AbbVie Trumps Q3 Earnings & Sales Estimates, Raises '24 EPS View

Core Viewpoint - AbbVie Inc. reported strong third-quarter earnings and revenue growth, driven by robust sales of key drugs, despite a significant decline in Humira sales due to loss of exclusivity [1][5][6]. Financial Performance - Adjusted earnings per share for Q3 2024 were $3.00, exceeding the Zacks Consensus Estimate of $2.92 and the company's prior guidance of $2.88-$2.92, reflecting a 1.7% year-over-year increase [1]. - Revenues reached $14.46 billion, surpassing the Zacks Consensus Estimate of $14.28 billion, with a reported sales increase of 3.8% year-over-year and 4.9% on an operational basis [1][2]. Drug Sales Performance - Key drugs driving revenue included Rinvoq ($1.61 billion, up 47.4%), Skyrizi ($3.21 billion, up 51.5%), and contributions from newer drugs like Ubrelvy, Elahere, Epkinly, and Qulipta [2][3][4]. - Humira sales declined 36.5% to $2.23 billion, with U.S. sales down 41.6% to $1.77 billion, missing estimates due to loss of exclusivity [5][6]. - Neuroscience portfolio sales increased 16% to $2.36 billion, driven by Botox Therapeutic and Vraylar, with sales exceeding estimates [7]. - Oncology/hematology sales rose 13% to $1.69 billion, supported by Elahere and Venclexta, also beating estimates [8]. Cost and Guidance - Adjusted SG&A expenses were flat at $3.33 billion, while adjusted R&D expenses increased 19.8% year-over-year to $2.06 billion [14]. - AbbVie raised its 2024 adjusted EPS guidance to a range of $10.90-$10.94, up from the previous guidance of $10.67-$10.87 [15].