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AbbVie stock rises on solid annual profit guidance, Q4 beat

AbbVie (NYSE:ABBV) saw its shares jump more than 4% in premarket trading Friday after the company's profit guidance for the fiscal 2025 year exceeded analyst expectations, driven by strong sales in immunology drugs Skyrizi and Rinvoq.
AbbVie Inc. experienced a rise in its stock price following the announcement of its solid annual profit guidance and a better-than-expected fourth-quarter performance. The company reported adjusted earnings of $2.79 per share, surpassing the consensus estimate of $2.76 per share, although its revenue of $14.3 billion fell short of the expected $14.5 billion. Despite the revenue miss, AbbVie's 2024 earnings per share guidance was set at $11.05 to $11.25, which was above the Wall Street consensus of $11.19. This optimistic outlook was driven by strong sales from its immunology drugs, particularly Skyrizi and Rinvoq, which are expected to offset the declining sales of Humira due to biosimilar competition. Additionally, AbbVie's CEO, Richard Gonzalez, highlighted the company's strategic focus on growth through its diversified portfolio and new product launches.

Read the Full MSN Article at:
[ https://www.msn.com/en-ca/money/top-stocks/abbvie-stock-rises-on-solid-annual-profit-guidance-q4-beat/ar-AA1ybFH9 ]