AbbVie tops fourth-quarter estimates by 3%
- Records $14.89 billion in revenue in the fourth quarter
- Reports $6.46 Diluted EPS on a GAAP basis for the full financial year of 2022
- Announces FDA approval of Rinvoq
AbbVie (NYSE: ABBV) reports $3.31 EPS in the fourth quarter, which tops the $3.28 analyst estimate by $0.03. However, the company recorded $14.89 billion in revenue in the same quarter, a little less than the $14.95 billion consensus estimate. It saw full-year EPS of $14-$14.20 in 2022, which also topped the $13.99 consensus estimate.
AbbVie topples Q4 consensus earnings estimates.
The company recorded $6.46 Diluted EPS on a GAAP basis for the full financial year of 2022, representing a 137.1% increase. The $12.70 Adjusted Diluted EPS it reported for the same fiscal year represented a 20.3% increase. AbbVie’s Chief Executive Officer and Chairman, Richard Gonzalez, said:
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We delivered another year of outstanding performance in 2021 with double-digit revenue and EPS growth that were well above our initial expectations.
The CEO continued on:
We are entering 2022 with significant momentum and expect our diverse set of growth assets, robust pipeline and excellent execution to deliver continued strong performance this year and over the long term.
Key financial and business highlights
AbbVie reported $14.8 billion in global net revenues, representing a 7.4% increase on a reported basis. The company immunology sector brought in worldwide net revenues of about $6.7 billion, representing a 13.2% increase on a reported basis. In addition, worldwide Humira net revenue came to around $5.3 billion, representing a 3.4% increase on both an operational and reported basis.
The company also recently announced that the FDA approved its Rinvoq product for treating severe to moderate AD (atopic dermatitis in children aged 12 and above as well as adults. The FDA approval includes a pair of dose strengths, 30mg and 15mg, once every day, and is supported by safety and efficacy information from the Phase III programs for atopic dermatitis with over 2,500 people analyzed across 3 studies.
AbbVie also announced the FDA approval of its Skyrizi product designed to treat people with active PsA. This FDA approval is supported by a pair of Phase III clinical trials where the product showcased solid improvements in joint symptoms, including painful, tender and swollen joints. This first milestone is what encouraged the second approval for the trial drug.
The company’s mission is to deliver and discover innovative treatments that solve serious health conditions.