AbbVie (NYSE:ABBV) shares edged around 1% higher early Friday after the company reported earnings before the open, topping fourth-quarter profit and revenue expectations.
The American pharmaceutical company reported fourth-quarter adjusted earnings of $2.79 per share, $0.02 better than the analyst estimate of $2.77. Meanwhile, revenue for the quarter came in at $14.3 billion versus the consensus estimate of $14.01 billion.
The company's adjusted earnings per share decreased 22.5% year-on-year, partly due to an unfavorable $0.15 per share impact related to acquired IPR&D and milestones. Meanwhile, revenue fell by 5.4% year-on-year, impacted by a 40.8% decrease in global Humira revenues, although this was a smaller-than-expected decline.
In addition, the company's oncology portfolio revenues decreased by 7.4%. Global revenues from the company's neuroscience portfolio rose by 22.6%, while revenues from its aesthetics portfolio increased by 6.4%.
"2023 was another outstanding year, marked by strong operational execution and significant overperformance from our non-Humira growth platform," said Richard Gonzalez, chairman and chief executive officer of AbbVie.
Looking ahead, AbbVie sees FY2024 EPS between $11.05 and $11.25 versus the consensus of $11.24.
Following the report, analysts at Truist maintained a Buy rating and $180 price target on ABBV. The firm reiterated that they believe 2024 is a trough year for the company.