Plus   Neg

Stock Alert: AbbVie Ascends 5%

Shares of drugmaker AbbVie Inc. (ABBV) are climbing more than 5% on Friday morning after the company reported better-than-expected fourth-quarter earnings and a strong full-year 2020 outlook. The stock is currently trading at $91.93, nearing its 52-week high of $92.19.

Net income in the fourth quarter was $2.801 billion or $1.88 per share compared with prior-year quarter net loss of $1.826 billion or $1.23 per share. Last year, earnings were affected by higher research and development expenses. Adjusted EPS in the quarter jumped to $2.21, form $1.90. Analysts polled by Thomson Reuters were expecting $2.19 per share.

Net Revenues increased 4.8 percent year-over-year to $8.704 Billion, helped by solid growth in new drugs sales. The consensus estimate was $8.69 billion.

For the full-year, AbbVie expects to deliver standalone adjusted EPS in the range of $9.61 to $9.71 and standalone revenue growth of approximately 8.0 percent. Analysts see earnings of $9.48 per share on revenue growth of 5.30%.

The company is planning to issue 2020 proforma guidance following the close of Allergan acquisition, announced in June last year. The deal is scheduled to be completed in the first quarter of 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tesla said it will produce ventilators at its Gigafactory in Buffalo, New York to support the city's hospitals amid the coronavirus pandemic. New York is the worst affected state in the U.S. Last Saturday, Musk tweeted that he "had a long engineering discussion with Medtronic about state-of-the-art ventilators. Luxury fashion house Ralph Lauren will donate $10 million to help fight the coronavirus pandemic and manufacture face masks as well as medical gowns in the U.S. The company's charity arm, the Ralph Lauren Corporate Foundation, said in a statement that it is committing $10 million towards the global response to the COVID-19 pandemic. General Motors Co. is delaying work on new vehicle models and is cutting pay for its executives as part of efforts to conserve cash amid the coronavirus or Covid-19 pandemic. The automotive giant also extended the shutdown of North American plants indefinitely. Multiple reports cited an internal memo that salaried workforce will have 20 percent of pay deferred starting April 1.
Follow RTT