AbbVie reported on Friday first quarter earnings that beat analysts’ forecasts and revenue that fell short of expectations.

AbbVie announced earnings per share of $3.16 on revenue of $13.54B. Analysts polled by Investing.com anticipated EPS of $3.14 on revenue of $13.67B.

AbbVie shares are down 14.31% from the beginning of the year, still down 11.14% from its 52 week high of $175.91 set on April 8. They are under-performing the S&P 500 which is down 10.04% from the start of the year. AbbVie shares gained 0.99% in pre-market trade following the report.

AbbVie’s report follows an earnings beat by UnitedHealth on April 14, who reported EPS of $5.49 on revenue of $80.15B, compared to forecasts EPS of $5.36 on revenue of $78.73B.

Richard A. Gonzalez, chairman and chief executive officer, AbbVie, said:

This year is off to a strong start. Our first quarter results highlight the diversity of our portfolio and include compelling performance from key growth drivers Skyrizi, Rinvoq, Aesthetics and Neuroscience. Our momentum combined with ramping contributions from new products and new indications will drive accelerating revenue and EPS growth through the rest of the year.

Financial highlights

• Reports First-Quarter Diluted EPS of $2.51 on a GAAP Basis, an Increase of 26.1 Percent; Adjusted Diluted EPS of $3.16, an Increase of 9.3 Percent; These Results Include an Unfavorable Impact of $0.08 Per Share related to Acquired IPR&D and Milestones Expense

• Delivers First-Quarter Net Revenues of $13.538 Billion, an Increase of 4.1 Percent on a Reported Basis and 5.4 Percent Operationally

• First-Quarter Global Net Revenues from the Immunology Portfolio Were $6.141 Billion, an Increase of 6.9 Percent on a Reported Basis, or 8.1 Percent on an Operational Basis; U.S. Humira Net Revenues Were $3.993 Billion, an Increase of 2.2 Percent; Internationally, Humira Net Revenues Were $743 Million, a Decrease of 22.6 Percent on a Reported Basis, or 17.9 Percent on an Operational Basis, Due to Biosimilar Competition; Global Skyrizi Net Revenues Were $940 Million; Global Rinvoq Net Revenues Were $465 Million

• First-Quarter Global Net Revenues from the Hematologic Oncology Portfolio Were $1.646 Billion, a Decrease of 1.6 Percent on a Reported Basis, or 0.6 Percent on an Operational Basis; Global Imbruvica Net Revenues Were $1.173 Billion, a Decrease of 7.4 Percent, with U.S. Net Revenues of $874 Million and International Profit Sharing of $299 Million; Global Venclexta Net Revenues Were $473 Million

• First-Quarter Global Net Revenues from the Neuroscience Portfolio Were $1.488 Billion, an Increase of 19.2 Percent on a Reported Basis, or 20.4 Percent on an Operational Basis; Global Botox Therapeutic Net Revenues Were $614 Million; Vraylar Net Revenues Were $427 Million

• First-Quarter Global Net Revenues from the Aesthetics Portfolio Were $1.374 Billion, an Increase of 20.5 Percent on a Reported Basis, or 22.5 Percent on an Operational Basis; Global Botox Cosmetic Net Revenues Were $641 Million; Global Juvederm Net Revenues Were $410 Million

• Updates 2022 Adjusted Diluted EPS Guidance Range from $14.00 – $14.20 to $13.92 – $14.12, which Includes an Unfavorable Impact of $0.08 Per Share Related to Acquired IPR&D and Milestones Expense Incurred During the First Quarter 2022

Source AbbVie Reports First-Quarter 2022 Financial Results

About AbbVie

AbbVie’s mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people’s lives across several key therapeutic areas: immunology, oncology, neuroscience, eye care, virology and gastroenterology, in addition to products and services across our Allergan Aesthetics portfolio.