Why AbbVie Stock Was Cruising Higher on Thursday
(NYSE: ABBV) stock was the cure for what ails a portfolio on Thursday. The sturdy pharmaceutical company was a favorite of investors, who were trading its shares up by nearly 4% in price in late-session action. This occurred in the wake of the company's latest quarterly earnings release published that morning.
For its second quarter, AbbVie earned just under $14.5 billion in revenue. That figure was more than 4% higher year over year. Although sales of the company's No. 1 drug, the versatile Humira, suffered a nearly 30% drop (to $2.8 billion worldwide), the No. 2 treatment, Skyrizi, leaped 45% higher (to over $2.7 billion). Other drugs in the company's bulging portfolio, including Rinvoq and cancer treatment Venclexta, also did well.
Profitability came in at $4.7 billion, or $2.65 per share, on a non-GAAP (adjusted) basis. In contrast to revenue, this represented a decline, as AbbVie netted almost $5.2 billion in adjusted net income in the year-ago quarter.
Source Fool.com
AbbVie Inc. Stock
The stock is an absolute favorite of our community with 34 Buy predictions and no Sell predictions.
As a result the target price of 180 € shows a slightly positive potential of 3.77% compared to the current price of 173.46 € for AbbVie Inc..
