ABBV and AZN: Why are these US medical stocks trending hot?

3 min read | July 30, 2022 12:23 AM AEST | By Rupam Roy

ABBV and AZN: Why are these US medical stocks trending hot? — Image source: © Ronstik | Megapixl.com

AbbVie Inc. (NYSE:ABBV)

Shares of ABBV fell over one per cent in pre-market trading to trade at US$ 148.05 at 8:52 am ET on Friday. The biotech firm posted a 4.5 per cent growth in its second quarter fiscal 2022 revenue of US$ 14.58 billion.

AbbVie's attributable net earnings improved to US$ 924 million, or US$ 0.51 per diluted share in the quarter ended on June 30, 2022, from US$ 766 million, or US$0.42 per diluted share in Q2 FY21.

For the first half ended on June 30, 2022, its net revenue and attributable net earnings were US$ 28.12 billion and US$ 5.41 billion, respectively, versus US$ 26.96 billion and US$ 4.31 billion in the year-ago period.

The North Chicago, Illinois-based company reaffirmed its adjusted diluted earnings per share (EPS) guidance range of US$ 13.78 to US$ 13.98 in fiscal 2022.

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AstraZeneca PLC (NASDAQ:AZN)

AZN stock was flat in pre-market trading to trade at US$ 66.75 on July 29. The pharmaceutical and biotech company raised its revenue outlook for fiscal 2022 on Friday.

In Q2 FY22, AstraZeneca's total revenue was US$ 10.77 billion, up 31 per cent from US$ 8.22 billion in the year-ago quarter. Its profit after tax deteriorated to US$ 360 million, or US$ 0.23 per share in the second quarter of fiscal 2022, from US$ 550 million, or US$ 0.42 per share in Q2 FY21.

For the first half of 2022, the UK-based firm posted a 43 per cent growth in its revenue to US$ 22.16 billion. Its profit after tax came in at US$ 748 million, a significant decline from US$ 2.11 billion in H1, FY21.

Bottom line

The last week of July marked one of the most crucial weeks with several key developments and major corporate earnings. Talking about the healthcare segment, the S&P 500 healthcare index has added 3.55 per cent this month so far. On an annual basis, the index ticked up 0.83 per cent.

However, the investors should also focus on the current economic health, which has fuelled a recession fear in the market, before exploring these stocks.

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