Why AbbVie Stock Stumbled Today Despite the Earnings Beat

By almost any measure, (NYSE: ABBV) shares should have risen Friday. The pharmaceutical giant delivered first-quarter sales and earnings results that topped estimates. The decline in sales of multi-indication immunosuppressive drug Humira -- a natural result of its loss of patent exclusivity -- is taking shape at a slower pace than was initially feared. The company even upped its full-year profit outlook.

But AbbVie stock fell all the same, closing Friday's session down by 4.6%, capping off more than a 12% tumble from last month's high.

Giving credit where it's due, Skyrizi and Rinvoq -- the drugs AbbVie developed to replace Humira -- are performing as hoped. Sales of the former improved 47.6% year over year in Q1, while the latter's revenue was up 59.3%, offsetting Humira's 35.9% sales dip. All told, AbbVie's top line was flat year over year at $12.3 billion, while its earnings of $2.31 per share were down from $2.46 per share a year prior. The analysts' consensus estimates had only called for a profit of $2.23 per share on revenue of $11.9 billion.

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Source Fool.com