AbbVie (NYSE:ABBV) earnings for first quarter of 2020 have ABBV stock on the move Friday. That’s after reporting adjusted earnings per share (EPS) of $2.42, which is better than Wall Street’s estimates of $2.25. The biopharmaceutical company’s revenue of $8.62 billion also comes in above analysts’ estimates of $8.33 billion.
Here are some additional highlights from the most recent AbbVie earnings report.
- Adjusted per-share earnings are up 13.1% from $2.14 during the same time last year.
- Revenue for the quarter is sitting 10.1% higher than the $7.83 billion reported in the first quarter of 2019.
- Operating income of $3.6 billion is a 19.6% increase year-over-year from $3.01 billion.
- The AbbVie earnings report also includes a net income of $3.01 billion.
- That’s a 22.4% jump compared to its net income of $2.46 billion from the same period of the year prior.
Richard Gonzalez, chairman and CEO of AbbVie, said this in the Q1 earnings report:
“During this challenging time, we are doing everything possible to ensure our employees remain safe, our patients receive their medicines and assistance is available to help those most deeply impacted by the COVID-19 pandemic. Our business continues to perform well and remains strong, which speaks volumes as to the robustness of our portfolio and the commitment from our many dedicated employees across the organization.”
AbbVie also confirms its previous outlook for 2020. This has it expecting adjusted EPS between $9.61 and $9.71. Wall Street’s estimate is for adjusted EPS of $9.48 during the year.
ABBV stock was up less than 1% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.