AbbVie Raises Full-Year Income Forecast

Investing.com — AbbVie (NYSE:ABBV) has lifted its full-year income forecast, citing "momentum" in operations after third-quarter net revenue exceeded estimates.

The company now expects adjusted profit per share to be between $10.90 to $10.94 for the current fiscal year, an increase from the previous estimate of $10.67 to $10.87.

AbbVie also announced a 5.8% increase to its quarterly dividend, with the new payouts starting in February.

In a statement, Chief Executive Robert Michael noted that the firm has seen "significant pipeline progress," leading to confidence in long-term growth. AbbVie has been focused on expanding its pipeline of medications following the patent expiration of its blockbuster arthritis drug Humira last year.

For the quarter ending September 30, net revenue rose by 3.8% year-over-year to $14.46 billion, surpassing the estimates of $14.3 billion. Adjusted per-share income was reported at $3.00, exceeding Wall Street projections of $2.91.

The results were supported by strong demand for AbbVie's Skyrizi, used for treating plaque psoriasis. Sales for this medication surged by 50.8% to $3.21 billion, surpassing expectations of $3 billion, and helping to offset a 37.2% drop in revenues from Humira.

Shares of AbbVie were up in premarket trading on Wednesday.