FMP
AbbVie Raises Full-Year Forecast, Stock Gains 5%
Oct 30, 2024 5:58 PM - Davit Kirakosyan
Image credit: FMP
AbbVie (NYSE:ABBV) lifted its full-year earnings forecast after reporting third-quarter net revenue that exceeded analyst expectations. As a result, shares of the company gained more than 5% intra-day today.
For Q3, AbbVie reported net revenue of $14.46 billion, a 3.8% year-over-year increase, surpassing the anticipated $14.3 billion. Adjusted earnings per share reached $3.00, outpacing Wall Street's $2.91 estimate.
Key to AbbVie’s performance was the robust demand for Skyrizi, a treatment for plaque psoriasis, which saw a 50.8% surge in sales to $3.21 billion, beating forecasts of $3 billion. This growth helped balance the impact of a 37.2% decline in revenue from Humira.
The pharmaceutical company now projects adjusted earnings per share between $10.90 and $10.94 for the current fiscal year, up from its previous estimate of $10.67 to $10.87. Additionally, AbbVie announced a 5.8% increase to its quarterly dividend, with payouts starting in February.
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