AbbVie Inc (NYSE:ABBV) stock was flying high today following the release of its earnings report for the fourth quarter of 2017.
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.