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AbbVie Shares Drop 4% Despite Q3 Beat & Raised Guidance
Oct 30, 2023 2:07 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 6:49 PM)
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AbbVie (NYSE:ABBV) shares dropped around 4% on Friday even after Q3 earnings surpassed expectations at $2.95 EPS and $13.93 billion revenue against the predicted $2.87 EPS and $13.71 billion. Year-on-year, revenue fell 6%, with dips in immunology, oncology, and aesthetics by 11.3%, 8.4%, and 4.7% respectively. However, neuroscience grew by 22.1%.
Despite the revenue decline, the company cited "outstanding results" due to its non-Humira growth. CEO Richard Gonzalez announced an increased 2023 full-year guidance and quarterly dividend. The adjusted EPS guidance for 2023 is now $11.19-$11.23, up from $10.86-$11.06.
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