AbbVie’s stock gains on Q4 results

Shares of AbbVie Inc.
ABBV,
+2.83%
gained 2.4% in premarket trading on Thursday after the company beat earnings expectations for the fourth quarter of 2022. AbbVie had a profit of $2.4 billion, or $1.38 per share, in the fourth quarter of 2022, down from $4.0 billion, or $2.26 per share, in the same quarter in 2021. Adjusted earnings per share came in at $3.60, against a FactSet consensus of $3.56. The company reported $15.1 billion in sales for the fourth quarter, up from $14.8 billion in same three months of the prior year. The FactSet consensus was $15.3 billion. Humira, long its top-selling drug, had nearly $5.6 billion in sales, against a FactSet consensus of $5.5 billion. Amgen
AMGN,
-0.08%
in late January launched the first biosimilar competitor to Humira, a move that will likely impact Humira’s sales in the first quarter of 2023. In the aesthetics business, Botox sales came in higher-than-expected at $642 million, and sales of the dermal filers brand Juvederm were lower, at $322 million. AbbVie said it expects adjusted EPS of $10.70 to $11.10 in 2023. The FactSet consensus is $11.73. AbbVie’s stock is down 2.0% since the start of the year, while the broader S&P 500
SPX,
-0.88%
has gained 7.4%.