After a Blowout Quarter, Is AbbVie Stock a Buy?
Pharmaceutical giant AbbVie (NYSE: ABBV) reported earnings recently, beating estimates on revenue and earnings per share. The current state of the company is very impressive and future growth looks promising. The stock might have rallied by 40% in the last year, but let me show you why you should still consider buying into AbbVie at these prices.
AbbVie, along with other major pharmaceutical companies such as Bristol Myers Squibb, Merck, and Pfizer, reported quarterly results recently; it stood out among its peers, beating analyst expectations. In its Q1 2021 earnings, reported April 30, AbbVie brought in $13.01 billion, growing its first-quarter revenues 51% year over year. It also beat earnings-per-share (EPS) estimates according to generally accepted accounting principles (GAAP) by $0.52, reporting quarterly GAAP EPS of $1.99.
There was tremendous growth across many of AbbVie's business lines, mainly in its immunology and aesthetics segments. Revenue from the former came in at $5.7 billion, an increase of nearly 13% year over year. Sales from immunosuppressant Humira increased 3.5% to $4.86 billion, but the growth really came from its newer immunology products, Skyrizi and Rinvoq, which grew sales year over year by 91.1% and 600%, respectively.
Source Fool.com
