AbbVie Q2 Profit Decreases, But Beats Estimates

(RTTNews) - AbbVie (ABBV) released earnings for second quarter that Decreased from last year but beat the Street estimates.

The company's earnings totaled $938 million, or $0.52 per share. This compares with $1.370 billion, or $0.77 per share, last year.

Excluding items, AbbVie reported adjusted earnings of $5.278 billion or $2.97 per share for the period.

Analysts on average had expected the company to earn $2.91 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 6.6% to $15.423 billion from $14.462 billion last year.

AbbVie earnings at a glance (GAAP) :

-Earnings: $938 Mln. vs. $1.370 Bln. last year. -EPS: $0.52 vs. $0.77 last year. -Revenue: $15.423 Bln vs. $14.462 Bln last year.

Looking ahead, Robert A. Michael, CEO of AbbVie, said: "We're entering the second half of the year with substantial momentum and are once again raising our full-year outlook."

For the full year, AbbVie has revised up its earnings outlook, in line with Street view. The company now anticipates adjusted income of $11.88 to $12.08 per share, higher than the earlier outlook of $11.67 to $11.87 per share.

Analysts, on average, forecast the firm to earn $11.98 per share for the year.

For fiscal 2024, the company had recorded adjusted income of $10.12 per share.

ABBV was up by 3.46% at $195.94 in the pre-market trade on the New York Stock Exchange.