AbbVie Stock Hits Record High on Demand for Non-Humira Portfolio

AbbVie (ABBV) shares traded astatine an all-time precocious Thursday arsenic nan biopharmaceutical patient posted better-than-expected gross and boosted its guidance arsenic request for its different narcotics offset a diminution successful Humira sales.

The institution reported second-quarter gross accrued 4.3% year-over-year to $14.46 billion, supra nan statement estimate of $14.02 cardinal of analysts polled by Visible Alpha. Adjusted earnings per stock (EPS) declined 8.9% to $2.65, a tick beneath estimates.

Sales of its rheumatoid arthritis (RA) treatments Rinvoq and Skyrizi soared 55.8% and 44.8%, respectively, bringing successful a full of $4.16 billion. That helped offset nan diminution successful Humira, which posted a driblet of 29.8% to $2.81 billion. Humira income person been dragged down by title from respective biosimilar medicines that person precocious entered nan market. 

Sales roseate for its narcotics successful Oncology (+10.5%), Aesthetics (+0.5%), Neuroscience (+14.7%), and what it calls Other Key Products (+1.6%). Eye Care merchandise income fell 13.3%.

'Significant Momentum of our Ex-Humira Growth'

Chief Executive Officer (CEO) Robert Michael explained that AbbVie’s "significant momentum of our ex-Humira growth" will thief it "deliver our top-tier semipermanent outlook."

The institution raised its full-year adjusted EPS to a scope of $10.71 to 10.91 from nan earlier $10.61 to $10.81.

Shares of AbbVie were up 3% to $181.57 arsenic of 1:15 p.m. ET Thursday aft earlier hitting a grounds $186.11. They are up astir 17% year-to-date.