Pharmaceutical company AbbVie (NYSE: ABBV) will be reporting results this Friday before market open. Here’s what you need to know.
AbbVie beat analysts’ revenue expectations by 2.6% last quarter, reporting revenues of $15.42 billion, up 6.6% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ constant currency revenue estimates and a solid beat of analysts’ revenue estimates.
Is AbbVie a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting AbbVie’s revenue to grow 7.8% year on year to $15.58 billion, improving from the 3.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.78 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. AbbVie has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 2.4% on average.
Looking at AbbVie’s peers in the biotechnology segment, some have already reported their Q3 results, giving us a hint as to what we can expect. United Therapeutics delivered year-on-year revenue growth of 6.8%, missing analysts’ expectations by 1.6%, and BioMarin Pharmaceutical reported revenues up 4.1%, in line with consensus estimates. BioMarin Pharmaceutical traded up 1.6% following the results.
Read our full analysis of United Therapeutics’s results here and BioMarin Pharmaceutical’s results here.
There has been positive sentiment among investors in the biotechnology segment, with share prices up 3.7% on average over the last month. AbbVie is down 2.3% during the same time and is heading into earnings with an average analyst price target of $237.48 (compared to the current share price of $226.25).
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