AbbVie Little Changed Despite Big Bottom-Line Beat

Health and Healthcare

Published: November 2, 2018 10:23 am

Last Updated: January 11, 2020 3:28 pm

AbbVie Inc. (NYSE: ABBV) released its third-quarter financial results before the markets opened on Friday. The pharma giant said it posted $2.14 in earnings per share (EPS) and $8.24 billion in revenue, compared with consensus estimates that called for $2.02 in EPS and $8.23 billion in revenue. The same period from last year the North Chicago, Illinois-based company reported $1.41 in EPS and $7.0 billion in revenue.

AbbVie’s board of directors declared an increase in the company’s quarterly cash dividend from $0.96 per share to $1.07 per share, beginning with the dividend payable on Feb. 15, 2019, to shareholders of record as of Jan. 15, 2019.

In terms of its segments, AbbVie reported:

Immunology (Humira) revenues climbed 18.5% to $5.12 billion
Hematologic Oncology revenues increased 48.2% to $1.07 billion.
HCV revenue more than doubled to $862 million.
Other Key Products revenue rose 1.7% to $1.16 billion.

Looking ahead to the full year, the company expects to see EPS in the range of $7.90 to $7.92. Consensus estimates are calling for $7.88 in EPS and $32.89 billion in revenue for the 2018 full year.

Richard A. Gonzalez, chairman and chief executive officer of AbbVie, commented:

We delivered another exceptional quarter, with results well ahead of our expectations, including operational revenue growth above 18 percent and EPS growth greater than 50 percent. Based on our continued momentum across multiple products in our portfolio, we are raising our full year 2018 EPS guidance once again. We’re particularly pleased with our progress in building a leading hematologic oncology franchise, which is now delivering revenue in excess of $1 billion per quarter and is poised for continued strong growth next year and beyond.

Shares of AbbVie were up less than 1% to $81.00, as of 10:20 a.m., with a consensus analyst price target of $105.79 and a 52-week range of $77.50 to $125.86.

The Average American Has No Idea How Much Money You Can Make Today ^(Sponsor)

The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.

But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

¹https://www.fdic.gov/national-rates-and-rate-caps