UPDATE: AbbVie Posts Stronger-Than-Expected Q3 Results, Lifts Outlook

AbbVie

reported upbeat results for the third quarter and lifted its forecast for the year. AbbVie now expects full-year earnings of $3.25 to $3.27 per share, versus its earlier outlook of $3.06 to $3.16 per share. The North Chicago, Illinois-based company reported quarterly earnings of $506 million, or $0.31 per share, compared to $964 million, or $0.60 per share, in the year-ago period. Excluding items, the company earned $0.89 per share. The company had expected earnings of $0.77 to $0.79 per share for the quarter. Its net sales climbed 7.8% to $5.02 billion. However, analysts were expecting earnings of $0.77 per share on revenue of $4.82 billion. Humira sales climbed 25% to $1.74 billion in the US, while global Humira sales jumped 17.5% in the quarter. AbbVie's operating costs and expenses rose 16% to $3.81 billion in the quarter, while research and development costs increased 40% to $308 million. "Our third-quarter results reflect the strong performance of our business with double-digit growth from HUMIRA and several other key brands. Our underlying business grew nearly 14 percent in the quarter excluding lipids," said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. AbbVie shares rose 4.36% to $63.85 in pre-market trading.