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    ABBV   US00287Y1091

ABBVIE INC.

(ABBV)
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AbbVie expects Botox boom to power annual earnings

07/30/2021 | 11:06am EDT
FILE PHOTO: A sign stands outside a Abbvie facility in Cambridge

(Reuters) -Drugmaker AbbVie Inc on Friday raised its 2021 profit forecast on expectations that a rapid uptick in demand for its Botox anti-wrinkle injection due to the easing of COVID-19 curbs would continue for the rest of the year.

Sales of the drug for cosmetic uses rose two-fold to $584 million in the second quarter, trouncing analysts' estimates of $483 million as vaccinations encouraged people to resume non-essential procedures after being holed up at home for months.

The company acquired the drug last year as part of its $63 billion purchase of Allergan. Company executives said on an earnings call that sales of products gained through the deal were on track to outpace Allergan's historical performance.

Increased investment in Botox and other aesthetic products is helping boost demand, Chief Executive Officer Richard Gonzalez said.

"About two-thirds of the performance, I think, is fundamental demand and maybe one-third of it is pent-up demand," Gonzalez added.

The company forecast full-year adjusted earnings between $12.52 and $12.62 per share, compared with $12.37 to $12.57 per share previously. Analysts expected 2021 earnings per share of $12.61, according to Refinitiv IBES data.

AbbVie also reported a 4.8% rise in quarterly sales of its best-selling drug Humira to $5.07 billion, roughly in line with expectations.

But sales of the drug, which is facing rivals in Europe, fell 6% on a reported basis in international markets while rising 7.1% in the United States.

AbbVie said the recent approval of Biogen's Alzheimer's disease drug had increased interest in treatments that clear brain plaques, a likely contributor to the disease.

The company expects to start testing a drug for Alzheimer's that works on the same mechanism by the end of the year or early next year.

Its shares were 1.7% lower at $116.88 in early trading.

(Reporting by Manas Mishra and Amruta Khandekar in Bengaluru; Editing by Aditya Soni)

By Manas Mishra and Amruta Khandekar


ę Reuters 2021
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Analyst Recommendations on ABBVIE INC.
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Financials (USD)
Sales 2021 56 247 M - -
Net income 2021 12 652 M - -
Net Debt 2021 66 393 M - -
P/E ratio 2021 14,6x
Yield 2021 4,78%
Capitalization 189 B 189 B -
EV / Sales 2021 4,55x
EV / Sales 2022 4,07x
Nbr of Employees 48 000
Free-Float 98,0%
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Mean consensus BUY
Number of Analysts 22
Last Close Price 107,15 $
Average target price 125,48 $
Spread / Average Target 17,1%
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Managers and Directors
Richard A. Gonzalez Chairman & Chief Executive Officer
Michael E. Severino Vice Chairman-Management Board & President
Robert A. Michael Chief Financial Officer & Executive Vice President
Thomas J. Hudson Chief Scientific Officer, Senior VP-R&D
Azita Saleki-Gerhardt Executive Vice President-Operations
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