AbbVie Inc (NYSE: ABBV)
AbbVie announced upbeat fiscal 2018 third-quarter financial results early Friday and revised its earnings-per-share outlook for the full year. The drugmaker also raised its quarterly dividend from $0.96 to $1.07.
AbbVie stock, which has lost nearly 17% since the beginning of the year, jumped 3% before the opening bell on Friday. The shares later lost some of the gains during the first hour of regular trading.
ABBV Earnings & Outlook
AbbVie reported third-quarter earnings of $2.747 billion, or $1.81 per share, and revenue of $8.236 billion. In the same three months last year, the company had earnings of $1.631 billion, or $1.01 a share, and revenue of $6.995 billion.
Excluding one-time items, earnings were $2.14 per share, for the 13-week period ended Sept. 30. Analysts were expecting adjusted earnings of $2.01 per share on revenue of $8.233 billion, according to figures compiled by FactSet.
Humira, a drug manufactured by the company to treat arthritis and psoriasis, generated global sales of $5.124 billion, reflecting a growth of 9%. IMBRUVICA global revenues during the quarter also 41.3% to $972 million. The company raked in $1.068 billion in global sales from its hematologic oncology portfolio, up 48% from a year earlier.
AbbVie now expects fiscal 2018 adjusted earnings to be in the range of $7.90 to $7.92 per share, from its earlier forecast of between $7.76 and $7.86 per share. It also views GAAP diluted earnings in the range of $6.43 to $6.45 per share.
AbbVie CEO Comments
“We delivered another exceptional quarter, with results well ahead of our expectations, including operational revenue growth above 18 percent and EPS growth greater than 50 percent. Based on our continued momentum across multiple products in our portfolio, we are raising our full year 2018 EPS guidance once again,” commented Richard A. Gonzalez, chairman and chief executive officer, AbbVie.
“We’re particularly pleased with our progress in building a leading hematologic oncology franchise, which is now delivering revenue in excess of $1 billion per quarter and is poised for continued strong growth next year and beyond.”
AbbVie, Inc. Company Profile
AbbVie, Inc. is a research-based biopharmaceutical company, which engages in the discovery, development, manufacture and sale of a line of proprietary pharmaceutical products. It is focused on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology.
It also focuses on oncology, including blood cancers; virology, including hepatitis C and human immunodeficiency virus; neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis; as well as other serious health conditions. The company was founded on January 1, 2013 and is headquartered in North Chicago, IL. – CNN Money
