AbbVie (NYSE:ABBV) shares are climbing on the back of its second-quarter profit and revenue beat. The company also raised earnings per share guidance.
The pharmaceutical firm reported Q2 EPS of $2.91, $0.04 better than the analyst estimate of $2.87. Revenue for the quarter came in at $13.87 billion, down 4.9% YoY but above the consensus estimate of $13.51B.
The company's revenue was impacted by a 5.5% decline in its immunology portfolio revenue and a 10.4% decrease in its hematologic oncology portfolio.
ABBV shares are 3.5% higher at the time of writing, trading at $146.88 per share.
"AbbVie's second quarter results were well ahead of our expectations as we continue to demonstrate outstanding operational execution. The strong performance was driven predominantly by our non-Humira business, which delivered high single-digit sales growth, in line with our long-term outlook," said Richard Gonzalez, chairman and chief executive officer of AbbVie.
Looking ahead, the company raised its 2023 adjusted EPS guidance range to between $10.90 and $11.10, up from $10.57 to $10.97. The new range includes an unfavorable impact of $0.23 per share related to acquired IPR&D and milestones expense incurred year-to-date through Q2.