ABBV Earnings: AbbVie Reports Strong Q3 Results, Raises Outlook
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ABBV Earnings: AbbVie Reports Strong Q3 Results, Raises Outlook

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AbbVie reported strong results in the third quarter and raised its FY24 earnings outlook.

AbbVie (ABBV) reported strong results in the third quarter and raised its FY24 earnings outlook. The pharmaceutical company’s adjusted earnings increased by 1.7% to $3 per share in Q3, above consensus estimates of $2.92 per share.

ABBV’s Q3 Revenues Driven by the Immunology Portfolio

Furthermore, the company’s revenues increased year-over-year by 4.9% on an operational basis to $14.46 billion in the third quarter. This surpassed Street estimates of $14.28 billion. ABBV’s Immunology drugs portfolio continued to drive its revenue growth. This business segment clocked revenues of $7.05 billion, up by 3.9% year-over-year and comprised more than 45% of ABBV’s total revenues.

ABBV Raises Quarterly Dividend

In addition, the company raised its quarterly dividend by 5.8% to $1.64 per share from $1.55 per share beginning with the dividend payable on February 14, 2025 to shareholders of record as of January 15, 2025. Notably, ABBV has raised its quarterly dividend by 310% from its inception in 2013.

ABBV Raises FY24 Earnings Guidance

Looking ahead, the company raised its adjusted earnings outlook for FY24 in the range of $10.90 to $10.94 per share, compared to its prior forecast between $10.67 and $10.87 per share. For reference, analysts were expecting the company to report earnings of $10.85 per share.

Is ABBV a Good Stock to Buy Now?

Analysts remain cautiously optimistic about ABBV stock, with a Moderate Buy consensus rating based on eight Buys and seven Holds. Over the past year, ABBV has increased by more than 30%, and the average ABBV price target of $205.17 implies an upside potential of 8.3% from current levels. These analyst ratings are likely to change following ABBV’s results today.

See more ABBV analyst ratings

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