AbbVie (NYSE:ABBV) earnings for the biopharmaceutical company’s third quarter of 2019 have ABBV stock up on Friday. That’s thanks to its adjusted earnings per share of $2.33, which beats out Wall Street’s estimate of $2.30. Revenue of $8.48 billion is also a blessing by coming in above analysts’ estimates of $8.38 billion.
Let’s see what else investors need to know about the most recent AbbVie earnings report.
- Adjusted EPS is 8.88% better than $2.14 in the third quarter of 2018.
- AbbVie’s revenue is up 2.91% YoY from $8.24 billion.
- Operating income of $2.62 billion is down 18.09% from $3.16 billion in the same period of the year prior.
- The current AbbVie earnings report also has net income coming in at $1.88 billion.
- This is a 31.64% decrease from its net income of $2.75 billion in Q3 2018.
Richard Gonzalez, Chairman and CEO of AbbVie, says this about the third-quarter ABBV stock earnings.
“Strong performance from our Immunology and Hematologic Oncology portfolios led our growth this quarter. We are also making excellent progress with several key strategic priorities, including the recent launch of our two new immunology therapies – Rinvoq and Skyrizi – both of which are off to an impressive start, as well as continued progress toward the completion of our planned acquisition of Allergan.”
The AbbVie earnings report also includes an upgrade for its 2019 outlook. This has it expecting adjusted per-share earnings ranging from $8.90 to $8.92. The previous guidance was between $8.82 and $8.92. This has the low end matching Wall Street’s estimate of $8.90 for the period.
ABBV stock was up 2.72% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.