AbbVie (ABBV) hikes 2024 earnings guidance as Q1 beat estimates, shares up

AbbVie (NYSE: ABBV) shares rose 2.4% in premarket trading Friday after the company raised full-year guidance for adjusted earnings per share (EPS) as Q1 results beat expectations.

The pharmaceutical company reported earnings per share (EPS) of $2.31 for the fiscal Q1, exceeding the consensus estimate of $2.27. The company's revenue reached $12.31 billion, also above the projected $11.93 billion.

Looking ahead, AbbVie has updated its full-year earnings guidance, now anticipating adjusted EPS to be between $11.13 and $11.33. This revised forecast is an increase from the previously projected range of $10.97 to $11.17 and is slightly above the consensus estimate of $11.10.

The updated guidance includes an expected $0.08 per share negative impact due to expenses related to acquired IPR&D and milestones, company said.

By Vahid Karaahmetovic

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