On Thursday, AbbVie Inc. ( ABBV ) reported second-quarter adjusted EPS of $2.65, down 8.9% year over year, beating the consensus of $2.57.

Net revenues reached $14.46 billion, up 4.3%, beating the consensus of $14.03 billion. Sales were up 5.6% on an operational basis.

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The immunology portfolio generated $6.97 billion in sales, up 2.3% on a reported basis or 3.5% on an operational basis.

Humira revenues were $2.81 billion (down 29.8%), Skyrizi sales reached $2.73 billion (up 44.8%), and Rinvoq revenues were $1.43 billion (up 55.8%). 

Oncology product sales were $1.63 billion, up 10.5% or 12.2% on an operational basis.

Imbruvica revenues were $833 million (down 8.2%), Venclexta sales increased 11.5% to $637 million, and Elahere’s net revenues were $128 million.

Neuroscience revenues reached $2.16 billion, up 14.7% on a reported basis or 15.2% on an operational basis.

Botox Therapeutic sales were $814 million, up 8.7%. Aesthetics portfolio sales reached $1.39 billion, up 0.5%. Global Botox Cosmetic revenues were $729 million, up 6.4%.

Citing BMO Capital Markets analyst Reuters noted that the strong results show “the command AbbVie ( ABBV ) has over its commercial business and their impressive ability to guide through” the loss of exclusivity for Humira.

Guidance: AbbVie ( ABBV ) raised its 2024 adjusted EPS guidance from $10.61-$10.81 to $10.71-$10.91 versus consensus of $10.78, which includes an unfavorable impact of $0.60/share related to acquired IPR&D and milestones expense.

In the company conference call, AbbVie ( ABBV ) announced it is discontinuing further development of the experimental Alzheimer’s drug ABBV-916 as a standalone antibody.

Price Action: ABBV stock is down 5.14% at $185.26 at the last check on Thursday.

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