Will Humira, Cancer Drugs Drive AbbVie (ABBV) Q2 Earnings?

AbbVie, Inc.’s ABBV flagship product, Humira sales are likely to have decelerated in the second quarter, given the launch of biosimilars in international markets, especially Europe. The drug is approved for several inflammatory indications and generates more than half of the company’s revenues. Meanwhile, in the United States, market growth across all indications and COVID-19 related stocking benefited sales of Humira in the first quarter. However, in the second quarter, COVID-19 benefits of the first quarter are likely to have reversed. Meanwhile, U.S. Humira sales are likely to have been hurt by fewer new patient starts as Humira is a physician administered drugs and fewer patients visited doctors amid the pandemic.

The Zacks Consensus Estimate for Humira stands at $4.52 billion. The Zacks Consensus Estimate for U.S. sales is pegged at $3.67 billion while that for international sales is $848 million.

AbbVie’s stock has risen 9.7% this year so far against a decrease of 0.2% for the industry



New immunology drugs, Skyrizi and Rinvoq are likely to have contributed to top-line growth. The Zacks Consensus Estimate for Skyrizi is $331 million.

Sales of its key oncology medicine, Imbruvica were driven by continued penetration for patients with CLL as well as COVID-19 related stocking benefit in the first quarter. However, like Humira, Imbruvica is also a physician administered drug and sales are likely to have been hurt by fewer new patient starts in the second quarter. The drug is marketed in partnership with J&J JNJ globally. The Zacks Consensus Estimate for the drug is pegged at $1.31 billion, comprising sales of $1.09 billion in the United States and $249 million of international profit sharing with J&J.

Sales of another leukemia drug, Venclexta, are gaining from continued share gains across all approved indications since the past few quarters. However, lower new patient utilization as Venclexta is a hospital-based treatment, could be reflected in the second-quarter performance. AbbVie markets Venclexta in partnership with Roche RHHBY. The Zacks Consensus Estimate for the drug is pegged at $296 million.

Sales of other drugs like Duodopa, Creon, Synthroid, and Lupron are likely to have increased in the quarter.

However, sales of AbbVie’s new HCV drug, Mavyret are likely to have been hurt by lower patient volumes in certain international markets and competitive dynamics in the United States. The trend is expected to have continued in the second quarter. The Zacks Consensus Estimate for the HCV segment, mainly comprising Mavyret, stands at $602 million.

AbbVie expects the COVID-19 crisis to have significantly impactedits second-quarter business.

AbbVie sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.  

Another top-ranked drugmaker is AstraZeneca plc AZN, which carries a Zacks Rank #2 (Buy). Its earnings estimates for 2020 and 2021 have risen 1% and 1.6%, respectively over the past 60 days. The stock has risen 13.5% this year so far.

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