Ex-Humira Growth Platform Drives AbbVie's Q1 Performance, Drugmaker Lifts Annual Profit Outlook
Portfolio Pulse from Vandana Singh
AbbVie Inc (NYSE:ABBV) reported a Q1 adjusted EPS of $2.31, surpassing consensus estimates and raising its 2024 adjusted EPS guidance. Despite a decline in Humira sales due to biosimilar competition, growth was driven by strong performances in its ex-Humira portfolio, including Skyrizi and Rinvoq. AbbVie also completed the acquisition of Landos Biopharma Inc (NASDAQ:LABP) for approximately $137.5 million. Shares of ABBV fell 3.41% to $161.58.
April 26, 2024 | 1:54 pm
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POSITIVE IMPACT
Landos Biopharma was acquired by AbbVie for approximately $137.5 million, indicating a strategic move to enhance AbbVie's portfolio.
The acquisition of Landos Biopharma by AbbVie represents a strategic enhancement to AbbVie's portfolio, particularly in the context of diversifying beyond Humira. This move could potentially open new revenue streams and strengthen AbbVie's position in the biopharmaceutical sector.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
AbbVie reported higher than expected Q1 earnings and raised its 2024 EPS guidance, driven by strong sales in its ex-Humira portfolio. However, shares dropped 3.41%.
Despite AbbVie's positive earnings report and raised guidance, the stock price fell, likely due to market reactions to broader challenges or profit-taking. The strong performance of Skyrizi and Rinvoq, alongside the acquisition of LABP, underscores AbbVie's strategic shift towards its ex-Humira growth platform, which could have long-term benefits.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100