Friday, AbbVie Inc (NYSE:ABBV) reported first-quarter adjusted EPS of $2.31, down 6.1% Y/Y, beating the consensus of $2.23.

Net revenues reached $12.31 billion, up 0.7%, beating the consensus of $11.92 billion. Sales were up 1.6% on an operational basis.

“First quarter results were well ahead of our expectations, driven by excellent performance from our ex-Humira growth platform,” said Robert Michael, president and chief operating officer.

The immunology portfolio generated $5.37 billion in sales, down 3.9% on a reported basis or 3.1% on an operational basis, due to Humira biosimilar competition.

Humira revenues were $2.27 billion (down 35.9%), Skyrizi sales reached $2.01 billion (up 47.6%), and Rinvoq revenues were $1.09 billion (up 59.3%).

Last month, AbbVie agreed to acquire Landos Biopharma Inc (NASDAQ:LABP) for $20.42 per share, or approximately $137.5 million, plus one contingent value right per share with a value of up to $11.14 per share, or approximately an additional $75 million.

Oncology product sales were $1.54 billion, up 9% or 9.8% on an operational basis.

Imbruvica revenues were $838 million (down 4.5%), Venclexta sales increased 14.2% to $614 million, and Elahere net revenues were $64 million, reflecting a partial quarter of sales based on February 12, 2024, close date of the ImmunoGen acquisition.

Neuroscience revenues reached $1.97 billion, up 15.9% on a reported basis or 16% on an operational basis.

Botox Therapeutic sales were $748 million, up 4.1%. Aesthetics portfolio sales reached $1.25 billion, down 4%. Global Botox Cosmetic revenues were $633 million, down 3.9%.

Guidance: AbbVie raised its 2024 adjusted EPS guidance from $10.97-$11.17 to $11.13-$11.33, which includes an unfavorable impact of $0.08 per share related to acquired IPR&D and milestones expense incurred during the first quarter of 2024, versus consensus of $11.12.

Price Action: ABBV shares are down 3.41% at $161.58 at the last check Friday.

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Ex-Humira Growth Platform Drives AbbVie's Q1 Performance, Drugmaker Lifts Annual Profit Outlook