AbbVie shares climb after quarterly results beat expectations

AbbVie Inc.
ABBV,
+2.93%
shares gained 1.5% premarket on Thursday after the pharmaceutical giant reported stronger-than-expected revenue for the second quarter and raised its full-year guidance. The company now expects full-year 2023 adjusted earnings per share in the range of $10.90 to $11.10, versus previous guidance of $10.57 to $10.97. AbbVie posted net income of $2.02 billion, or $1.14 per share, after net income of $924 million, or $0.51 per share in the year-earlier period. Second quarter revenue came to $13.87 billion, versus $14.58 billion a year earlier, ahead of the FactSet consensus of $13.54 billion. Adjusted earnings per share came to $2.91, versus $3.37 a year earlier, beating the FactSet consensus of $2.83. Sales of blockbuster arthritis drug Humira totaled $4.01 billion in the quarter, topping the FactSet consensus of $3.95 billion. AbbVie shares are down 12.2% in the year to date, while the S&P 500
SPX,
+0.81%
is up 18.9%.