AbbVie (ABBV) is back to its over $180 highs not seen since March 2024. The firm posted strong second-quarter results, which raised its guidance.
AbbVie reported earnings per share of $2.65. Revenue grew by 4.3% Y/Y to $14.46. The firm hiked its EPS guidance for the year to $10.71 - $10.91. Excluding a $0.60 a share Acquired IPR&D and Milestones Expense, EPS is up to $11.51 in 2024.
Skyrizi and Rinvoq are the two blockbuster drugs driving AbbVie’s growth. Skyrizi’s market share grew to around 38%. The drug treats psoriasis. In Q2, it accounted for over $4.1 billion in sales in the quarter. Rinvoq now has 10% of the atopic dermatitis total prescription share in the U.S.
In effect, the firm managed the patent expiry of Humira very well over the last several years.
In the tech sector, IBM is a hot stock again. The firm reported revenue growing by 1.9% Y/Y to $15.8 billion. Its AI initiative is performing well. It accounted for a $1 billion sequential increase in business.
GenAI offers an opportunity through IBM’s Watsonx platform. In addition, it has RHEL, AI, and OpenShift Granite. Clients will need IBM’s consultants to decide on which AI initiative to implement in their business.
