AbbVie Inc. gave a mostly optimistic presentation during its first quarter earnings call on 1 May despite the tumultuous business conditions caused by the COVID-19 pandemic – the Chicago area firm even increased sales guidance for Skyrizi as that drug’s strong launch continues. CEO Rick Gonzalez also provided a detailed explanation of why AbbVie thinks Allergan PLC’s aesthetic business, led by Botox, will recover quickly from pandemic-related effects.
AbbVie’s revenues grew by 10.7% operationally (factoring in foreign exchange) during the first quarter to nearly $8.62bn, with little negative impact resulting from the pandemic. There was an estimated $190m in additional revenue during the quarter due to supply chain stocking and early prescription renewals, a trend Gonzalez said will reverse over the course of 2020
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