AbbVie Stock Jumps After Upbeat Q3 Earnings, Revised Guidance: Retail Sentiment Hits One-Year High

Shares of pharmaceutical giant AbbVie Inc ($ABBV) rose over 5% on Wednesday driven by better-than-expected third-quarter results and an upward revision in its full-year profit guidance.

Revenue rose 3.8% year-over-year (YoY) to $14.46 billion, compared to an estimate of $14.3 billion. Earnings per share (EPS) came in at $3 versus an estimate of $2.91. Net income fell 12% YoY to $1.56 billion during the quarter.

AbbVie raised its adjusted diluted EPS guidance for the full year 2024 from $10.67 - $10.87 to $10.90 - $10.94. This includes an unfavorable impact of $0.64 per share related to acquired IPR&D and milestones expense incurred year-to-date through the third quarter 2024, it said.

The company witnessed a 3.9% increase in its global net revenues from the immunology portfolio to $7.046 billion. Global net revenues from the oncology portfolio came in at $1.687 billion, registering an increase of 11.6%. Meanwhile, net revenues from the neuroscience portfolio stood at $2.363 billion, a rise of 15.6% on a reported basis.

The company’s board of directors declared an increase in the quarterly cash dividend from $1.55 per share to $1.64 per share beginning with the dividend payable on Feb. 14, 2025. This reflects an increase of approximately 5.8%.

During the quarter, AbbVie completed the acquisition of Cerevel, adding a pipeline of complementary assets to its existing neuroscience portfolio. The firm also received the U.S. Food and Drug Administration’s (FDA) approval for Vyalev (foscarbidopa and foslevodopa) as the first subcutaneous 24-hour infusion of levodopa-based therapy for the treatment of motor fluctuations in adults with advanced PD.

Following the announcement, retail sentiment on Stocktwits jumped into the ‘extremely bullish’ territory (95/100) from ‘bearish’ a day ago, accompanied by ‘extremely high’ (95/100) message volume. Both the metrics hit their respective one-year highs on Wednesday.

Stocktwits users expressed optimism on the shares nudging the $200 milestone.

Also See: Snap Stock Soars Premarket After Upbeat Q3 Earnings: Retail Is Exuberant

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