Core Insights - The article discusses seven resilient companies that are well-positioned to thrive in a turbulent market, highlighting their strengths in stability and growth despite economic challenges. Group 1: Company Performance and Growth - Alphabet's Google Cloud reported a revenue of $9.6 billion in Q1 2024, reflecting a 28% year-over-year growth, driven by AI capabilities and cloud infrastructure expansion [3][4] - T. Rowe Price's total assets under management reached $1.54 trillion in Q1 2024, marking a 15% year-over-year increase, showcasing strong investor trust and performance [5] - Pfizer's strategic initiatives, including pipeline innovation and acquisitions, have led to a record year for regulatory approvals, enhancing its growth potential [7][8] - Exxon Mobil's capital expenditures of $5.8 billion in Q1 2024 focus on growth projects, including significant expansions in Guyana, aiming to increase production capacity [9][10] - Walmart's ROI improved by 2.3% to 15% in 2023, supported by a capital expenditure of $20.6 billion aimed at enhancing digital capabilities and strategic acquisitions [11][12] - AbbVie's revenue surged from $18 billion to $55 billion, driven by a diverse product line and effective market strategies, despite challenges from patent expirations [16][17] Group 2: Strategic Initiatives and Market Position - The first company emphasizes leadership in digital services and advertising, with cloud and video platforms as revenue foundations [1] - The second company offers diverse investment options and strong asset management performance, providing stability and growth opportunities [1] - The third company is a leader in pharmaceuticals, supported by strategic acquisitions and a robust pipeline [1] - The fifth company focuses on smart acquisitions and effective capital deployment to enhance durability [2] - The sixth company highlights financial adaptability and efficiency to navigate market challenges [2] - British American Tobacco aims to save an additional £1 billion by 2025, demonstrating a commitment to cost control and resource reallocation [13][14][15]

Company Overview - AbbVie (ABBV) is a medical stock headquartered in North Chicago, with a year-to-date price change of 4.23% [2] - The company currently pays a dividend of $1.55 per share, resulting in a dividend yield of 3.84%, which is significantly higher than the Large Cap Pharmaceuticals industry's yield of 2.68% and the S&P 500's yield of 1.57% [2] Dividend Performance - AbbVie's current annualized dividend of $6.20 has increased by 4.7% from the previous year [2] - Over the past five years, AbbVie has raised its dividend five times, achieving an average annual increase of 8.25% [2] - The company's payout ratio stands at 57%, indicating that it distributes 57% of its trailing 12-month earnings per share as dividends [2] Earnings Expectations - AbbVie is projected to experience earnings growth in the current fiscal year, with the Zacks Consensus Estimate for 2024 at $11.13 per share, reflecting a year-over-year growth rate of 0.18% [3] Investment Considerations - Dividends are favored by investors for various reasons, including enhancing stock investing profits and providing tax advantages [4] - Established firms with stable profits are typically viewed as the best dividend options, while high-growth companies and tech startups rarely offer dividends [4] - AbbVie is considered a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold) [4]

Core Viewpoint - Dividend Aristocrat stocks are particularly appealing to investors in the current high-inflation environment, as many of these stocks offer dividends that can outpace or negate inflation rates [1]. Group 1: Altria (MO) - Altria offers a high dividend yield of 9%, but operates in a declining tobacco industry, making it a riskier investment [2]. - The company's payout ratio is 78%, indicating that 78% of earnings are allocated to dividend payments, which is high but manageable [2]. - Altria plans to increase its buyback program from $1 billion to $2.4 billion, which will reduce the payout ratio and enhance the attractiveness of its shares [3]. Group 2: Archer Daniels Midland (ADM) - ADM is facing challenges due to an investigation into accounting practices, but its dividend yield of 3.25% outpaces inflation [5]. - The company is cooperating with regulatory authorities and has restated six years of profits, which may lead to penalties but is expected to limit long-term repercussions [5]. - There is potential for a rebound in ADM shares as the company moves past its current negative phase [6]. Group 3: Kimberly-Clark (KMB) - Kimberly-Clark reported first-quarter revenues of $5.15 billion, exceeding expectations by 1.16%, and earnings of $2.01, which surpassed the anticipated $1.63 [7]. - The company has raised its annual forecast due to steady demand for its personal care products, indicating resilience against inflation [7][8]. - KMB offers a dividend yield of 3.5%, making it an attractive option for investors [8]. Group 4: Chevron (CVX) - Chevron's stock is positioned interestingly due to elevated inflation and ongoing conflicts in the Middle East, which may support oil prices [10]. - The company offers a dividend yield of approximately 4%, which is appealing despite the potential negative impact of inflation on oil demand [10]. - The energy sector, including Chevron, has performed well in 2024, outpacing the S&P 500 [11]. Group 5: AbbVie (ABBV) - AbbVie is recovering from instability related to the patent expiration of Humira and is now focusing on successor drugs like Rinvoq and Skyrizi [12]. - The company has improved its revenue forecasts and is in a better position to enhance efficiency rather than solely seeking new revenue sources [13]. - AbbVie offers a dividend yield of 3.7%, which helps it outpace inflation [13]. Group 6: Stanley Black & Decker (SWK) - Stanley Black & Decker has a dividend yield of 3.6%, which exceeds current inflation rates, and a free cash flow payout ratio of 56%, indicating dividend security [14]. - Despite a 50% decline in share prices since late 2022 due to high mortgage rates affecting demand, the company is expected to rebound [14][15]. - The current share prices are seen as deeply discounted, presenting a strong investment opportunity [15]. Group 7: Coca-Cola (KO) - Coca-Cola is recognized for its resilience across market cycles and offers a dividend yield of 3.2%, which helps negate inflation effects [16]. - The stock has tripled in price over the last 15 years, making it a reliable long-term investment [16]. - The defensive nature of Coca-Cola makes it attractive to investors concerned about economic downturns [17].

Core Viewpoint - AbbVie is facing challenges due to the decline in sales of its leading drug Humira following patent expiration, but the performance of its newer drugs Skyrizi and Rinvoq is promising, leading to a mixed market reaction despite better-than-expected earnings and sales results [1][2][3]. Group 1: Financial Performance - AbbVie reported first-quarter sales of $12.3 billion, flat year over year, with earnings per share of $2.31, down from $2.46 a year prior, surpassing analysts' expectations of $2.23 per share on revenue of $11.9 billion [2]. - The company has raised its earnings per share guidance for 2024 to a range of $11.13 to $11.33, up from a previous range of $10.97 to $11.17, while analysts' consensus is slightly lower at $11.12 per share [2]. Group 2: Drug Performance - Sales of Skyrizi increased by 47.6% year over year, while Rinvoq's revenue rose by 59.3%, helping to offset Humira's 35.9% sales decline [2]. - Humira generated $14.4 billion in revenue last year, making it one of the world's best-selling drugs, and its decline will significantly impact AbbVie [4]. Group 3: Market Sentiment and Valuation - Despite the positive performance of newer drugs, investors remain concerned about the potential for accelerated declines in Humira sales, leading to a 4.6% drop in AbbVie’s stock on the day of the earnings report [1][3]. - AbbVie’s stock is currently trading at a valuation of around 14 times this year's expected earnings, which is considered a fair entry point for new investors, especially given the stock's 12% decline from its late-March peak [4][5].

Key TakeawaysAbbVie warned Friday that sales of its blockbuster arthritis drug, Humira, will continue to lose market share to biosimilars.Revenue from Humira declined 35.9% in the first quarter, AbbVie reported.Despite the drop in Humira sales, AbbVie beat earnings and revenue forecasts in the quarter, and raised its full-year guidance.AbbVie shares were down nearly 5% in late trading Friday. Shares of AbbVie (ABBV) slumped Friday as the pharmaceutical firm warned of deeper declines in sales of its blockbus ...

Earnings and Revenue Performance - AbbVie reported adjusted earnings of $2.31 per share for Q1 2024, beating the Zacks Consensus Estimate of $2.26 and exceeding the guidance range of $2.18-$2.22 [1] - Revenues of $12.31 billion surpassed the Zacks Consensus Estimate of $11.99 billion, with a 0.7% year-over-year increase on a reported basis and 1.6% on an operational basis [1] - Earnings declined 6.1% year-over-year [1] Product Sales Performance - Humira sales declined 35.2% year-over-year to $2.27 billion, with US sales down 39.9% to $1.77 billion and ex-US sales down 11.6% to $499 million [2] - Rinvoq sales increased 61.9% to $1.09 billion, driven by label expansions [2] - Skyrizi sales rose 48.0% to $2.01 billion, also due to label expansions [3] - Neuroscience portfolio sales increased 16.0% to $1.97 billion, driven by Vraylar, Ubrelvy, and Qulipta [3] - Oncology/hematology sales rose 9.8% to $1.54 billion, with Venclexta sales up 16.3% to $614 million [4][5] - Elahere, a recently acquired ovarian cancer drug, generated $64 million in revenues [5] Aesthetics and Eye Care Portfolio - Aesthetics portfolio sales declined 2.5% to $1.25 billion, with Botox Cosmetic sales down 2.6% to $633 million and Juvederm sales down 13.7% to $297 million [6] - Eye care portfolio sales declined 10.4% to $538 million, though Ozurdex sales rose 14.6% to $131 million [6] Cost and Margin Analysis - Adjusted SG&A expenses increased 1.6% to $3.03 billion, while adjusted R&D expenses rose 9.3% to $1.81 billion [7] - Adjusted operating margin contributed 42.2% to sales [7] Guidance and Future Outlook - AbbVie raised its 2024 EPS guidance to $11.13-$11.33, up from the previous range of $10.97-$11.17 [8] - The company expects robust revenue growth in 2025, driven by new product launches and a high single-digit CAGR through the end of the decade [10] - Management is strengthening its oncology pipeline through partnerships with companies like Umoja Biopharma and Tentarix Biotherapeutics [10] Market Performance - AbbVie shares rose 1.2% in pre-market trading following the earnings announcement [9] - Year-to-date, AbbVie shares have increased 8.0%, compared to the industry's 10.8% rise [9]

For the quarter ended March 2024, AbbVie (ABBV) reported revenue of $12.31 billion, up 0.7% over the same period last year. EPS came in at $2.31, compared to $2.46 in the year-ago quarter.The reported revenue represents a surprise of +2.65% over the Zacks Consensus Estimate of $11.99 billion. With the consensus EPS estimate being $2.26, the EPS surprise was +2.21%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectati ...

AbbVie (ABBV) came out with quarterly earnings of $2.31 per share, beating the Zacks Consensus Estimate of $2.26 per share. This compares to earnings of $2.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.21%. A quarter ago, it was expected that this drugmaker would post earnings of $2.76 per share when it actually produced earnings of $2.79, delivering a surprise of 1.09%.Over the last four quarters, the company has surpa ...

Pharmaceuticals company AbbVie (NYSE: ABBV) reported its Q1 financial results for 2024 today.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.AbbVie’s earnings came in at $1.37 billion, or $0.77 per share, as compared with $239 million, or $0.13 per share, in Q1 of FY23. The company’s revenue reached $12.31 billion, with an increase of 0.7% on a reported basis, or 1.6% on an operational basis; and above the predicted $11.93 billion.The net interest exp ...

[Q1 2024 Financial Performance Overview](index=1&type=section&id=Q1%202024%20Financial%20Performance%20Overview) AbbVie's Q1 2024 performance was marked by strong ex-Humira growth, particularly in Skyrizi and Rinvoq, leading to a slight revenue increase and an upward revision of full-year adjusted EPS guidance [Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) AbbVie reported a slight revenue increase to **$12.310 billion**, driven by strong growth in its ex-Humira platform, particularly Skyrizi and Rinvoq. While GAAP EPS saw a significant increase of **492.3%**, adjusted diluted EPS decreased by **6.1%** to **$2.31**. The company successfully completed the acquisition of ImmunoGen and raised its full-year 2024 adjusted EPS guidance Q1 2024 Key Financial Metrics | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Net Revenues | $12.310 Billion | +0.7% (Reported) | | GAAP Diluted EPS | $0.77 | +492.3% | | Adjusted Diluted EPS | $2.31 | -6.1% | Q1 2024 Global Net Revenues by Portfolio | Portfolio | Net Revenues (Global) | Change (Reported YoY) | | :--- | :--- | :--- | | Immunology | $5.371 Billion | -3.9% | | Oncology | $1.543 Billion | +9.0% | | Neuroscience | $1.965 Billion | +15.9% | | Aesthetics | $1.249 Billion | -4.0% | - Successfully completed the acquisition of ImmunoGen, adding its flagship cancer therapy, Elahere, to the portfolio[1](index=1&type=chunk) - Raised the full-year 2024 adjusted diluted EPS guidance range to **$11.13 - $11.33** from the previous **$10.97 - $11.17**[1](index=1&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) The CEO and COO expressed satisfaction with the quarter's strong operational execution, highlighting that results were well ahead of expectations. They credited the performance to the ex-Humira growth platform and raised the full-year outlook based on this momentum - Chairman and CEO, Richard A. Gonzalez, highlighted the company's outstanding operational execution and strong quarterly results, attributing success to the company culture and productive R&D engine[2](index=2&type=chunk) - President and COO, Robert A. Michael, noted that first-quarter results were well ahead of expectations, driven by the excellent performance of the ex-Humira growth platform, leading to an increase in the full-year outlook[2](index=2&type=chunk) [Detailed Financial Results](index=2&type=section&id=Detailed%20Financial%20Results) This section provides a comprehensive breakdown of AbbVie's financial performance, including overall metrics and detailed portfolio-level revenue analysis [Overall Performance](index=2&type=section&id=Overall%20Performance) Total net revenues for Q1 2024 were **$12.310 billion**, a **0.7%** reported increase. GAAP operating margin was **22.7%**, while the adjusted operating margin stood at **42.2%**. GAAP diluted EPS was **$0.77**, and adjusted diluted EPS was **$2.31**, which included an unfavorable **$0.08** impact from acquired IPR&D and milestones expense Q1 2024 Financial Performance Summary | Metric | GAAP | Adjusted | | :--- | :--- | :--- | | Net Revenues | $12.310 B | - | | Gross Margin Ratio | 66.7% | 82.9% | | Operating Margin | 22.7% | 42.2% | | Tax Rate | 21.8% | 14.8% | | Diluted EPS | $0.77 | $2.31 | - Both GAAP and Adjusted EPS results include an unfavorable impact of **$0.08** per share related to acquired IPR&D and milestones expense[7](index=7&type=chunk) [Portfolio Performance Analysis](index=2&type=section&id=Portfolio%20Performance%20Analysis) The growth of Skyrizi and Rinvoq in the Immunology portfolio and strong performance in Neuroscience partially offset the decline in Humira revenues due to biosimilar competition and weakness in the Aesthetics portfolio. The Oncology portfolio saw solid growth, bolstered by the new addition of Elahere [Immunology Portfolio](index=2&type=section&id=Immunology%20Portfolio) The Immunology portfolio generated **$5.371 billion** in revenue, a **3.9%** reported decrease. This was driven by a **35.9%** decline in Humira sales due to biosimilar competition, which was significantly offset by strong growth from Skyrizi (**+47.6%**) and Rinvoq (**+59.3%**) Q1 2024 Immunology Portfolio Global Net Revenues | Product | Net Revenues | Change (Reported YoY) | Change (Operational YoY) | | :--- | :--- | :--- | :--- | | **Total Immunology** | **$5.371 B** | **-3.9%** | **-3.1%** | | Humira | $2.270 B | -35.9% | -35.2% | | Skyrizi | $2.008 B | +47.6% | +48.0% | | Rinvoq | $1.093 B | +59.3% | +61.9% | [Oncology Portfolio](index=2&type=section&id=Oncology%20Portfolio) The Oncology portfolio's net revenues grew **9.0%** to **$1.543 billion**. Venclexta sales increased by **14.2%**, while Imbruvica sales declined by **4.5%**. The portfolio also includes **$64 million** in revenue from Elahere following the ImmunoGen acquisition Q1 2024 Oncology Portfolio Global Net Revenues | Product | Net Revenues | Change (Reported YoY) | Change (Operational YoY) | | :--- | :--- | :--- | :--- | | **Total Oncology** | **$1.543 B** | **+9.0%** | **+9.8%** | | Imbruvica | $838 M | -4.5% | -4.5% | | Venclexta | $614 M | +14.2% | +16.3% | | Elahere | $64 M | N/A | N/A | [Neuroscience Portfolio](index=2&type=section&id=Neuroscience%20Portfolio) The Neuroscience portfolio delivered strong growth of **15.9%**, reaching **$1.965 billion** in revenue. Key growth drivers included Vraylar (**+23.6%**), Ubrelvy (**+33.8%**), and Qulipta (**+97.7%**), along with a **4.1%** increase in Botox Therapeutic sales Q1 2024 Neuroscience Portfolio Global Net Revenues | Product | Net Revenues | Change (Reported YoY) | | :--- | :--- | :--- | | **Total Neuroscience** | **$1.965 B** | **+15.9%** | | Botox Therapeutic | $748 M | +4.1% | | Vraylar | $694 M | +23.6% | | Ubrelvy | $203 M | +33.8% | | Qulipta | $131 M | +97.7% | [Aesthetics Portfolio](index=2&type=section&id=Aesthetics%20Portfolio) The Aesthetics portfolio saw a revenue decrease of **4.0%** to **$1.249 billion**. Both Botox Cosmetic (**-3.9%**) and the Juvederm Collection (**-16.4%**) experienced declines in sales Q1 2024 Aesthetics Portfolio Global Net Revenues | Product | Net Revenues | Change (Reported YoY) | Change (Operational YoY) | | :--- | :--- | :--- | :--- | | **Total Aesthetics** | **$1.249 B** | **-4.0%** | **-2.5%** | | Botox Cosmetic | $633 M | -3.9% | -2.6% | | Juvederm | $297 M | -16.4% | -13.7% | [Recent Events and Business Developments](index=4&type=section&id=Recent%20Events%20and%20Business%20Developments) This section outlines AbbVie's recent strategic corporate activities, including leadership changes, mergers and acquisitions, and key regulatory and clinical advancements across its product pipeline [Corporate and M&A](index=4&type=section&id=Corporate%20and%20M%26A) AbbVie announced a CEO transition, with Robert A. Michael succeeding Richard A. Gonzalez. The company completed its acquisition of ImmunoGen, adding the cancer therapy Elahere, and also announced an agreement to acquire Landos Biopharma to strengthen its autoimmune disease pipeline. Strategic partnerships were formed with OSE Immunotherapeutics and Tentarix Biotherapeutics - Announced that President and COO Robert A. Michael will succeed Richard A. Gonzalez as CEO, effective July 1, 2024[8](index=8&type=chunk) - Completed the acquisition of ImmunoGen, adding its flagship antibody-drug conjugate (ADC), Elahere, to the oncology portfolio[9](index=9&type=chunk) - Announced a definitive agreement to acquire Landos Biopharma, gaining its lead investigational asset NX-13 for the treatment of ulcerative colitis[17](index=17&type=chunk) - Entered into strategic partnerships with OSE Immunotherapeutics to develop OSE-230 for inflammation and with Tentarix Biotherapeutics for multi-specific biologics in oncology and immunology[18](index=18&type=chunk) [Regulatory and Clinical Updates](index=4&type=section&id=Regulatory%20and%20Clinical%20Updates) The company achieved several key regulatory and clinical milestones. Elahere received full FDA approval, and Epkinly was granted Priority Review for a new indication. Positive Phase 3 data were reported for Rinvoq in two separate studies (GCA and AD), and long-term efficacy data for Qulipta was presented. Additionally, Juvederm Voluma XC received FDA approval for a new aesthetic application - The FDA granted full approval for Elahere for FRα-positive, platinum-resistant ovarian cancer based on the confirmatory MIRASOL Phase 3 trial[10](index=10&type=chunk) - The FDA granted Priority Review for Epkinly's supplemental Biologics License Application (sBLA) for adult relapsed or refractory follicular lymphoma (FL)[11](index=11&type=chunk) - Rinvoq achieved its primary endpoint in the Phase 3 SELECT-GCA study for giant cell arteritis and demonstrated superiority versus Dupixent in the Phase 3b/4 LEVEL UP study for atopic dermatitis[12](index=12&type=chunk)[13](index=13&type=chunk) - Allergan Aesthetics received FDA approval for Juvederm Voluma XC for the improvement of moderate to severe temple hollowing[16](index=16&type=chunk) [Full-Year 2024 Outlook](index=7&type=section&id=Full-Year%202024%20Outlook) This section details AbbVie's updated financial guidance for the full fiscal year 2024, reflecting adjustments based on recent performance and strategic developments [Updated Financial Guidance](index=7&type=section&id=Updated%20Financial%20Guidance) AbbVie raised its full-year 2024 adjusted diluted EPS guidance from the previous range of **$10.97 - $11.17** to a new range of **$11.13 - $11.33**. This updated guidance includes the **$0.08** per share negative impact from IPR&D and milestones expense incurred in the first quarter Full-Year 2024 Adjusted Diluted EPS Guidance | Guidance | Range | | :--- | :--- | | Previous | $10.97 - $11.17 | | **Updated** | **$11.13 - $11.33** | - The updated 2024 guidance includes an unfavorable impact of **$0.08** per share related to acquired IPR&D and milestones expense from Q1 2024[20](index=20&type=chunk) [Financial Statements and Reconciliations](index=9&type=section&id=Financial%20Statements%20and%20Reconciliations) This section provides detailed financial statements, including key product revenues, consolidated earnings, and reconciliations of GAAP to non-GAAP measures, offering transparency into AbbVie's financial reporting [Key Product Revenues](index=9&type=section&id=Key%20Product%20Revenues) This section provides a detailed breakdown of net revenues for key products, segmented by U.S. and international markets. It includes reported and operational percentage changes compared to the prior year, offering a granular view of product performance across geographies - The table details revenues for all major products, including Humira, Skyrizi, Rinvoq, Imbruvica, Venclexta, Botox, and Vraylar, showing their respective contributions and growth trends[28](index=28&type=chunk) [Consolidated Statements of Earnings](index=10&type=section&id=Consolidated%20Statements%20of%20Earnings) This statement presents AbbVie's income statement for the first quarter of 2024 compared to the same period in 2023, prepared in accordance with GAAP. It details revenues, costs, operating earnings, and net earnings, culminating in the diluted earnings per share Consolidated Earnings Summary (GAAP) | (in millions) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net revenues | $12,310 | $12,225 | | Operating earnings | $2,798 | $2,768 | | Net earnings attributable to AbbVie | $1,369 | $239 | | Diluted EPS | $0.77 | $0.13 | [Reconciliation of GAAP to Non-GAAP Measures](index=11&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section provides a detailed reconciliation of reported GAAP financial results to adjusted non-GAAP results for the first quarters of 2024 and 2023. It specifies adjustments for items such as intangible asset amortization, acquisition costs, and changes in contingent consideration to arrive at the non-GAAP figures used in management's analysis and guidance - For Q1 2024, pre-tax GAAP earnings of **$1,755 million** were adjusted by items totaling **$3,083 million** (primarily **$1,891 million** in intangible asset amortization) to reach non-GAAP pre-tax earnings of **$4,838 million**[31](index=31&type=chunk)[34](index=34&type=chunk) - The adjusted tax rate for Q1 2024 was **14.8%**, compared to the GAAP tax rate of **21.8%**[34](index=34&type=chunk)