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.
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.
