- By Alberto Abaterusso
AbbVie Inc. (ABBV) released its second-quarter 2017 financial results yesterday, July 28.
The U.S. pharmaceutical company, an Abbott Laboratories (ABT) spinoff, closed the quarter with non-GAAP EPS - on a diluted basis - of $1.42, a 12.7% increase from the comparable quarter of 2016. The company beat analysts' expectations by two cents, generating a positive 1.43% surprise.
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The intrinsic value of ABBV
Source: Yahoo Finance
The average analyst forecasted an EPS of $1.4, ranging between a low of $1.35 and a high of $1.42. The operating income for the quarter was $2.674 billion, a 12% increase from $2.387 billion in the same quarter of the previous year. The net income was $1.915 billion at the end of the second quarter of 2017 versus net income of $1.610 billion at the end of second-quarter 2016. Non-GAAP net income - adjusted to one-time charges - was $2.837 billion, up 24% from the comparable quarter of 2016.
Revenue came in at $6.944 billion, a 7.6% increase on a year-over-year basis. The American pharmaceutical company beat expectations by $14 million.
Source: Yahoo Finance
The average analyst forecasted AbbVie's revenue would come in at $6.93 billion, ranging between a low of $6.87 billion and a high of $7.01 billion. For the next quarter, analysts forecast revenue will come in at $6.9 billion on average. For the year, analysts expect an 8.60% increase to $27.77 billion from $25.56 billion of full fiscal 2016.
Total sales of Humira, the company's flagship drug and used mainly as a treatment for rheumatoid arthritis patients, were $4.716 billion, up 13.7% year over year. Imbruvica, the company's drug used in the treatment for marginal zone lymphoma (MZL), generated sales of $626 million, up 42.6% on a year-over-year basis. Viekira Pak, a drug used for the treatment of people infected with hepatitis C, sales were down 46.4% at $225 million. Sales of Lupron, which treats men with prostate cancer and women with endometriosis, were $210 million, down 3.8% on a year-over-year basis. Creon, a drug prescribed to patients suffering from exocrine pancreatic insufficiency (EPI), sales were up 9.5% year over year at $196 million. Synthroid, a treatment for hypothyroidism and goitre, generated sales of $193 million, up 2.3% year over year. Sales of AndroGel, the company's product for the treatment of hypogonadism, were $154 million, down 10.3% year over year. Kaletra, an antiretroviral drug used for the treatment of hiv positive people, sales were $110 million, down 24.7% year over year. Sales of Sevoflurane, an anaesthetic ether, were $104M, down 8% year over year.