AbbVie (ABBV) Stock Jumps After Upbeat Q1 Earnings, Lifts FY21 EPS Guidance

ABBV stock turns positive in the pre-market session after AbbVie Inc  (NYSE:ABBV) reported higher than estimated first-quarter profit and revenue. Moreover, the company raised its EPS guidance for FY21.

AbbVie beats by $0.10, beats on revs; raises FY21 EPS in-line (110.89) Reports Q1 (Mar) earnings of $2.95 per share, excluding non-recurring items, $0.10 better than the S&P Capital IQ Consensus of $2.85.

Revenues grew 50.9% year over year to $13.01 billion, better than the $12.84 billion S&P Capital IQ Consensus.

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Global net revenues from the immunology portfolio were $5.744 billion, an increase of 12.9 percent on a reported basis, or 11.8 percent on an operational basis.

Moreover, the company raised guidance for FY21, sees EPS of $12.37-12.57 from $12.32-12.52 against $12.43 S&P Capital IQ Consensus.

ABBV stock is trading higher by 2.21% at $113.34 in pre-market trading.

 

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.