AbbVie Inc. (NYSE: ABBV) reported its third-quarter financial results before the markets opened on Friday. The company posted $1.21 in earnings per share (EPS) and $6.43 billion in revenue. The consensus estimates from Thomson Reuters had called for $1.20 in EPS on revenue of $6.56 billion. The same period of last year reportedly had EPS of $1.13 and $5.94 billion in revenue.
Global Humira sales increased 11.3% on a reported basis. Operational Humira sales increased 12.1%, excluding a 0.8% impact from foreign exchange. Humira global revenues totaled $4.06 billion.
At the same time, global Imbruvica net revenue was $501 million, with U.S. sales of $437 million and international profit sharing of $64 million for the quarter.
In terms of the outlook for the full year, the company expects EPS to be in the range of $4.80 to $4.82, compared with the consensus estimates of $4.82 in EPS and $25.85 billion in revenue for the year.
AbbVie is also announcing that its board of directors declared an increase in the company’s quarterly cash dividend to $0.64 per share from $0.57 per share, beginning with the dividend payable on February 15, 2017, to shareholders of record as of January 13, 2017.
Richard A. Gonzalez, board chair and chief executive of AbbVie, commented:
We delivered another strong quarter, with EPS growth ahead of our expectations. Year-to-date, we’ve driven strong commercial, operational and R&D execution, and we have advanced our pipeline and other strategic priorities. AbbVie represents a unique investment opportunity, offering both compelling growth, along with a strong return of capital to investors, including a rapidly growing dividend, which has grown 60 percent since we became an independent company nearly four years ago.
Shares of AbbVie traded down more than 7% to $56.79 Friday morning, with a consensus analyst price target of $71.21 and a 52-week trading range of $50.71 to $68.12.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
