AbbVie has raised its profit forecast for 2023 following a strong Q3 performance.
AbbVie's flagship drug, Humira, continues to be a significant contributor to the company's revenue.
The company has increased its quarterly dividend by 10%.
The company reported non-GAAP EPS of $2.95 and revenue of $13.93 billion for the quarter, beating estimates.
AbbVie Inc., a global biopharmaceutical company, has raised its profit forecast for the year 2023, following a strong third quarter performance. The company's flagship drug, Humira, which is used for the treatment of various autoimmune diseases, has been a significant contributor to the company's revenue. Despite facing competition from biosimilars in Europe, Humira's sales have remained strong in the United States.
In the third quarter, AbbVie reported non-GAAP earnings per share (EPS) of $2.95, beating estimates by $0.08. The company's revenue for the quarter was $13.93 billion, surpassing expectations by $220 million. Following these results, AbbVie has increased its quarterly dividend by 10%, demonstrating confidence in its financial position and future prospects.
However, it's important to note that AbbVie's reliance on Humira for a significant portion of its revenue could pose risks in the future, as the drug's patent protection in the United States is set to expire in 2023. The company is working on diversifying its revenue streams and has made significant progress in this regard with the growth of its oncology and immunology portfolios.
The company's shares rose 1.5% in premarket trading after it also raised its annual adjusted profit forecast to between $12.52 and $12.62 per share, from $12.37 to $12.57.
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On today's stock market, AbbVie stock popped 1.5%, near 113.10, in recent trading.
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Investor's Business Daily is owned by News Corporation, which has significant investments in the healthcare sector. This could potentially influence the coverage of healthcare companies like AbbVie.
The company also announced a 10.3% increase in its quarterly cash dividend to $1.30 per share.
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