AbbVie Stock Dives As Cosmetic Sales Mar Its Third-Quarter Beat And Guidance Boost

Must read

FIREWIND Drops Music Video For New Single “Salvation Day”

Hard rock power metal titans Firewind have announced a brand new...

Microsoft Stock Turns Lower As Cloud Outlook Offsets Earnings Beat

Microsoft's flagship Azure cloud unit posted solid revenue growth, boosting the tech giant's Street-beating bottom line.Updated at 6:49 pm ESTMicrosoft  (MSFT) - Get Free...

Trump Has Bankrupted Rudy Giuliani And Left Him Up To $500 Million In Debt

Trump’s habit of bankrupting everything around him has touched Rudy Giuliani, who lists up $500 million in debts in his bankruptcy filing.Here is Giuliani’s...

OLA ENGLUND Was In The Running To Be PANTERA’s New Guitarist

The Pantera celebration shows kicked off last year with guitarist Zakk...

AbbVie (ABBV) posted a nearly perfect third-quarter beat Friday, but AbbVie stock skidded on light aesthetics sales and as Humira sales continued to plummet.

X

During the September quarter, AbbVie earned an adjusted $2.95 per share on $13.93 billion in revenue.

Earnings came in better than expectations for $2.87 a share, but skidded 19.4% year over year. AbbVie noted a research and development charge had a negative 4-cent impact on earnings. Sales declined 6% on a strict, as-reported basis and 5.8% operationally, but topped calls for $13.72 billion.

On a bullish note, AbbVie raised its earnings outlook for this year and next.

On the stock market today, AbbVie stock tumbled 4.3%, closing at 138.93.

AbbVie Stock Takes A Hit On Aesthetics

Leerink Partners analyst David Risinger noted “third-quarter sales (were) strong across the board, except aesthetics, which fell short.”

Sales of aesthetic treatments, which includes AbbVie’s Botox, fell 4.7% on a reported basis to $1.24 billion. Analysts surveyed by FactSet expected a stronger $1.34 billion. Revenue from Botox as a cosmetic drug fell 2.7%, while Juvederm sales slipped 8.6%. Juvederm is a collection of skin fillers.

In comparison, sales of Botox as a therapeutic treatment climbed 7.1% to $748 million. Analysts called for $745 million to $750.1 million, according to Piper Sandler analyst Christopher Raymond and FactSet.

Meanwhile, Humira sales continued to dive following the launch of biosimilar rivals this year in the U.S. Worldwide sales of the immunology blockbuster tumbled 36.2% to $3.55 billion. But that topped views for $3.48 billion, Raymond said in a report.

“Humira is several quarters into the biosimilar event and we are continuing to effectively manage erosion and maintain strong parity access,” AbbVie spokeswoman Gabrielle Tarbert said in an email to Investor’s Business Daily. “We have been able to maintain significant volume, with the majority of impact to date driven by lower price.”

Promisingly, sales of other immunology drugs, Skyrizi and Rinvoq, climbed a respective 52.1% and 59.8%. Skyrizi generated $2.13 billion in sales, while Rinvoq brought in $1.11 billion. AbbVie stock analysts called for almost $2.1 billion from Skyrizi and $1.03 billion from Rinvoq. Revenue from cancer drugs also beat expectations at $1.51 billion, though fell 8.4%.

AbbVie Raises Its 2023 And 2024 Outlook

AbbVie raised its guidance for the year. The company now expects to earn an adjusted $11.19 to $11.23 a share. AbbVie stock analysts forecast profit of $11.06 a share.

The pharma company also boosted the floor for its 2024 earnings to $11 per share, up from its previous $10.70 guidance.

Leerink’s Risinger says this move “supports investor expectations.” Currently, analysts project earnings next year to come in at $11.05 per share. Risinger estimates $11.07. He kept his market perform rating on AbbVie stock.

Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.

YOU MAY ALSO LIKE:

Here’s How Merck’s Heavyweight Cancer Drug Helped Deliver Another Beat-And-Raise Quarter

Bristol Myers Skids After Pushing Back A Key $10 Billion Sales Milestone

Find Winning Stocks With MarketSmith Pattern Recognition & Custom Screens

Watch IBD’s Investing Strategies Show For Actionable Market Insights

Find The Best Long-Term Investments With IBD Long-Term Leaders

More articles

Latest article

Half Of GRAVE Quits The Band, All Live Shows Put On Hold

Well this sucks. Half of legendary Swedish death metal band Grave...

OpenAI CEO’s ouster was over “breakdown of communications,” not “malfeasance” -memo

By Anna TongOpenAI CEO Sam Altman's firing was over a "breakdown in communication between Sam and the board," and not "malfeasance or anything related...

Someone Reimagined GHOST’s “Mary On A Cross” As A ’90s MTV Unplugged Track

Ghost's 2019 single "Mary On A Cross" all of a sudden...

ROYAL THUNDER Added To ALICE IN CHAINS’ West Coast Shows

Royal Thunder has been added to Alice In Chains' upcoming West...

VOYAGER Postpones All Touring After Their Vocalist Is Diagnosed With Cancer

Voyager vocalist Danny Estrin has sadly been diagnosed with a form...