AbbVie (NYSE: ABBV) stock price rally received backing from dividend increase and stronger than expected guidance for the full year. Its shares grew more than 20% from 52-weeks low that it had hit three months ago.
The stock price is down almost 11% year to date. ABBV shares are currently trading around $80, down from this year high of $91 a share.
The third-quarter results supported bullish sentiments for AbbVie stock price. Its revenue and earnings also topped analysts’ consensus estimates.
Third Quarter Results Adds to AbbVie Stock Price
Its third-quarter revenue of $8.5 billion increased 3% year over year. The revenue growth is driven by U.S. HUMIRA net revenues of $3.887 billion. This represents a boost of 9.6% from the same period last year.
The global revenues from the Hematologic Oncology portfolio came in at $1.478 billion, up 38.3% Y/Y. Its Q3 global IMBRUVICA revenues stood at $1.257 billion, indicating a growth of 29.3% year over year.
“Strong performance from our Immunology and Hematologic Oncology portfolios led our growth this quarter. We are also making excellent progress with several key strategic priorities, including the recent launch of our two new immunology therapies – Rinvoq and Skyrizi,” said Richard A. Gonzalez, chairman, and chief executive officer, AbbVie.
The company has turned revenue growth into big profits. It generated adjusted net earnings per share of $2.33 in the third quarter. Q3 earnings per share topped analysts’ estimate by $0.03 per share.
Dividend Growth and Strong Guidance Are Price Catalysts
ABBV has raised the quarterly dividend by 10.3% to $1.18 per share, yielding around 6%. It has increased quarterly dividends in the past six consecutive years.
AbbVie has also increased the outlook for the rest of the year. AbbVie raised its previously announced adjusted EPS guidance range to $8.90 – $8.92. The previous guidance for earnings were around $8.82 to $8.92, representing a growth of 12.6% at the midpoint.
Trusted & Regulated Stock & CFD Brokers
What we like
- 0% Fees on Stocks
- 5000+ Stocks, ETFs and other Markets
- Accepts Paypal Deposits
Min Deposit
$200
Charge per Trade
Zero Commission on real stocks
64 traders signed up today
Visit Now67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Available Assets
- Total Number of Stocks & Shares5000+
- US Stocks
- German Stocks
- UK Stocks
- European
- ETF Stocks
- IPO
- Funds
- Bonds
- Options
- Futures
- CFDs
- Crypto
Charge per Trade
- FTSE 100 Zero Commission
- NASDAQ Zero Commission
- DAX Zero Commission
- Facebook Zero Commission
- Alphabet Zero Commission
- Tesla Zero Commission
- Apple Zero Commission
- Microsoft Zero Commission
Deposit Method
- Wire Transfer
- Credit Cards
- Bank Account
- Paypall
- Skrill
- Neteller
What we like
- Sign up today and get $5 free
- Fractals Available
- Paypal Available
Min Deposit
$0
Charge per Trade
$1 to $9 PCM
Visit Now
Investing in financial markets carries risk, you have the potential to lose your total investment.
Available Assets
- Total Number of Shares999
- US Stocks
- German Stocks
- UK Stocks
- European Stocks
- EFTs
- IPOs
- Funds
- Bonds
- Options
- Futures
- CFDs
- Crypto
Charge per Trade
- FTSE 100 $1 - $9 per month
- NASDAQ $1 - $9 per month
- DAX $1 - $9 per month
- Facebook $1 - $9 per month
- Alphabet $1 - $9 per month
- Telsa $1 - $9 per month
- Apple $1 - $9 per month
- Microsoft $1 - $9 per month
Deposit Method
- Wire Transfer
- Credit Cards
- Bank Account
Share
Siraj Sarwar
