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AbbVie (NYSE:ABBV) shares gained premarket after the pharmaceutical company raised its profit outlook for full year 2023.
The North Chicago, Illinois-based firm now expects adjusted diluted EPS of $11.19 – $11.23 compared to $10.86 – $11.06 previously. Analysts expect the firm to earn $11.05 in the year.
The guidance includes an unfavorable impact of $0.27/share related to acquired IPR&D and milestones expense incurred year-to-date through the third quarter.
In addition, the company also lifted the 2024 adjusted diluted EPS guidance floor from $10.70 to $11.00 (vs. $11.07 consensus).
As for the third quarter, the company generated adjusted earnings of $2.95 on revenue of $13.92B (-6% Y/Y), both beating Wall Street estimates. The performance was driven by accelerating performance across the non-Humira growth platform, which is demonstrating double-digit growth, the company said.
Global net revenues from the immunology portfolio fell 11.3% to $6.78B, while oncology portfolio generated $1.51B in global net revenues, down 8.4%. The neuroscience portfolio registered 22.1% revenue growth.
Shares of the drugmaker gained as much as 2% premarket
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