Abbvie posted strong sales growth in Q1
Author: Stock Analyst Date: 2021/05/11
One of the largest US pharmaceutical companies, Abbvie, released its financial results for the 1st quarter of 2021 on Friday, April 30. The cleared EPS for January-March amounted to $ 2.95 (+21.9 y / y), which was higher than the consensus of Reuters analysts of $ 2.83.
The company recorded sales growth for all key drugs: Humira (+ 3.5% YoY), Skyrizi (+ 91.5% YoY) and Imbruvica (+ 2.9% YoY). “We have a great start in 2021 with strong performance across the main therapeutic areas, and first quarter revenue and earnings exceeded our expectations,” said Richard A. Gonzalez, Chairman and CEO of AbbVie.
"Our new products are showing impressive performance and we are on the cusp of potential commercial approvals for over a dozen new products or indications over the next two years, including five pending approvals in 2021." In addition, Abbvie continues to actively develop its existing business through acquisitions. On May 8, it was reported that Allergan Aesthetics will acquire medical equipment company Soliton for $ 550 million in order to further expand its portfolio in the body shaping segment.
Our recommendation dated 03/05/2021 to “buy” ABBV shares with a target of $ 120.09 has already brought investors more than 10% profitability and retains the potential of 3.33% of the current quotes.