AbbVie 1Q EPS Tops Estimates, Updates Full Year EPS Guidance Below Expectations

AbbVie Inc

reported net earnings of $1.35 billion for the first quarter, up 32.5% from $1.02 billion in the previous year quarter. Similarly, its earnings grew 32.8% to $0.83 a share from $0.63 a share in the comparable quarter. Excluding items, its earnings would have advanced 22.3% to $1.15 a share from $0.94 a share, and came in $0.02 a share above the Street analysts' expectations. AbbVie's net revenues increased 18.2% to $5.96 billion from $5.04 billion in the year-ago quarter, which was slightly below the analysts' expectations of $5.97 billion. Commenting on the results, the company's Chairman and CEO, Richard Gonzale, said that "AbbVie delivered strong first-quarter results, including significant revenue and EPS growth, and margin expansion. In addition to our strong financial performance, we also continue to advance several strategic priorities, including the addition of two highly compelling late-stage pipeline assets through the Stemcentrx acquisition and BI collaboration." The CEO continued to say that "We also secured two important approvals with the expansion of the IMBRUVICA label into first-line CLL and the recent approval of Venclexta. We expect 2016 to be a year of top-tier financial performance for AbbVie and we're off to an exceptional start." Going forward, AbbVie said that it updated its adjusted earnings outlook to $4.62 - $4.82 a share, which included the impact from Stemcentrx acquisition. The company said that it reflected a projected 10% growth at the midpoint. However, that was below the Street analysts expectations of $4.97 a share. Following this, shares of the company traded 2.8% down in the pre-market on Thursday.