Categories AlphaGraphs, Earnings, Health Care

AbbVie tops Q2 views; lifts FY19 earnings outlook

AbbVie’s (NYSE: ABBV) earnings and revenue for the second quarter of 2019 surpassed Wall Street’s estimates. AbbVie reported adjusted EPS of $2.26 on revenue of $8.26 billion. Analysts had expected the company to earn $2.20 per share on revenue of $8.1 billion. AbbVie also hiked 2019 adjusted earnings outlook. ABBV stock rose 2% in the pre-market trading session.

AbbVie (ABBV) Q2 2019 earnings results exceeds estimates

Second quarter GAAP earnings of $741 million or $0.49 per share dropped from $1.98 billion or $1.26 per share in the prior-year quarter. A month ago, AbbV‪ie acquired Allergan for $63 billion. This deal will provide immediate scale, diversity and profitability to AbbVie’s growth platform. The combined company is expected to produce robust cash flow to support continued dividend growth and reduction of debt levels.

Related: Abbott exceeds Q2 earnings estimates; raises 2019 outlook

Based on the strong year-to-date performance and confidence in the outlook for the second half, AbbVie lifted its earnings guidance for full-year 2019. AbbVie hiked its previously announced adjusted EPS guidance range from $8.73 to $8.83 to $8.82 to $8.92, representing growth of 12.1% at the midpoint. AbbVie lowered GAAP EPS guidance for the full-year 2019 from the previously stated range of $7.26 to $7.36 to a range of $5.69 to $5.79.

Read: Will Beyond Meat keep up the pace of momentum ahead of Q2 earnings?

“We continue to see strong momentum in our business, as we delivered revenue and adjusted EPS ahead of our expectations for the quarter and announced plans to acquire Allergan, a transformative transaction that will provide scale and diversity to our business and position AbbVie for top-tier performance over the long term,” said CEO Richard Gonzalez.

Shares of AbbVie, which plunged to a 52-week low ($65.06) a month back, ended Thursday’s trading session down 1.19% at $66.66. AbbVie stock had dropped 28% both in the year-to-date period and from the year earlier level.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

One thought on “AbbVie tops Q2 views; lifts FY19 earnings outlook

Comments are closed.

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top