Categories Analysis, Consumer, Health Care

AbbVie slips to loss in Q4, misses estimates

AbbVie Inc. (ABBV) slipped to a loss in the fourth quarter from a profit last year, due to the inclusion of the recent partial impairment charge related to intangible assets acquired as part of the 2016 acquisition of Stemcentrx. The results missed analysts’ expectations. Following this, the stock inched down over 3% in the premarket session.

Net loss was $1.83 billion or $1.23 per share compared to a profit of $52 million or $0.03 per share in the previous year quarter. Adjusted earnings soared 28.4% to $1.90 per share.

Net revenue grew 7.3% year-over-year to $8.31 billion. Worldwide adjusted net revenue increased 8.3% on an operational basis, excluding 1% unfavorable impact from foreign exchange.

AbbVie fourth quarter 2018 earnings snapshot
AbbVie Q4 2018 Earnings Infographic

Looking ahead into the full year 2019, the company expects GAAP earnings in the range of $7.39 to $7.49 per share. Adjusted earnings are anticipated to be in the range of $8.65 to $8.75 per share, representing growth of 10% at the mid-point.

Humira sales rose 0.5% on a reported basis, or 1.4% operationally, excluding 0.9% unfavorable impact from foreign exchange. In the US, Humira sales grew 9.1%. Internationally, Humira sales fell 14.8% operationally due to direct biosimilar competition in certain international markets.

For the fourth quarter, cancer drug Imbruvica revenues jumped 42% to $1.01 billion while revenue from the Hematologic Oncology Portfolio climbed 50.2% to $1.13 billion. Global HCV (hepatitis C virus) revenues soared 69.3% to $862 million.

AbbVie Q3 profit jumps 68%, beats estimates

Research and development expenses were 78.2% of net revenues. The adjusted R&D expenses were 16.5%, reflecting funding actions supporting all stages of its pipeline.

During the quarter, AbbVie received FDA accelerated approval of Venclexta for the treatment of a type of blood cancer in adults who are age 75 years or older. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials, which are expected to be completed in 2019.

The company announced its board of directors authorized a $5 billion increase to the company’s existing stock repurchase program.

Shares of AbbVie ended Thursday’s regular session down 2.91% at $85.88 on the NYSE. The stock has fallen over 20% in the past year while it has risen over 8% in the past three months.


Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

AVGO Earnings: All you need to know about Broadcom Q1 2021 earnings results

Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared

Infographic: Costco (COST) Q2 2021 sales up 15%; earnings miss

Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million

Will shifting to as-a-service model help Hewlett Packard in emerging stronger from COVID?

With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard

Add Comment
Viewing Highlight