A Rocky First Quarter For Big Pharma Stocks
Big pharma stocks, with few exceptions, saw big declines in valuation in the quarter amid the COVID-19 stock market rollercoaster, but pharma outperformed the S&P 500, showing the industry's resiliency in a global health crisis.
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AbbVie made only a slight adjustment to its earnings-per-share guidance despite expected Q2 downturn due to the pandemic. It sees Allergan’s aesthetic business as bouncing back quickly.
Relatively upbeat during the company’s Q1 call based on Amgen’s product mix, executives expect the biggest coronavirus-related sales impacts in Q2 with stabilization and growth in the second half.
The pharma saw a $250m revenue increase due to inventory stockpiling and early prescription renewals, but its therapies outside cancer and diabetes may suffer in the coming quarters due to COVID-19.