Pharmaceutical company AbbVie, Inc. (NYSE: ABBV) reported a sharp increase in third-quarter adjusted earnings. The bottom line topped expectations, while revenues missed. The company also provided guidance for fiscal 2022.
Total revenues increased 3.3% year-over-year to $14.81 billion, aided by a strong performance by the immunology and neuroscience segments. But the top line missed the Street view.
At $3.66 per share, adjusted net income was sharply higher than the $2.83 per share profit reported in the prior-year period, and above the consensus forecast. Third-quarter unadjusted profit increased to $3.95 billion or $2.21 per share from $3.18 billion or $1.78 per share in the third quarter of 2021.
Check this space to read management/analysts’ comments on AbbVie’s Q3 2022 earnings
“We continue to see strong momentum from our key immunology assets, Skyrizi and Rinvoq, and this performance – combined with strength from other growth drivers within our diverse portfolio – has mitigated the impact of temporary economic headwinds on our aesthetics products to deliver another quarter of strong results,” said Richard A. Gonzalez, CEO of AbbVie.
