艾伯维(ABBV.US)Q2上调EPS指引2% 大摩绩后力挺维持“增持”评级

Core Viewpoint - Morgan Stanley's recent update on AbbVie Inc. (ABBV.US) indicates that the company's Q2 2025 revenue and EPS exceeded expectations, with revenue reaching $15.423 billion (up 7% year-over-year) and EPS at $2.97 (up 12% year-over-year) [1][2] Financial Performance - Q2 2025 revenue was $15.423 billion, surpassing the consensus estimate of $15 billion by 3% and aligning with Morgan Stanley's expectation [1][2] - Operating profit was $6.8 billion, exceeding the consensus estimate of $6.6 billion by 4%, but falling short of Morgan Stanley's forecast of $7 billion by 2% [1][2] - EPS was reported at $2.97, which was 3% higher than the consensus estimate of $2.88 but 1% lower than Morgan Stanley's expectation of $3.00 [1][2] Product Performance - Global sales of immunology products totaled $7.63 billion, exceeding both Morgan Stanley's and consensus expectations [2] - Skyrizi generated $4.423 billion in sales, surpassing the expected $4.334 billion by $589 million, reflecting a 2% increase [3] - Rinvoq's sales were $2.028 billion, matching the consensus estimate [3] - Humira's U.S. sales were $802 million, falling short of the consensus estimate of $1 billion [2][4] Guidance and Adjustments - AbbVie raised its 2025 EPS guidance to a range of $11.88-$12.08, up from the previous range of $11.67-$11.87, with a midpoint of $11.98, which is consistent with the consensus estimate of $11.95 but 4% lower than Morgan Stanley's forecast of $12.45 [1][2] - The adjusted EPS for Q2 was projected at $2.84-$2.88, accounting for a $0.42 impact from R&D expenses [2] Year-over-Year Growth - Year-over-year growth for Q2 included a 7% increase in revenue, 6% in gross profit, 11% in operating profit, 9% in pre-tax profit, 12% in net profit, and 12% in EPS [2]