The North Chicago, Ill.-based biopharmaceutical company, reported revenues of $13.9 billion — a 59% increase over the prior year. The quarter’s net income was $36 million, or $0.01 per share. That was considerably less than the earnings of $2.8 billion, or $1.88 per share, in Q4 2019.
Adjusted earnings per shares for the quarter were $2.92, which was $0.08 higher than the midpoint of its guidance. The results beat analysts’ consensus estimate of $2.85 per share on revenue of $13.72 billion.
The company’s performance was driven by double-digit growth from its immunology, hematology-oncology and neuroscience segments. The company’s Botox line achieved 9% growth, “demonstrating a rapid recovery,” according to AbbVie CEO Rick Gonzalez.
AbbVie’s acquisition of Allergan, which was formalized last year, bolstered its neuroscience portfolio. “The newly combined neuroscience franchise delivered nearly $4.9 billion in comparable 2020 revenue and is expected to grow double digits in 2021,” Gonzalez said.
The company said it expects earnings per share for 2021 to fall within $12.32 and $12.52, which is higher than the consensus forecast of $12.22.
Since the Q4 earnings announcement, the company’s stock has increased from $105.98 to $108.47 per share, a 2.4% increase.