AbbVie Inc.’s (ABBV) shares are trading higher on Friday after the company reported strong fourth-quarter earnings. The company beat analyst expectations with adjusted earnings per share of $2.16, surpassing the projected $2.11.
In terms of revenue, AbbVie outpaced consensus estimates, reporting $15.102 billion in quarterly sales, a 5.6% increase on a reported basis and a 6.1% increase on an operational basis.
The company’s immunology portfolio saw significant growth, with Humira net revenues declining 48.7% to $1.682 billion, but Skyrizi and Rinvoq revenues rising 57.9% and 47.1%, respectively. The oncology portfolio also contributed to the revenue growth, with Global net revenues from this segment increasing by 12.9%.
However, AbbVie’s Botox Therapeutic segment saw a decline in net revenues. Despite this, the company remains optimistic about its future prospects, reaffirming its expectations for high single-digit compound annual revenue growth through 2029.
The company has updated its revenue forecasts for Skyrizi and Rinvoq, expecting them to reach over $31 billion by 2027. Additionally, AbbVie is increasing its outlook for aesthetics revenues, with a high single-digit compound annual growth rate projected through 2029.
As of last check on Friday, ABBV shares are trading higher by 7.87% at $189.47, reflecting the positive earnings report.
Source: https://finance.yahoo.com/news/abbvie-jumps-q4-earnings-beat-150059883.html