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MarketWatch MarketPulseJul 30, 2021
AbbVie cites growth of immunology business in the second quarter
AbbVie Inc. beat expectations for the second quarter of 2021, driven largely by gains in its immunology business. The drug maker had earnings of $766 million, or 42 cents per share, in the second quarter of 2021. It had a loss of $738 million, or 46 cents per share, in the same quarter a year ago. Adjusted earnings per share were $3.11, against a FactSet consensus of $3.08. AbbVie said its revenue jumped to $13.9 billion for the quarter, up from $10.4 billion in the same period a year ago. The FactSet consensus was $13.6 billion. The company said sales of several marquee drugs increased in the second quarter, including arthritis therapy Humira to $5.0 billion and Botox Cosmetic, which the drug maker gained as part of its acquisition of Allergan, to $584 million. The company updated its guidance for the year, saying it now expects EPS of $6.04 to $6.14, compared with past guidance of $7.27 to $7.47. It also updated guidance for adjusted EPS and now expects a range of $12.52 to $12.62, compared with previous guidance of $12.37 to $12.57. AbbVie's stock is up 10.4% so far this year, while the broader S&P 500 is up 17.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseJul 30, 2021
Dole stock suffers downbeat debut, as it opens below IPO price and falls further
Dole PLC stumbled out of the gate Friday, as the Ireland-based fruit and vegetable company's stock opened 6.3% below the price of the downsized initial public offering, then slipped even further. The IPO had priced overnight at $16 a share, at the low end of the recently lowered expected range of between $16 and $17. The company raised $400 million, as it sold 25.0 million shares in the IPO, down from expectations of a 30.3 million share offering. The stock's first trade was at $15.00 at 11:18 a.m. Eastern for 1.6 million shares. At that price, the company was valued at $1.48 billion. The stock was down 9.1% at $14.55 in recent trading. The stock's downbeat debut occurred on a day that the Renaissance IPO ETF rose 0.1% while the S&P 500 slid 0.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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