AbbVie headquarters building facade of an American publicly traded biopharmaceutical company

Michael Vi

AbbVie (NYSE:ABBV) shares fell ~4% premarket on Friday after the company delivered a mixed Q3 show and narrowed is FY22 EPS outlook.

Adjusted EPS grew +29.3% Y/Y to $3.66, beating analysts expectations, but net revenues missed estimates despite rising +3% Y/Y to $14.81B.

“We continue to see strong momentum from our key immunology assets, Skyrizi and Rinvoq, and this performance – combined with strength from other growth drivers within our diverse portfolio – has mitigated the impact of temporary economic headwinds on our aesthetics products to deliver another quarter of strong results,” said AbbVie Chairman and CEO Richard Gonzalez.

Sales from Immunology segment grew +14.6% Y/Y to ~$7.65B, driven by blockbuster drug Humira which grew +2.5% Y/Y and brought in a total (International +U.S.) $5.56B.

However, International sales of Humira continued to decline in Q3 as well, with the quarter seeing -25.9% Y/Y to $603M, due to biosimilar competition. Humira net revenues in U.S. grew +7.4% Y/Y to $4.96B.

Sales of Skyrizi soared +75.4% Y/Y to ~$1.4B, while Rinvoq net revenues grew +53.5% Y/Y to $695M.

Net Revenues from Hematologic Oncology portfolio declined -11.7 Y/Y to $1.65B, lead by a fall in Imbruvica sales which were down -17.4 Y/Y to ~$1.14B.

Meanwhile, Venclexta sales increased +4.5% Y/Y to $515M.

Net revenues from Neuroscience division rose +6.7% Y/Y to ~$1.67B. Botox Therapeutic sales increased +8.2% Y/Y to $699M.

But sales from Aesthetics segment increased 4% Y/Y to $1.30B, driven by International sales (+25.6 Y/Y), while U.S. revenues saw a decline (-7.4 Y/Y).

Botox Cosmetic net revenues increased +16.9 Y/Y to $637M. Juvederm Collection revenues fell -0.6% Y/Y to $352M, mainly due to -21.9 Y/Y decline in the U.S. market.

Eye Care segment sales fell -28.6 Y/Y to $623M.

Dividend: AbbVie also raised its quarterly dividend by 5%.


AbbVie confirmed the midpoint of its full-year 2022 adjusted EPS outlook range and narrowed it to between $13.84 to $13.88, from prior forecast of $13.76 to $13.96 (consensus $13.86). The company noted that the guidance includes an unfavorable impact of $0.25 per share related to acquired IPR&D and milestones expense incurred YTD through Q3.

During Q2 results, AbbVie had provided its lowered revenue guidance of $58.9B for the year (consensus $58.91B).

ABBV -4.10% to $147.20 premarket Oct. 28

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