Pharmaceutical company AbbVie (NYSE:ABBV) will be reporting earnings tomorrow before market open. Here’s what investors should know.
AbbVie beat analysts’ revenue expectations by 1.9% last quarter, reporting revenues of $15.1 billion, up 5.6% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ constant currency revenue estimates and a narrow beat of analysts’ full-year EPS guidance estimates.
Is AbbVie a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting AbbVie’s revenue to grow 4.9% year on year to $12.92 billion, improving from its flat revenue in the same quarter last year. Adjusted earnings are expected to come in at $2.39 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 only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 1.6% on average.
With AbbVie being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for biotechnology stocks. However, the whole sector has been hit hard over the last month as stocks in AbbVie’s peer group are down 7.7% on average. AbbVie is down 12% during the same time and is heading into earnings with an average analyst price target of $210.01 (compared to the current share price of $177.05).
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