Shares of AbbVie (NYSE: ABBV) gained in morning trading after the biopharma company reported Q4 adjusted earnings of $3.60, up 16.9% year-over-year and exceeding consensus estimates of $3.56 per share.
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Revenues increased by 1.6% year-over-year to $15.12 billion, missing Street estimates by $180 million.
However, the company’s FY23 outlook fell short of consensus estimates with adjusted diluted earnings expected to be in the range of $10.70 to $11.10 per share versus the consensus of $11.68.
Richard Gonzalez, AbbVie’s Chairman, and CEO commented, “Looking forward, we have a solid foundation which will allow us to absorb the U.S. Humira loss of exclusivity, return to strong top-line growth in 2025 and drive top-tier financial performance over the long term.”
Gonzalez was referring to the loss of patent protection that ABBV’s rheumatoid arthritis drug, Humira, faces in Europe and is facing rising competition from biosimilars in the United States. However, this drug still raked in global revenues of $5.58 billion in Q4, up 4.6% year-over-year.
Overall, analysts are cautiously optimistic about ABBV stock with a Moderate Buy consensus rating based on seven Buys, four Holds, and one Sell.
