AbbVie (NYSE:ABBV) shares took a hit today despite second-quarter results that topped the consensus forecast.
The North Chicago-based company posted profits of $769 million, or 42¢ per share, on sales of $14 billion for the three months ended June 30, 2021, marking a massive bottom-line gain from losses of -$739 million last year on sales growth of 33.9%.
Adjusted to exclude one-time items, earnings per share were $3.11, 2¢ ahead of Wall Street, where analysts were looking for sales of $13.6 billion.
“AbbVie delivered another strong quarter and our business continues to perform extremely well across the portfolio, with AbbVie’s new immunology assets contributing more than $1 billion of combined sales in the quarter,” AbbVie chairman & CEO Richard A. Gonzalez said in a news release. “The Allergan integration also continues to track exceptionally well, with both the neuroscience and aesthetics portfolios delivering double-digit sequential growth. Based upon the momentum of our business, we are raising our full-year 2021 EPS guidance and believe AbbVie is very well positioned for the long term.”
AbbVie said it now expects to log full-year adjusted EPS of between $12.52 and $12.62, an increase from previous projections of $12.37 to $12.57.
ABBV shares were down -1.5% $117.09 in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.4%.