AbbVie cites growth of immunology business in the second quarter

An earlier version of this report incorrectly cited AbbVie’s updated EPS guidance for 2021. It has been corrected.

AbbVie Inc.
ABBV,
-1.12%

beat expectations for the second quarter of 2021, driven largely by gains in its immunology business. The drug maker had earnings of $766 million, or 42 cents per share, in the second quarter of 2021. It had a loss of $738 million, or 46 cents per share, in the same quarter a year ago. Adjusted earnings per share were $3.11, against a FactSet consensus of $3.08. AbbVie said its revenue jumped to $13.9 billion for the quarter, up from $10.4 billion in the same period a year ago. The FactSet consensus was $13.6 billion. The company said sales of several marquee drugs increased in the second quarter, including arthritis therapy Humira to $5.0 billion and Botox Cosmetic, which the drug maker gained as part of its acquisition of Allergan, to $584 million. The company updated its guidance for the year, saying it now expects EPS of $6.04 to $6.14, compared with past guidance of $7.27 to $7.47. It also updated guidance for adjusted EPS and now expects a range of $12.52 to $12.62, compared with previous guidance of $12.37 to $12.57. AbbVie’s stock is up 10.4% so far this year, while the broader S&P 500
SPX,
-0.41%

is up 17.6%.

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