AbbVie lifts outlook again on immunology demand; dividend raised

AbbVie (NYSE:ABBV) has once again raised its full-year outlook on soaring demand for its newer immunology medicines, Skyrizi and Rinvoq.

The North Chicago, Illinois-based pharma giant now expects adjusted diluted EPS in the range of $10.90 – $10.94 (consensus: $10.85), up from prior outlook of $10.67 – $10.87. The outlook includes an unfavorable impact of $0.64 a share related to acquired IPR&D and milestones expense incurred year-to-date through the third quarter.

The company also announced a 5.8% boost to its quarterly dividend, from $1.55 per share to $1.64 per share, payable on February 14, 2025.

The announcements came on the heels of an impressive quarterly performance, with AbbVie (ABBV) reporting $3.00 in adjusted EPS on revenue of $14.46B that grew +3.8% Y/Y. The company exceeded Wall Street estimates on both metrics.

“We delivered another quarter of strong commercial execution and significant pipeline progress,” said Robert A. Michael, chief executive officer, AbbVie.

Skyrizi and Rinvoq revenues were up 50.8% Y/Y to $3.2B and 45.3% to $1.6B, respectively, during the quarter, as the immunology portfolio generated over $7B, up 3.9% Y/Y.

Meanwhile, the firm’s blockbuster arthritis therapy Humira dropped 37.2% to $2.2B amid U.S. generic competition.

AbbVie’s (ABBV) oncology portfolio closed the quarter with 11.6% higher revenues at $1.69B, with the cancer drug Imbruvica, marketed with Johnson & Johnson (JNJ), down 8.8% to $828M.

Shares of the drugmaker were up 1.37% premarket on Wednesday.