AbbVie (ABBV) 2020 Q4 Earnings Report in Focus

AbbVie Inc. (NYSE:ABBV) came into existence in 2013 after getting separated from parent Abbott Laboratories. The company has performed well since going public, mainly by developing an extensive product portfolio, besides establishing a network of research and development centers across the world. AbbVie sells a range of pharmaceutical products to treat different diseases such as neurological and metabolic disorders, as well as chronic autoimmune diseases, among others.

The North Chicago, Illinois-based biopharmaceutical company recently announced better-than-expected financial results for the fourth quarter, mainly driven by higher demand for its key drug Humira.

AbbVie reported earnings of $36 million, or 1 cent per share for the three months ended Dec. 31, as compared to $2.80 billion, or $1.88 per share in the comparable period of 2019. On an adjusted basis, profit rose to $2.92 per share, beating the consensus forecast of $2.85 per share.

Revenue climbed 59.2 percent on a year-over-year basis to $13.86 billion, surpassing the analysts’ average estimate of $13.70 billion. Quarterly revenue for Humira jumped 4.8 percent to $5.2 billion, above the consensus forecast of $5.11 billion. Humira has been the top-performing drug for AbbVie, significantly contributing to the growth of the company over the years.

CEO Richard Gonzalez said in a statement, “We successfully completed the transformative Allergan acquisition and delivered another year of strong results in 2020, despite the challenges presented by the global pandemic. Based on our broad portfolio of diversified growth assets and the robust momentum of our business, we expect impressive growth again in 2021.”

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AbbVie expects to report an adjusted profit in the range of $12.32 per share to $12.52 per share for 2021, above the analysts’ average estimate of $12.20 per share.