AbbVie (NYSE:ABBV) is poised to announce its Q3 2023 results on Thursday, October 27, following a previous quarter that saw an earnings surprise of 4.30%. This announcement comes as the company's immunology drugs, Skyrizi and Rinvoq, continue to show robust sales performance. Notably, Skyrizi has proven superior over competitors Otezla and Stelara in treating plaque psoriasis and Crohn’s disease.
Zacks Consensus Estimate projects Skyrizi sales at $2.14 billion and Rinvoq at $2.10 billion for the quarter. Sales of Humira, another key product in AbbVie's portfolio, are estimated to reach $3.49 billion.
The company's collaborations with Johnson & Johnson and Roche in the hematologic oncology segment have resulted in mixed outcomes. While sales of Imbruvica are declining due to the introduction of novel oral therapies, Venclexta sales are on the rise with new patient starts.
In the aesthetics franchise, recovery is anticipated with Botox and Juvederm sales estimated at $1.31 billion and $1.33 billion respectively. The neuroscience franchise is also seeing growth with recently approved migraine drugs Ubrelvy and Qulipta, which are projected to reach sales of $1.97 billion and $1.98 billion.
AbbVie's latest hematological cancer drug Epkinly (known as Tepkinly in Europe) recently received approval from the European Commission for treating adults with relapsed or refractory DLBCL. Additionally, Aquipta (known as Qulipta in the U.S.), a preventive treatment for migraines, also received recent approval.
According to InvestingPro data, AbbVie's market cap is $258.1 billion, with a P/E ratio of 30.04 and an adjusted P/E ratio for LTM2023.Q2 of 16.54. The company's revenue for LTM2023.Q2 is $56.02 billion, representing a decrease in revenue growth of -2.31% for the same period. The company's gross profit for LTM2023.Q2 stands at $39.48 billion, with an operating income of $20.45 billion.
Despite this positive news, AbbVie's Earnings ESP stands at -0.31%, indicating a lower Most Accurate Estimate than the Zacks Consensus Estimate. This comes with a current Zacks Rank #3. AbbVie shares have lost 9.5% year to date, contrasting with the industry's growth of 4.6%.
In comparison to other large-cap biotech stocks, Amgen (NASDAQ:AMGN) has risen 6.2% year to date, while AstraZeneca (NASDAQ:AZN) and Merck have lost 5.9% and 7.5% respectively.
InvestingPro Tips highlights that AbbVie is a prominent player in the Biotechnology industry with high earnings quality, as its free cash flow exceeds net income. The company also yields a high return on invested capital and has raised its dividend for 11 consecutive years. However, 7 analysts have revised their earnings downwards for the upcoming period. For more insightful tips, visit InvestingPro, which offers an additional 15 tips for AbbVie.
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