AbbVie Inc (NYSE:ABBV) stock was flying high today following the release of its earnings report for the fourth quarter of 2017.
![AbbVie Inc Stock Soars on Strong Q4 Earnings Beat AbbVie Inc Stock Soars on Strong Q4 Earnings Beat](https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif)
During the fourth quarter of the year, AbbVie Inc reported earnings per share of $1.48. This is an increase over its earnings per share of $1.20 from the fourth quarter of 2016. It was also good news for ABBV stock by beating out Wall Street’s earnings per share estimate of $1.44 for the period.
AbbVie Inc reported net income of $52 million in the fourth quarter of 2017. The pharmaceutical company’s net income from the same period of the year prior came in at $1.39 billion. Operating income for the fourth quarter of the year was $1.79 billion, which is down from the previous year’s operating income of $2.36 billion.
Revenue of $7.74 billion reported by AbbVie Inc for the fourth quarter of the year was also a boon to ABBV stock. This is up from its revenue of $6.80 billion that was reported during the same time last year. It also came in above analysts’ revenue estimate of $7.53 billion for the quarter.
AbbVie Inc also has an update to its 2018 outlook in its most recent earnings report. It now expects 2018 earnings per share to range from $7.33 to $7.43. It’s previous guidance had earnings per share coming in between $6.37 and $6.57. ABBV attributes the increase to the new tax reform law. Wall Street is looking for earnings per share of $6.59 for the full year of 2018.
ABBV stock was up 9% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.