AbbVie Inc. announced a rise in their first-quarter earnings and subsequently raised its financial projection for the year 2024. This news led to a pre-market activity increase of around 1.7% on the NYSE, with shares trading at $170.11.
For the fiscal year 2024, AbbVie has now revised its anticipated adjusted earnings per share from between $10.97 and $11.17 to a range of $11.13 to $11.33. This includes a negative impact of $0.08 per share, which is linked to expenses incurred during the acquisition of Intellectual Property Rights Research and Development (IPR&D) as well as milestones achieved in the first quarter of 2024.
According to data collected by Thomson Reuters, the average analyst expectation was for the company to earn $11.1 per share, typically excluding special items.
In the latest quarter, AbbVie's total earnings increased from their previous year and surpassed Wall Street predictions. The earnings equaled $1.37 billion or $0.77 per share, as against $239 million or $0.13 per share from the first quarter of the last year.
The adjusted earnings stand at $4.12 billion, or $2.31 per share for the period, exceeding analyst expectations of $2.23 per share. Revenue for the quarter also rose by 0.7%, reaching $12.31 billion from last year's $12.23 billion.
