AbbVie (ABBV 0.25%) reported its first-quarter results before the market opened on Friday, announcing revenue that rose 10.1% year over year to $8.62 billion. That result topped the average analysts' estimate of $8.33 billion. The giant drugmaker's adjusted diluted earnings were $2.42 per share, a solid increase from $2.14 per share in the prior-year period, and well above analysts' consensus estimate of $2.25 per share.
Humira still leading the way
Sales of immunology drug Humira rose 5.8% year over year to $4.7 billion and accounted for nearly 55% of AbbVie's total revenue. International sales for the drug slid 14.9% $1.05 billion due to biosimilar competition. However, strength in the U.S. market, where sales jumped 13.7% to $3.7 billion, more than offset that decline.
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AbbVie's new immunology drugs Skyrizi and Rinvoq also gained significant momentum. Skyrizi generated sales of $300 million in the quarter and Rinvoq raked in $86 million.
Blood cancer drug Imbruvica continued to perform well, with sales soaring 20.6% year over year to $1.2 billion. Sales for another blood cancer drug, Venclexta, more than doubled year over year to $317 million.
One notable weak spot for AbbVie in the first quarter was its hepatitis C virus franchise, where sales plunged 30.8% year over year to $564 million.
Guidance
AbbVie lowered its 2020 earnings per share guidance based on generally accepted accounting principles (GAAP) from a range of $7.66 to $7.76 to a range of $7.60 to $7.70. However, it confirmed its full-year adjusted EPS guidance of between $9.61 and $9.71. The company projects adjusted EPS in the second quarter of between $2.10 and $2.16.
