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AbbVie Earnings: ABBV Stock Drops 2% Despite Q2 Beats

AbbVie (NYSE:ABBV) earnings for second quarter of fiscal year 2020 have ABBV stock dropping on Friday. That’s after reporting adjusted earnings per share (EPS) of $2.34, which is better than Wall Street’s estimate of $2.19. Also, the company’s revenue of $10.43 billion comes in above analysts’ estimate of $10.08 billion for the period.

abbvie (ABBV) website and logo on mobile phone
Source: Piotr Swat / Shutterstock.com

Additionally, AbbVie announced GAAP losses per share of 46 cents for the quarter.

Here are some additional highlights from the most recent AbbVie earnings report.

  • Adjusted per-share earnings are up 3.5% from $2.26 during the same time last year.
  • Revenue for the quarter is sitting 26.3% higher than the $8.26 billion reported in the second quarter of 2019.
  • Operating income of $752 million is a bit of a negative switch year-over-year from $3.4 billion.
  • The AbbVie earnings report also includes a net loss of $739 million.
  • That also looks bad next to its net income of $741 million from the same period of the year prior

Richard Gonzalez, chairman and CEO of AbbVie, said this in the Q2 earnings report:

“AbbVie delivered another strong quarterly performance, ahead of our guidance. The adverse impact from COVID-19 on legacy AbbVie was less than expected, demonstrating the robustness and resiliency of our key brands, and new patient starts have stabilized and started to recover. The integration of Allergan is going well, with a strong recovery in the aesthetics portfolio and accretion ahead of expectations.”

AbbVie previously said it expects its adjusted EPS to be between $9.61 and $9.71 for FY2020. However, the company announced that it was now issuing “combined company adjusted diluted EPS guidance” for FY2020 of between $10.35 to $10.45. This is due to AbbVie’s acquisition of Allergan back in May.

Meanwhile, Wall Street’s estimate for adjusted EPS during the year calls for $10.32.

ABBV stock was down about 2% as of Friday morning.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/07/abbvie-earnings-abbv-stock-drops-2-despite-q2-beats/.

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