AbbVie (ABBV) Q2 2020 results beat estimates; updates FY20 outlook

AbbVie (NYSE: ABBV), which completed the acquisition of Allergan on May 8, 2020, reported second quarter 2020 earnings results today. The company’s adjusted earnings and revenue in Q2 bettered the market’s estimates. which included a partial quarter of Allergan and COVID-19 pandemic impact.

ABBV stock was trading up about 2% in the before market hours.

On an adjusted basis, earnings increased to $2.34 per share from $2.26 per share in the year-ago quarter. On a GAAP basis, AbbVie posted a loss of $0.46 per share compared to a profit of $0.49 per share in the second quarter of 2019.

Revenues of $10.425 billion, increased 26.3% on a reported basis, and decreased 5.3% on a comparable operational basis, due to the COVID-19 pandemic.

Also read: Strong performance of oncology products bode well for AbbVie (ABBV) going forward

AbbVie provided combined company earnings outlook for fiscal 2020, which includes the results of Allergan from May 8, 2020 through December 31, 2020. The company now expects GAAP EPS to be in the range of $4.12 to $4.22. On a non-GAAP basis, profit is now expected to be in the range of $10.35 to $10.45 per share.

Looking forward to listening to management/analysts comments on quarterly results? Stay tuned here for AbbVie Q2 2020 earnings call transcript