AbbVie extends losing streak to seven sessions after guidance cut

Earnings

โดย Seeking Alpha·Read original

Summary · why it matters

AbbVie shares fell 1.30% to $244.78 in Tuesday afternoon trading, marking a seventh straight session of losses. The stock has declined 5.1% over the past six sessions, while the S&P 500 gained 0.44%. The slide follows the company's July 6 revision of its second-quarter adjusted diluted EPS guidance to $3.57–$3.61 and full-year guidance to $13.91–$14.11, both below consensus, after recording a $291 million pre-tax acquired IPR&D and milestones expense. Separately, AbbVie and Genmab received European Commission approval for an expanded label for Tepkinly based on Phase 3 trial data. Seeking Alpha analyst Justin Miller maintained a Buy rating, citing the proposed $10.9 billion acquisition of Apogee Therapeutics as strengthening the immunology franchise, while Seeking Alpha's Quant Rating assigns a Hold rating of 3.28.

Apogee Therapeutics, Inc. Common Stock ▲

Impact on stocks 4

Biotech & Genomic Medicine± Mixed · 2 stocks

▼ NegativeCapitalrelevance

AbbVie cut its Q2 and full-year EPS guidance below consensus due to a $291M IPR&D expense.

Apogee Therapeutics, Inc. Common Stock

▲ PositiveCapitalrelevance

AbbVie's proposed $10.9B acquisition of Apogee Therapeutics is mentioned as strengthening the immunology franchise.

Health Care▲ · 1 stocks

▲ PositiveRegulationrelevance

Genmab and AbbVie received European Commission approval for expanded label of Tepkinly.

Cloud & Digital Infrastructure▲ · 1 stocks

Mentioned