the maker of the best-selling drug of the 21st century, will probably say earnings plummeted in the first quarter after it lost the exclusive right to market Humira, its blockbuster biologic.
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AbbVie shares are tumbling premarket, currently down over 6% after the company reported its first-quarter earnings.
The company reported Q1 EPS of $2.46, in line with the analyst estimate of $2.46, while revenue, which fell more than 9% YoY.
ABBV's sales of Humira came in at $3.54B, below the consensus estimate of $3.58B, according to Reuters, using data from Refinitiv IBES.
Investors will look to newer immunology offerings, Skyrizi and Renvoq, to fill the gap.
AbbvVie is expected to report net income fell 39% year-over-year to $2.72 billion, or $1.55 per share
AbbVie's stock price closed at $161.80. It is up 10.61% in the last 3 months and up 3.51% in the last 12 months.
Rinvoq sales of $686 million missed estimates of $713.7 million in the first quarter, while Skyrizi's sales of $1.36 billion also fell short of expectations of $1.46 billion, according to Refinitiv IBES data.