AbbVie Inc. (ABBV) shares gained 1.5% premarket on Thursday following the company’s announcement of stronger-than-expected revenue for the second quarter and an increase in its full-year guidance. The pharmaceutical giant now anticipates adjusted earnings per share for the full-year 2023 to be in the range of $10.90 to $11.10, compared to the previous guidance of $10.57 to $10.97.
Robust Financial Performance
AbbVie posted impressive financial figures, reporting a net income of $2.02 billion, or $1.14 per share, for the quarter. This is a significant improvement compared to the net income of $924 million, or $0.51 per share, in the same period last year. The company’s second quarter revenue reached $13.87 billion, surpassing the $14.58 billion recorded in the previous year and exceeding FactSet’s consensus estimate of $13.54 billion.
In addition to strong financial results, AbbVie also outperformed analysts’ expectations in terms of earnings per share. The company reported adjusted earnings per share of $2.91 for the quarter, higher than the $3.37 reported in the same quarter last year and surpassing FactSet’s consensus estimate of $2.83.
Blockbuster Drug Sales
AbbVie’s flagship arthritis drug, Humira, continued to demonstrate its market dominance with sales totaling $4.01 billion in the quarter. This figure exceeded FactSet’s consensus estimate of $3.95 billion and further solidifies Humira’s position as a leading revenue generator for the company.
Despite the challenges faced by the pharmaceutical industry, AbbVie shares have displayed resilience in the market. Year to date, the company’s shares have witnessed a decrease of 12.2%, while the S&P 500 index has experienced a growth of 18.9%.
AbbVie’s robust second quarter results and increased full-year guidance reflect the company’s ability to navigate the changing landscape of the pharmaceutical industry. With Humira’s continued success and a strong financial performance, AbbVie is well-positioned for future growth and success.