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Investing.com -- AbbVie (NYSE:ABBV) shares climbed over 3% in premarket trading Friday after the drugmaker lifted its full-year profit outlook and beat expectations for the first quarter.
The company posted Q1 earnings per share (EPS) of $2.46, up from $2.31 a year earlier and ahead of the $2.40 consensus forecast.
Revenue in the period jumped 8.4% year-on-year to $13.34 billion, exceeding consensus estimates of $12.92 billion.
Sales of AbbVie’s rheumatoid arthritis drug Humira fell to $1.12 billion, coming in below the estimated $1.32 billion.
In contrast, newer immunology drugs performed strongly. Skyrizi generated $3.43 billion in revenue, beating the $3.2 billion forecast, while Rinvoq brought in $1.72 billion, ahead of the $1.58 billion estimate.
"AbbVie’s first-quarter results were well ahead of our expectations and reflect an excellent start to the year," said Robert A. Michael, CEO of AbbVie.
"The fundamentals of our business are strong and we continue to bolster our outlook with pipeline advancements and strategic investments. Based on the progress we are making, AbbVie is well-positioned for the long term," he added.
For the full year, AbbVie lifted its earnings outlook, now expecting adjusted EPS in the range of $12.09 to $12.29, up from the previous forecast of $11.99 to $12.19.
The company said the updated guidance includes a $0.13 per share headwind related to acquired in-process R&D and milestone expenses recorded so far this year.
The outlook assumes no changes to current trade policies and does not incorporate potential impacts from any new pharmaceutical sector tariffs.