AbbVie (NYSE: ABBV) reported its first quarter 2020 earnings results, which surpassed the market’s views. Adjusted EPS of $2.42 and revenue of $8.62 billion, topped analysts’ EPS target of $2.25 and revenue target of $8.33 billion. For fiscal 2020, the drug manufacturer lifted its 2020 GAAP EPS outlook, while reaffirmed the non-GAAP EPS target. ABBV stock rose about 1% in the pre-market session.
AbbVie lifted its standalone GAAP EPS guidance for the full-year 2020 to $7.66 to $7.76 from an earlier range of $7.60 to $7.70, representing growth of 44.9% at the midpoint and confirmed the previous expectation of standalone adjusted diluted EPS of $9.61 to $9.71, representing growth of 8.1% at the midpoint.
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AbbVie has initiated the Phase 2 iNSPIRE clinical trial to evaluate the potential of IMBRUVICA drug to treat patients with moderate to severe COVID-19. AbbVie is also supporting COVID-19 clinical research by collaborating with health authorities and institutions globally to determine antiviral activity as well as efficacy and safety of KALETRA/ALUVIA, the company’s antiretroviral therapy for the treatment of HIV, against COVID-19.
After reaching a 52-week high ($97.86) February 12, ABBV stock fell to its yearly low ($62.55) on March 23. ABBV shares have retreated 7% since the beginning of this year.