AbbVie (ABBV) - Get Report posted stronger-than-expected third-quarter earnings as strong global sales from its popular Humira rheumatoid arthritis treatment as well as strong cancer-drug sales offset a dip in revenue related to its Botox treatments.
AbbVie said net earnings for the three months ended in September were $2.31 billion, or $1.29 a share, vs. $1.88 billion, or $1.26 a share, in the comparable year-earlier quarter.
On an adjusted basis, AbbVie earned $2.83 a share, above the $2.76 a share expected by analysts polled by FactSet.
Global sales jumped 52% to $12.9 billion vs. $8.4 billion a year ago, also ahead of analysts' forecasts of sales of $12.7 billion.
U.S. sales of the company's blockbuster arthritis treatment Humira rose 4.1% to $5.14 billion as U.S. gains offset international declines.
Net revenue from its hematologic oncology portfolio, meanwhile, came in at $1.72 billion, an increase of more than 16%, thanks to strong global sales of its Imbruvica and Venclexta cancer-fighting treatments.
Revenue from Botox used in cosmetic treatments came in at $393 million; revenue from AbbVie's "aesthetics" portfolio totaled $967 million, AbbVie said.
Looking forward, AbbVie said it now expects to post 2020 per-share earnings of between $4.12 and $4.22, up from previous guidance of between $3.89 and $3.91, thanks to its acquisition of Allergan.
For the full year, it now expects earnings of between $10.35 and $10.45 a share vs. previous expectations of between $10.47 and $10.49 a share, which will include the results of Allergan from May 8 to December 31.
Shares of AbbVie were up 4.53% at $84.38 in trading on Friday.