, marking a significant growth of 13.6%. Meanwhile, the aesthetics portfolio saw a modest increase of 1%, generating $1.38 billion in sales, with Botox sales for cosmetic uses contributing $685 million to the figure.
Looking ahead, AbbVie raised its FY23 adjusted EPS guidance from $10.57-$10.97 to $10.90-$11.10, outperforming the consensus estimate of $10.85.
AbbVie’s ability to navigate challenges and its positive sales performance in key areas demonstrate its continued growth potential and strategic outlook.