AbbVie Inc. (ABBV) delivered a strong performance in the third quarter, exceeding both earnings and revenue expectations. The pharmaceutical giant reported adjusted earnings per share of $3.00, surpassing the consensus estimate of $2.92, and net revenues of $14.46 billion, edging past the anticipated $14.28 billion. This growth was fueled by a 3.8% increase in net revenues, with operational sales climbing even higher at 4.9%.
AbbVie’s immunology portfolio continued to be a major driver of success, generating $7.05 billion in sales. While Humira, a key product, saw a 37.2% decline in revenue to $2.23 billion, newer drugs like Skyrizi and Rinvoq demonstrated remarkable growth. Skyrizi sales surged 50.8% to $3.21 billion, while Rinvoq revenues jumped 45.3% to $1.61 billion. The company’s oncology products also performed well, generating $1.69 billion in sales, up 11.6% on a reported basis and 13.0% on an operational basis.
The neuroscience portfolio contributed $2.36 billion in revenue, a 15.6% increase. Botox Therapeutic sales climbed 13.4% to $848 million, while the aesthetics portfolio, though slightly down 0.1% to $1.24 billion, saw global Botox Cosmetic revenues rise 8.2% to $671 million.
Reflecting its confidence in future growth, AbbVie increased its quarterly cash dividend from $1.55 per share to $1.64 per share, effective with the dividend payable on February 14, 2025. This move underscores the company’s commitment to rewarding shareholders.
In a strategic move, AbbVie announced the acquisition of Aliada Therapeutics for $1.4 billion in cash. Aliada specializes in developing therapies that utilize a novel blood-brain barrier-crossing technology for treating central nervous system diseases. Its lead investigational asset, ALIA-1758, is currently being developed for Alzheimer’s disease treatment.
AbbVie also raised its 2024 adjusted EPS guidance to a range of $10.90-$10.94, up from the previous forecast of $10.67-$10.87. This adjustment reflects the company’s positive outlook, although it includes an unfavorable impact of 64 cents per share related to acquired IPR&D and milestone expenses incurred during the first three quarters of 2024. AbbVie projects Skyrizi sales to reach $11.5 billion and Rinvoq sales to hit $5.8 billion in 2024.
ABBV stock closed up 1.8% at $192.95 on Wednesday, demonstrating investor confidence in the company’s strong performance and future prospects.
