AbbVie (NYSE:ABBV) shares are tumbling premarket, currently down over 6% after the company reported its first-quarter earnings, which saw it report in-line profits and a revenue beat but miss sales estimates for some of its major drugs.
The company reported Q1 EPS of $2.46, in line with the analyst estimate of $2.46, while revenue, which fell more than 9% YoY, came in at $12.23 billion, topping the consensus estimate of $12.18 billion.
However, ABBV's sales of Humira came in at $3.54B, below the consensus estimate of $3.58B, according to Reuters, using data from Refinitiv IBES. In addition, Rinvoq's revenues were $686M, which Reuters reported was lower than the consensus estimate of $713.7M.
Nevertheless, ABBV chairman and chief executive officer Richard Gonzalez struck a positive tone: "This year is off to an excellent start, with first-quarter revenues and EPS ahead of our expectations, driven by strong commercial execution across all areas of our diversified portfolio."
Looking ahead, the company sees FY2023 earnings between $10.72 and $11.12 per share versus the consensus of $10.94.