AbbVie Issues In-Line Outlook Following Mixed Q4 Earnings

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January 27, 2017 8:19am NYSE:ABBV


From AbbVie Inc (NYSE:ABBV) early Friday posted mixed fourth quarter earnings results and issued a 2017 forecast that was in-line with Wall Street expectations.

The Chicago-based biopharmaceuticals giant reported adjusted Q4 EPS of $1.20, which was in-line with the Wall Street consensus estimate of $1.20. Revenues rose 6.0% from last year to $6.78 billion, missing analysts’ $6.9 billion view, however.

ABBV said that global HUMIRA sales rose 15.5% in the latest period, with a 23.5% gain in the U.S. and 4.1% rise internationally. Meanwhile, fourth quarter global IMBRUVICA net revenue was $511 million, including U.S. sales of $434 million and international profit sharing of $77 million.

Looking ahead, AbbVie forecast 2017 EPS ranging from $5.44 to $5.54, which straddles Wall Street’s $5.49 estimate.

The company commented via press release:

“The fourth quarter was a continuation of the strong performance and business momentum AbbVie has delivered since we became an independent company in 2013. Our 2016 revenue and EPS growth rank us among the leaders in our industry,” said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. “We continue to make significant progress on our objectives across each aspect of our company strategy, with strong commercial execution, financial discipline and a focus on our advancing pipeline to drive long-term sustainable growth. Our guidance for 2017 reflects continued strong performance and confidence in our business fundamentals.”

AbbVie Inc shares were unchanged in premarket trading Friday. Year-to-date, ABBV has declined -1.17%, versus a 2.59% rise in the benchmark S&P 500 index during the same period.

ABBV currently has a POWR Rating of B (Buy), and is ranked #12 of 132 stocks in the Medical – Pharmaceuticals category.

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