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AbbVie Stock Rises on Earnings Beat and Guidance Boost

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AbbVie manufacturing facility

Courtesy of AbbVie


AbbVie

reported third-quarter adjusted earnings that topped analysts’ forecasts and the biopharmaceutical company boosted its profit forecast for the full year.


AbbVie

(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 $112.66. 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.

Write to Joe Woelfel at [email protected]

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