AbbVie Boosts FY23 Outlook As Q2 Results Top Estimates

(RTTNews) - While reporting financial results for the second quarter on Thursday, biopharmaceutical company AbbVie, Inc. (ABBV) trimmed its adjusted earnings guidance for the full-year 2023.

For fiscal 2023, AbbVie now projects adjusted earnings in a range of $10.90 to $11.10 per share, which includes an unfavorable impact of $0.23 per share related to the acquired IPR&D and milestones expense incurred year-to-date through the second quarter 2023.

However, the adjusted earnings guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the second quarter of 2023, as both cannot be reliably forecasted.

Previously, the company expected adjusted earnings in the range of $10.57 to $10.97 per share.

On average, 20 analysts polled by Thomson Reuters expect the company to report earnings of $10.85 per share for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported net income attributable AbbVie of $2.02 billion or $1.14 per share, sharply higher than $924 million or $0.51 per share in the prior-year quarter. Excluding items, adjusted net earnings for the quarter was $2.91 per share, compared to last year's $3.37 per share.

Net revenues for the quarter declined 4.9 percent to $13.87 billion from $14.58 billion in the same quarter last year. Revenues decreased 4.2 percent on an operational basis.

Analysts expected quarterly earnings of $2.80 per share on revenues of $13.52 billion for the quarter.

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