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AbbVie News: 5 Things for ABBV Investors to Know About Q3

AbbVie (NYSE:ABBV) news for Friday includes results from the biopharmaceutical company’s earnings report for the third quarter of 2020. It starts with adjusted earnings per share of $2.83 and a revenue of $12.9 billion. Both of these beat out Wall Street’s estimates of $2.76 per share and revenue of $12.72 billion.

abbvie (ABBV) website and logo on mobile phone

Source: Piotr Swat / Shutterstock.com

Here’s what else is worth noting about the most recent AbbVie earnings news.

  • Adjusted per-share earnings are up 21.5% from $2.33 in the same period of the year prior.
  • Revenue for the quarter comes in 52.1% higher than the $8.48 billion reported during Q3 2019.
  • Operating income of $3.26 billion is a 24.4% increase year-over-year from $2.62 billion.
  • The AbbVie earnings report also has net income coming in at $2.31 billion.
  • That’s a 22.9% jump from the company’s net income of $1.88 billion from the same time last year.

Richard Gonzalez, chairman and CEO of AbbVie, said this about the earnings news.

We continue to be very well positioned for the long-term. Results from key growth products – including Skyrizi, Rinvoq and Ubrelvy – continue to track ahead of our expectations, our aesthetics portfolio is demonstrating a strong V-shaped recovery, our hematologic-oncology franchise is delivering double-digit growth and we’re advancing numerous attractive late-stage pipeline programs.

The AbbVie earnings news also has it updated its guidance for the full year of 2020. It now expects adjusted EPS of $10.47 to $10.49 as compared to the previous $10.35 to $10.45. For comparison, Wall Street is looking for an adjusted EPS of $10.42 in 2020.

ABBV stock was up 4.9% as of noon Friday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2020/10/abbvie-earnings-news-q3-highlights/.

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