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ABT Raises Earnings Forecast, BIIB Provides Rosy Revenue Outlook, ELV Q2 Revenue Up 15.6%

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The following are some of the biotech companies that reported earnings and provided an update on their pipeline yesterday.

1. Abbott Laboratories (ABT), which reported encouraging financial results for the second quarter ended June 30, 2022, has raised its earnings guidance for full year.

On a GAAP basis, net earnings for the second quarter of 2022 climbed to $2.02 billion or $1.14 per share from $1.19 billion or $0.66 per share in the year-ago quarter. Excluding items, net earnings for the second quarter of 2022 were $2.54 billion or $1.43 per share compared to $2.12 billion or $1.17 per share in the second quarter of 2021.

Net sales for Q2, 2022 rose to $11.3 billion from $10.2 billion in Q2, 2021. COVID-19 testing-related sales contributed $2.32 billion to net sales in the second quarter of 2022 compared to $1.27 billion in the year-ago quarter.

Worldwide sales, excluding COVID-19 testing-related sales, decreased 0.3 percent on a reported basis and increased 4.1 percent on an organic basis in Q2, 2022, according to the company.

For full-year 2022, Abbott has raised its GAAP EPS to at least $3.50 from its earlier estimate of $3.35. Adjusted EPS for the year has been raised by the company to at least $4.90 from its prior forecast of $4.70. The consensus analysts' estimate for earnings is $4.88 per share for the year.

The company's quarterly cash dividend of $0.47 per share is payable Aug. 15, 2022, to shareholders of record at the close of business on July 15, 2022.

ABT closed Wednesday's trading at $108.23, down 1.55%.

2. Akari Therapeutics Plc (AKTX) is continuing to make significant progress in its clinical programs with lead drug candidate Nomacopan.

Nomacopan is currently being evaluated for Bullous pemphigoid, Hematopoietic stem cell transplant-associated thrombotic microangiopathy, ophthalmic conditions and pulmonary condition.

Akari is advancing its two phase III programs namely, Hematopoietic stem cell transplant-associated thrombotic microangiopathy (HSCT-TMA.) and Bullous pemphigoid (BP) studies.

Thrombotic microangiopathy (TMA) is a rare but serious complication of hematopoietic stem cell transplantation, for which there are no approved treatment options. The mortality rate in patients who develop severe transplant-related TMAs is 80%.

-- Four patients have been enrolled in the phase III Part A clinical trial of Nomacopan in severe pediatric HSCT-TMA. This part of the trial is designed to enroll seven patients over six months old.

-- The company has opened 10 of the clinical trial sites across the U.S., Germany, and the Netherlands and is screening patients for the placebo-controlled phase III Part A study of Nomacopan in Bullous pemphigoid, dubbed ARREST-BP. The Part A of ARREST-BP study is designed to enroll 48 patients.

Currently, there are no approved drugs for Bullous pemphigoid, an autoimmune blistering skin disease.

The company ended March 31, 2022, with cash of approximately $16.7 million.
AKTX closed Wednesday's trading at $0.83, up 1.24%.

3. Biogen Inc. (BIIB), which reported a decline in total revenue for the second quarter, has raised its earnings and revenue outlook for the full year of 2022.

On a GAAP basis, net income attributable to the company soared to $1,058 million or $7.24 per share in the second quarter of 2022 from $448.5 million or $2.99 per share in the year-ago period.

On a non GAAP basis, net income attributable to the company declined to $767 million or $5.25 per share from $838 million or $5.58 per share in the year-earlier quarter.

The company's total revenue for the second quarter of 2022 dropped to $2.59 billion from $2.78 billion in the year-ago period.

Looking ahead to full-year 2022, the company has boosted its revenue and earnings outlook based on better-than-expected topline performance and continued cost management.

Revenue for the year is now expected to be in the range of $9.9 billion to $10.1 billion, up from its prior forecast of $9.7 to $10.0 billion and above the analysts' consensus estimate of $9.84 billion.

Non GAAP EPS for 2022 is now boosted to a range of $15.25 to $16.75 from its prior outlook range of $14.25 to $16.00 while the analysts' consensus estimate is pegged at $15.58 per share.

BIIB closed Wednesday's trading at $207.49, down 5.80%.

4. Elevance Health Inc. (ELV), which posted 15.6% revenue growth for the second quarter, has boosted its earnings outlook for the year.

Operating revenue for the second quarter of 2022 was $38.5 billion compared to $33.3 billion in the year-ago quarter.

The company attributed this 15.6% revenue growth to higher premium revenue due to membership growth in Medicaid, the acquisitions of MMM and Paramount Advantage, premium rate increases to cover overall cost trends and growth in Medicare Advantage and Commercial risk-based membership, as well as growth in pharmacy product revenue within IngenioRx, the acquisition of Integra Managed Care and the launch of Healthy Blue in North Carolina.

Shareholders' net income declined to $1,653 million or $6.79 per share from $1,793 million or $7.25 per share in the year-ago quarter. On an adjusted basis, shareholders' net income increased to $1,957 million or $8.04 per share from $1,740 or $7.03 per share in the year-ago quarter.

Looking ahead, the company now expects full-year 2022 adjusted shareholders' net income to be greater than $28.70 per share. Earlier, the company had forecast adjusted shareholders' net income per share to be greater than $28.40. The analysts' consensus estimate for earnings is $28.64 per share for the year.

ELV closed Wednesday's trading at $459.54, down 7.62%.

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