AbbVie has a new cash cow as Humira bows out to Skyrizi
AbbVie (ABBV) stock edged higher Wednesday after the pharma company reported adjusted earnings of $3 per share on third-quarter sales of $14.46 billion.
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Analysts polled by FactSet expected AbbVie to earn $2.91 per share on sales of $14.28 billion.
In the same three months last year, AbbVie earned $2.95 per share on sales of $13.93 billion.
Importantly, AbbVie's new treatments for immunological diseases Skyrizi and Rinvoq generated $3.21 billion and $1.61 billion, respectively. The Street expected $3.01 billion from Skyrizi and $1.55 billion in Rinvoq sales. For the first time, Skyrizi topped Humira, AbbVie's best-known drug Humira's sales came in at $2.23 billion.
AbbVie raised its guidance for the year and now expects earnings of $10.90 to $10.94 per share. Analysts were calling for earnings of $10.85 per share and sales of $55.77 billion.
In premarket trading on the stock market today, AbbVie stock rose 1.7% to 192.68. Shares are forming a flat base with a buy point at 199.95, according to MarketSurge.
More to follow.
Follow Alison Gatlin on X at @IBD_AGatlin, formerly known as Twitter.
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