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AbbVie Shares Inc.
ABBV, -0.81%
rose 3% before market on Friday, after the drug company exceeded its estimates for the third quarter, raised its forecasts and increased its dividend. The company reported net income of $ 2.777 billion, or $ 1.81 per share, compared with $ 1.631 billion, or $ 1.01 per share, in the quarter. Adjusted earnings per share were $ 2.14, ahead of the FactSet consensus of $ 2.01. Revenue rose from $ 6.995 billion to $ 8.236 billion, a significant advance on the FactSet consensus of $ 8.233 billion. Sales of the company's large-scale Humira treatment for the treatment of arthritis, Crohn's disease and psoriasis grew 9% to $ 5.124 billion. Global revenues from the company's oncology hematology oncology portfolio increased 48% to $ 1.068 billion. AbbVie has increased its adjusted EPS target for the full year, from $ 7.76 to $ 7.82, from $ 7.90 to $ 7.92. He increased his quarterly dividend by 96 cents to 1.07 dollars. The new dividend will be payable on February 5 to shareholders of record on January 15. Shares fell 17% in 2018, while the S & P 500
SPX, -0.63%
gained 2.5%.
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