AbbVie (ABBV) raises full-year guidance after Q3 revenue boost

October 29, 2021 10:09 AM PDT

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AbbVie (ABBV) raises full-year guidance after Q3 revenue boost — Image source: ,Shutterstock

Highlights

AbbVie Inc. (NYSE: ABBV) posted third-quarter revenue of US$14.342 billion, up 11.2% YoY.

It raised the GAAP diluted EPS guidance to around US$6.29 to US$6.33 per share.

ABBV also announced a dividend increase of 8.5% or US$1.41 per share.

Healthcare major AbbVie Inc. (NYSE: ABBV) on Friday raised its full-year guidance for EPS diluted after reporting strong revenue growth in the third quarter.

The stock jumped 4.04% to US$114.10 at 11:12 am ET after the results.

Third-Quarter Highlights

AbbVie Inc.

AbbVie reported revenue of US$14.342 billion, up 11.2% YoY. Its global net revenues from the immunology portfolio jumped 15.3% YoY to US$6.674 billion.

Other segments like Hematologic Oncology Portfolio generated US$1.866 billion, up 8.4% YoY, Neuroscience portfolio generated US$1.566 billion, a 25.5% increase YoY, and Aesthetics portfolio revenue was US$1.251 billion, an increase of 29.3% YoY in the quarter.

Its net income was US$3.18 billion compared to US$2.3 billion a year ago. The EPS diluted was US$1.78, a 38% growth YoY, and the adjusted EPS diluted was US$3.33, up 17.7% YoY.

Also Read: Caterpillar (CAT), Illinois (ITW) report solid revenue growth in Q3

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Outlook for Full-Year 2021

The company raised the guidance for GAAP EPS diluted for fiscal 2021 to be between US$6.29 and US$6.33 from the earlier US$6.04 and US$6.14. The adjusted earnings per share diluted to be between US$12.63 and US$12.67 from the earlier guidance of US$12.52 and US$12.62, excluding amortization and non-cash charges.

Also Read: Merck (MRK), Sanofi (SNY) raise profit guidance after solid Q3 results

The company also announced a dividend increase of 8.5% or US$1.41 per share, payable on February 15, 2022, to shareholders of record as of January 14, 2022.

ABBV is a Dividend Aristocrat, meaning it has been increasing dividends for at least 25 consecutive years. Its dividend amount jumped more than 250% since its inception.

AbbVie, headquartered in North Chicago, Illinois, is focused on immunology and oncology drugs.

Its market capitalization is US$202 billion, the P/E ratio is 30.77, and the dividend yield is 4.8%.

Also Read: Yum! (YUM) beats profit estimates, Hershey (HSY) raises guidance

Bottomline

The S&P 500 healthcare index grew 16.7% YTD, while duration the same period, the AbbVie stock rose 6.8% YTD, suggesting the sector’s steady growth. However, investors must exercise due diligence before investing in stocks.