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AbbVie Stock Slips After Earnings, Charge for Potential Opioid Deal

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AbbVie said it continues to expect adjusted diluted earnings of between $13.78 and $13.98 per share for the full fiscal year.


The drugmaker


turned in quarterly earnings that were roughly in line with Wall Street expectations, confirming financial forecasts it had issued earlier and disclosing a “potential settlement” of litigation over a business unit’s past sales of opioid drugs.

The stock was down 1% in premarket trading immediately after the Friday morning announcement, while the S&P 500 was 0.6% higher.


(ticker: ABBV) reported adjusted diluted earnings of $3.37 per share for the second quarter, just above the


analyst consensus estimate of $3.32. The company reported revenue of $14.6 billion, up 4.5% on a reported basis from the same quarter last year, and a hair below the $14.7 billion FactSet estimate.

AbbVie said it continues to expect adjusted diluted earnings of between $13.78 and $13.98 per share for the full fiscal year.

Sales of the company’s megablockbuster immunology drug Humira were $5.4 billion, just above the FactSet estimate of $5.2 billion. Humira will begin to face competition from so-called biosimilars next year, with the first expected to go on sale in late January. Analysts expect Humira sales to drop to $12.7 billion next year, from $21 billion this year, according to FactSet.

Sales of Skyrizi, another AbbVie immunology drug, were $1.3 billion, up 85.9% on a reported basis compared with the same quarter last year. All told, immunology drugs accounted for $7.2 billion in revenue for AbbVie in the quarter, up 17.8% on a reported basis compared with 2021.

“We delivered another strong quarter with substantial progress for our new products and indications,” said AbbVie’s CEO, Richard A. Gonzalez, in a statement. “The momentum of our business, combined with advances across our pipeline continue to support AbbVie’s promising long-term outlook.”

Bloomberg reported on Wednesday that AbbVie’s Allergan division, which the company acquired in 2020, had reached a nationwide opioid settlement with state and local governments under which it would pay more than $2 billion. The report came a day after

Teva Pharmaceutical Industries

(TEVA) said that it had reached an agreement in principle to pay up to $4.4 billion to settle its opioid lawsuits.

In its Friday morning earnings release, AbbVie reported spending $2.2 billion on “litigation matters” in the second quarter, which it said “primarily includes a charge related to a potential settlement of litigation involving Allergan’s past sales of opioid products.”

AbbVie is hosting a conference call for investors at 9 a.m. Eastern.

Write to Josh Nathan-Kazis at

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