AbbVie Logs 3Q Sales Growth on Higher Immunology, Oncology Results

By Matt Grossman

AbbVie Inc. Friday posted higher profit and revenue in the latest quarter year over year as AbbVie saw growth in its immunology and oncology segments.

The North Chicago, Ill.-based pharmaceutical company recorded a third-quarter profit of $2.31 billion, or $1.29 a share, compared with a profit of $1.88 billion, or $1.26 a share, in the same three-month period a year earlier.

On an adjusted basis the company's profit was $2.83 a share. Analysts surveyed by FactSet were expecting an adjusted profit of $2.76 a share.

AbbVie's revenue was $12.9 billion, an increase from $8.48 billion in last year's third quarter. Analysts had forecast revenue of $12.72 billion.

Revenue from AbbVie's immunology portfolio rose 4.1% to $5.14 billion, AbbVie said. Hematologic oncology revenue grew nearly 17% to $1.72 billion. Aesthetics revenue, which includes Botox sales, decreased 3.1% to $967 million.

Chief Executive Richard A. Gonzalez said results from growth products such as Skyrizi, Rinvoq and Ubrelvy were tracking above AbbVie's expectations, and the company's aesthetics portfolio was showing a V-shaped recovery following a decline during the Covid-19 pandemic.

AbbVie said its dividend will rise to $1.30 a share for the dividend payable on Feb. 16 of next year, a 10% increase.

The company forecast full-year adjusted earnings per share of $10.47 to $10.49, higher than its previous guidance of $10.35 to $10.45 a share.

Write to Matt Grossman at [e-mail]

(END) Dow Jones Newswires

October 30, 2020 08:22 ET (12:22 GMT)

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