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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.

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