NEW YORK (TheStreet) -- Shares of AbbVie (ABBV) - Get Report are increasing 1.50% to $65.69 in pre-market trading this morning after the biopharmaceutical company reported better-than-expected fiscal 2016 second quarter results before today's opening bell.
AbbVie posted earnings of $1.26 per share, beating analysts projected $1.20 per share. Revenue came in at $6.45 billion, surpassing analysts expectations of $6.2 billion.
Last year, the company reported earnings of $1.08 per share on revenue of $5.47 billion for the 2015 second quarter.
"A key element to our long-term sustainable performance is our advancing pipeline and this quarter we saw several regulatory approvals, including VENCLEXTA and ZINBRYTA," said AbbVie CEO Richard A. Gonzalez in a statement.
Additionally, the FDA recently approved AbbVie's Humira drug, the first FDA-approved medication to treat eye inflammation. AbbVie said Humira sales grew 17.4% this quarter.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate ABBVIE INC as a Buy with a ratings score of A. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: ABBV