Business

AbbVie second-quarter profit tops $2 billion

Posted July 27, 2023 1:00 am

NORTH CHICAGO - AbbVie Inc. on Thursday reported second-quarter profit of $2.02 billion.

On a per-share basis, the North Chicago-based company said it had net income of $1.14. Earnings, adjusted for one-time gains and costs, were $2.91 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.79 per share.

The drugmaker posted revenue of $13.87 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $13.52 billion.

AbbVie expects full-year earnings in the range of $10.90 to $11.10 per share.

AbbVie shares have declined 12% since the beginning of the year, while the S&P's 500 index has increased 19%. The stock has decreased nearly 6% in the last 12 months.

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