Shares of AbbVie Inc. (NYS:ABBV) gained 2.0% in premarket trading on Friday after it beat earnings expectations and saw a noticeable jump in pharmaceutical revenue for the first quarter of 2021. The diagnostics company had earnings of $3.5 billion, or $1.99 earnings per share, in the first quarter of 2021, compared with $3.0 billion, or $2.02 earnings per share, in the same quarter a year ago. AbbVie's adjusted earnings per share for the quarter were $2.95, against a FactSet consensus of $2.81. The company generated $13.0 billion in revenue for the quarter in 2021, up from $8.6 billion in the same quarter in 2020. The FactSet consensus was $12.7 billion. Rheumatoid arthritis drug Humira remains AbbVie's top-selling drug with $4.8 billion in sales, up from $4.7 billion in the same quarter a year ago. Botox, the cosmetic filler, had sales of $477 million. AbbVie closed its acquisition of Allergan, which marketed Botox, in May of last year. The company raised its guidance for the year, with adjusted EPS projected to be $12.37 to $12.57 for 2021, from $12.32 to $12.52. AbbVie's stock is up 3.5% for the year, while the S&P 500 (S&P:SPX) has gained 12.1%.
April 30, 2021, 8:45 a.m. EDT