AbbVie Stock Rises on Earnings Beat and Guidance Boost
AbbVie manufacturing facility
Courtesy of AbbVie
reported third-quarter adjusted earnings that topped analysts’ forecasts and the biopharmaceutical company boosted its profit forecast for the full year.
(ticker: ABBV) also raised its quarterly dividend to $1.41 a share from $1.30.
The stock was rising 2.7% in premarket trading Friday to $112.63. It has risen 2.4% in 2021.
Adjusted earnings in the quarter were $3.33 a share, topping forecasts of $3.21. Revenue of $14.34 billion edged out estimates of $14.3 billion.
Sales of Humira, the company’s Crohn’s disease drug, rose 5% year over year to $5.43 billion.
Analysts expected AbbVie to earn $3.21 a share on revenue of $14.3 billion in the third quarter. A year earlier, the company posted profit of $2.83 a share on revenue of $12.9 billion.
AbbVie said it expects adjusted full-year profit of $12.63 to $12.67 a share, higher than its previous projections of $12.52 to $12.62.
The company also said Friday that Vraylar, an adjunctive treatment for major depressive disorder, met its primary endpoint in a Phase 3 study. The company said it intends to submit a supplemental New Drug Application with the Food and Drug Administration for the expanded use of Vraylar for treatment of the disorder.
Analysts at Mizuho Securities reiterated their Buy rating on the stock and price target of $131, saying they are “encouraged by the company’s continued strong performance and outlook.”
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