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July 31, 2020, 8:14 a.m. EDT

AbbVie shares rises on strong Q2, though cosmetic Botox sales tumbled 43%

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By Jaimy Lee

Shares of AbbVie Inc. /zigman2/quotes/202428675/composite ABBV +0.54% were up 1.9% in premarket trading on Thursday after the drugmaker beat expectations for the quarter. The company had a loss of $739 million, or 46 cents per share, in the second quarter of 2020. It had reported a gain of $807 million, or 49 cents a share, in the same quarter in 2019. Adjusted earnings per share were $2.34, ahead of the FactSet consensus of $2.20. Sales increased to $10.4 billion in the quarter compared with $8.2 billion in the period a year ago. The FactSet consensus for revenue for the quarter was $9.9 billion. The increase in sales was driven in part by strong performance from its immunology business, which includes its top-selling drug, Humira. The immunology business saw revenue rise by 8.1% to $5.1 billion over the last three months. AbbVie in early May closed its acquisition of Allergan; it also said that sales of the cosmetic filler Botox, a longtime Allergan brand, tumbled 43.1% to $226 million as a result of the COVID-19 pandemic. It issued EPS guidance, including Allergan, for 2020 of $4.12 to $4.22. AbbVie's stock has gained 8.4% since the start of the year, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.12% is up 0.5%.

/zigman2/quotes/202428675/composite
US : U.S.: NYSE
$ 90.11
+0.48 +0.54%
Volume: 10.08M
Sept. 18, 2020 4:03p
P/E Ratio
19.17
Dividend Yield
5.24%
Market Cap
$158.18 billion
Rev. per Employee
$1.09M
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/zigman2/quotes/210599714/realtime
US : S&P US
3,319.47
-37.54 -1.12%
Volume: 4.09B
Sept. 18, 2020 5:15p
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