AbbVie (NYSE:ABBV) shares dipped at the open Friday despite reporting its latest quarterly earnings that beat consensus expectations.
The pharmaceutical firm reported Q3 EPS of $2.95, $0.08 better than the analyst estimate of $2.87, while revenue for the quarter came in at $13.93 billion versus the consensus estimate of $13.71 billion.
The company's revenue dipped 6% from a year ago. Revenues from its immunology portfolio fell 11.3%, while its oncology segment declined by 8.4%, and its aesthetics portfolio decreased by 4.7%. ABBV's neuroscience portfolio revenue increased 22.1%.
At the time of writing, ABBV shares are down almost 4%.
Despite the revenue decline, ABBV described it as "another quarter of outstanding results" driven by accelerating performance across its non-Humira growth platform, "which is demonstrating double-digit growth,"
"Based upon the strength and momentum of our business, we are once again raising our full-year 2023 guidance as well as our floor EPS outlook for next year. We are also increasing our quarterly dividend, underscoring our confidence in AbbVie's long-term outlook," said Richard Gonzalez, chairman and chief executive officer of AbbVie.
AbbVie raised its adjusted EPS guidance for the full year 2023 to between $11.19 and $11.23, from $10.86 to $11.06. It sees Q4 2023 EPS from $11.19 to $11.23, versus the consensus of $11.06.
Reacting to the report, analysts at Piper Sandler said it was a big beat and raise as expected. "ABBV posted Q323 total revenue of $13.927B, beating consensus of $13.690B (PSC $13.782B), and adjusted EPS of $2.95 beat consensus of $2.84 (PSC $2.92)," explained the analysts, who maintained an Overweight rating and $170 price target on the stock.
"The revenue beat was largely driven by the strength of the immunology franchise, which beat by $175M (including a $84M Rinvoq beat), along with upside across other major franchises. FY23 non-GAAP EPS guidance was raised $0.25 at the midpoint," they added.