AbbVie Shares Close Down 4.6%, Sees Additional Humira Volume Erosion in 2Q
By Sabela Ojea
Shares of AbbVie lost 4.6% to close at $159.62 on Friday after the company warned about the effects of losing the exclusivity of its patent for the arthritis medication Humira, the highest-grossing drug ever.
The drugmaker guided for second-quarter revenue of $14 billion, reflecting a step-up in volume erosion from Humira due to an increase in competition. The second and fourth quarter are usually known for having the highest levels of volume.
The North Chicago, Ill.-based company's full-year outlook is in line with its guidance at the beginning of the year, Chief Commercial Officer Jeffrey Ryan Stewart said on a call with analysts.
"We are not saying that volume is worse than we originally guided. We're saying this is tracking in line with our expectations," Chief Executive Robert Michael said.
In the first quarter, AbbVie reported a 36% drop in Humira-related revenue, driving a 3.9% decline in revenue coming from its immunology portfolio. Despite this, its quarterly topline performance rose from gains elsewhere and the company raised its annual adjusted earnings guidance.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
April 26, 2024 16:53 ET (20:53 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing