AbbVie Beats Q1 Views, Raises Earnings Outlook

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AbbVie IncABBV
reported stronger-than-expected earnings for the first quarter and lifted its full-year earnings forecast. The company now expects FY15 earnings of $4.10 to $4.30 per share, versus its earlier forecast of $4.05 to $4.25 per share. The North Chicago, Illinois-based company reported a quarterly profit of $1.02 billion, or $0.63 per share, versus a year-ago profit of $980 million, or $0.61 per share. Excluding items, the company's climbed to $0.94 per share from $0.71 per share. Its revenue climbed 10.5 percent to $5.04 billion. However, analysts were expecting earnings of $0.85 per share on revenue of $4.98 billion. Global Humira sales climbed 18 percent. Adjusted operating margin widened to 40.1 percent in the first quarter, versus 33.9 percent in the year-ago quarter. The average estimate among 11 Estimize users was for earnings of $0.85 per share and revenue of $5.02 billion. "AbbVie had an exceptional first quarter, delivering on our projection of top-tier EPS growth, as well as robust sales growth and significant margin expansion," said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. AbbVie shares rose 1.13 percent to $65.25 in pre-market trading.
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Posted In: EarningsNewsGuidanceprofit
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