A pair of convincing quarterly earnings beats -- not to mention a profitability guidance raise -- made AbbVie (ABBV 0.34%) stock an investor darling on Friday. The pharmaceutical company's performance pushed its stock to a more than 3% gain on the day, well higher than the 0.6% bump of the bellwether S&P 500 index it's a part of.
The top line was tops
For its first quarter of this year, AbbVie's net revenue was $13.3 billion, representing a sturdy 8% improvement on a year-over-year basis. Much of this was due to a nearly 17% rise in sales of immunology drugs like the popular Skyrizi and Rinvoq; collectively this portfolio brought in nearly half of total revenue, at just under $6.3 billion.
Net income went in the opposite direction, although not to an alarming degree. AbbVie's Non-GAAP (adjusted) bottom-line profitability slid to $1.29 billion ($2.46 per share) from the year-ago profit of $1.37 billion.
On average, analysts were estimating the company would book net revenue of $12.9 billion, and adjusted net income of $2.39 per share.
In the earnings release, CEO Robert Michael said, "The fundamentals of our business are strong and we continue to bolster our outlook with pipeline advancements and strategic investments."
"Based on the progress we are making, AbbVie is well positioned for the long term," he added.
NYSE: ABBV
Key Data Points
Profitability guidance raised
Compounding the robust improvements in sales, AbbVie raised its profitability guidance for the full year. It now expects to post adjusted per-share earnings of $12.09 to $12.29; previously it was modeling $11.99 to $12.19. The consensus analyst estimate is currently $12.18.
