AbbVie Inc. (NYSE: ABBV) reported a 31% dip in earnings for the third quarter of 2019 due to higher costs and expenses. However, the results exceeded analysts’ expectations. Further, the company tightened its full-year adjusted earnings forecast.
Net income plunged by 31% to $1.88 billion or $1.26 per share. Adjusted earnings increased by 9% to $2.33 per share. Revenue rose by 3% to $8.48 billion. The results were driven by a strong performance from its Immunology and Hematologic Oncology portfolios.
Looking ahead into the full year 2019, the company narrowed its adjusted earnings guidance to the range of $8.90 to $8.92 per share from the prior range of $8.82 to $8.92 per share. The revised outlook represents a growth of 12.6% at the midpoint. However, AbbVie lowered its GAAP earnings forecast from the previously stated range of $5.69 to $5.79 per share to the range of $5.08 to $5.10 per share.
Humira sales fell by 3.7% on a reported basis, or 3.2% operationally. In the US, Humira sales grew by 9.6%. Internationally, Humira sales fell 31.8% operationally due to direct biosimilar competition. Cancer drug Imbruvica revenues jumped 29% to $1.26 billion while revenue from the Hematologic Oncology Portfolio climbed 38.3% to $1.48 billion. However, global HCV (hepatitis C virus) revenues dropped 19% to $698 million.
On Thursday, the company announced positive topline study results of Rinvoq (upadacitinib) for the treatment of psoriatic arthritis. Rinvoq, a selective and reversible JAK inhibitor discovered and developed by AbbVie, is being studied as a once-daily therapy in psoriatic arthritis and multiple immune-mediated diseases.
The company announced its board of directors declared a 10.3% increase in its quarterly cash dividend from $1.07 per share to $1.18 per share beginning with the dividend payable on February 14, 2020, to shareholders of record as of January 15, 2020.
AbbVie and Allergan (NYSE: AGN) continue to cooperate fully with regulators regarding AbbVie’s proposed acquisition of Allergan and both companies received a Request for Additional Information (Second Request) from the Federal Trade Commission. Also, Allergan shareholders voted to approve the proposed acquisition. The deal is expected to close in early 2020.
After Novavax (NASDAQ: NVAX) reported its progress on developing the COVID-19 vaccine at the end of February, the shares of the company started trading in double-digits after a long time.
Cannabis was recognized as an essential business in several markets when the shutdown came into effect, including Canada and some US states, at a time when its legalization is getting
Eastman Kodak (NYSE: KODK) reported a loss of $5 million on revenue of $213 million in the second quarter of 2020. The company earned $201 million in the prior-year quarter.