AbbVie stock got a slight boost on Friday following the release of its earnings report for the third quarter of 2018.
AbbVie (NYSE:ABBV) reported earnings per share of $2.14 for the third quarter of the year. This is an increase over the company’s earnings per share of $1.41 from the same time last year. It is also a boon to AbbVie stock by coming in above Wall Street’s earnings per share estimate of $2.02 for the quarter.
Net income reported by AbbVie for the second quarter of 2018 came in at $2.75 billion. This is better than the company’s net income of $1.63 billion reported in the third quarter of 2017.
AbbVie’s earnings report for the third quarter of the year also includes operating income of $3.16 billion. The biopharmaceutical company’s operating income for the same period of the year prior was $2.69 billion.
During the third quarter of 2018, AbbVie reported revenue of $8.24 billion. This is up from the company’s revenue of $7.00 billion reported in the third quarter of the previous year. It is also good news for AbbVie stock by just barely beating out analysts’ revenue estimate of $8.23 billion for the period.
AbbVie’s most recent earnings report also sees the company updating its outlook for the full year of 2018. This has it increasing its earnings per share guidance for the year to between $7.90 to $7.92. Its previous guidance range was for earnings per share of $7.76 to $7.86. This is a good sign for AbbVie stock as Wall Street is looking for earnings per share of $7.88 for the year.
ABBV stock was up 1% as of Friday morning, but is down 18% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.