Headline results for the second quarter:
Note: All changes are versus the prior-year period unless otherwise stated
What the company said:
"AbbVie delivered another strong quarterly performance, ahead of our guidance," commented CEO Richard Gonzalez. He noted that "the adverse impact from COVID-19 on legacy AbbVie was less than expected…and new patient starts have stabilised and started to recover."
Meanwhile, the executive indicated that the integration of Allergan, whose $63-billion acquisition was finalised in May, is "going well, with a strong recovery in the aesthetics portfolio and accretion ahead of expectations."
· Immunology: $5.3 billion, up 8.1%
· Haematologic oncology: $1.6 billion, up 25.5%
· Aesthetics: $481 million, down 47.9% on a "comparable operational" basis based on Allergan's prior-year results
· Neuroscience: $734 million
· Eye care: $417 million
· Women's health products: $147 million
· Mavyret: $376 million, down 51.7%
AbbVie said it expects to see continued recovery in the second half of the year as its total business had already recovered to more than 90% of pre-COVID-19 levels by the end of June. Gonzalez noted that since the end of June, the "vast majority of our aesthetics accounts have reopened in the US, and we're seeing considerable pent-up demand."
In May, AbbVie forecasted that earnings for the full-year would be in the range of $9.61 to $9.71 per share. It is now projecting combined company adjusted earnings of $10.35 to $10.45 per share, representing an 11% annualised net accretion from the Allergan deal. The forecast includes the results of Allergan from May 8, when the buy-out was finalised, through to December 31.
What analysts said:
Commenting on the results, Mizuho analyst Vamil Divan said the aesthetics unit and Botox were holding up better through COVID-19 than the brokerage had expected.
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