AbbVie Q3 Adjusted EPS $3.00 Beats Estimates; Revenue $14.46B; Skyrizi Sales Up 51%, Raises FY2024 Guidance

Oct 30, 2024, 11:42 AM

AbbVie Inc. reported its third-quarter 2024 financial results, surpassing analysts' expectations. The company's adjusted earnings per share (EPS) increased 1.7% year-over-year to $3.00, exceeding the estimated $2.91, despite an unfavorable impact of $0.04 per share related to acquired in-process research and development (IPR&D) and milestone expenses. On a GAAP basis, diluted EPS was $0.88, a decrease of 12.0%. Revenue rose by 3.8% to $14.46 billion, beating the consensus estimate of $14.28 billion. Strong sales of Skyrizi and Rinvoq offset the decline in Humira revenue. Skyrizi net revenue surged 51% to $3.21 billion, higher than the expected $3.0 billion. Global Humira net revenue declined by 37.2% to $2.22 billion, slightly below the estimated $2.36 billion. AbbVie raised its full-year 2024 adjusted EPS guidance to a range of $10.90 to $10.94, up from the previous range of $10.67 to $10.87, reflecting confidence in its growth prospects. Additionally, the company announced a 5.8% increase in its 2025 dividend.