AbbVie Inc. (ABBV), while announcing higher first-quarter earnings, on Friday raised its outlook for fiscal 2024.
In pre-market activity on the NYSE, AbbVie shares were gaining around 1.7 percent to trade at $170.11.
For fiscal 2024, the company now expects adjusted earnings per share of $11.13 to $11.33, higher than previously expected $10.97 to $11.17 per share.
The outlook includes an unfavorable impact of $0.08 per share related to acquired IPR&D and milestones expense incurred during the first quarter 2024.
Analysts on average expect the company to earn $11.1 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
In its first quarter, AbbVie earnings increased from last year and beat the Street estimates.
The company's earnings came in at $1.37 billion, or $0.77 per share. This compares with $239 million, or $0.13 per share, in last year's first quarter.
Adjusted earnings were $4.12 billion or $2.31 per share for the period. Analysts had expected the company to earn $2.23 per share.
The company's revenue for the quarter rose 0.7% to $12.31 billion from $12.23 billion last year.
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