AbbVie
posted better-than-expected third-quarter earnings and revenue, raised its profit forecast for fiscal 2023 earnings, and increased its dividend. The stock was falling anyway.
AbbVie
(ticker: ABBV) reported third-quarter earnings of $2.95 a share from revenue of $13.93 billion. Analysts surveyed by FactSet were expecting the biopharmaceuticals maker to post earnings of $2.87 a share from revenue of $13.72 billion.
In the same period last year, the company posted earnings of $3.66 a share from revenue of $14.81 billion.
“We delivered another quarter of outstanding results driven by accelerating performance across our non-Humira growth platform, which is demonstrating double-digit growth,” Chief Executive Richard Gonzalez said in a press release.
Global revenue for Humira, used for conditions like rheumatoid arthritis and plaque psoriasis, came in at $3.55 billion, down 36% from the prior year. But two other drugs in the company’s immunology segment, Skyrizi and Rinvoq, achieved revenue gains of 52% and 59%, respectively.
AbbVie
is now forecasting fiscal 2023 earnings of between $11.19 and $11.23 a share, compared with its previous call of $10.86 to $11.06. It increased the quarterly dividend to $1.55 from $1.48.
Still, AbbVie stock was down 4.3% to $139.03, leaving it on pace for the largest percentage decrease since April 27 and th lowest close since July 19, according to Dow Jones Market Data. The stock has fallen 14% this year, and is on pace for its worst year on record.
Write to Angela Palumbo at angela.palumbo@dowjones.com
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