AbbVie raises profit forecast as CEO cites business "momentum"

Investing.com -- AbbVie (NYSE:ABBV ) has lifted his full-year income forecast, as the pharmaceutical group said its was seeing "momentum" in its operations after third-quarter net revenue topped estimates.

The company now expects adjusted profit per share to be between $10.90 to $10.94 in its current fiscal year, up from a prior estimate of $10.67 to $10.87.

It also announced a 5.8% increase to its quarterly dividend, starting with payouts in February.

In a statement, Chief Executive Robert Michael said the firm has been bolstered by "significant pipeline progress," leading it to have "confidence in the long-term growth outlook." AbbVie has been focusing on building out its pipeline of medications since its blockbuster arthritis drug Humira lost patent protection last year.

Net revenue during the quarter ended on Sept. 30 rose by 3.8% on a reported basis versus the year-ago period to $14.46 billion, above estimates of $14.3 billion. Adjusted per-share income came in at $3.00 compared to Wall Street projections of $2.91.

Underpinning the results was strong demand for AbbVie's Skyrizi, an injectable drug used as a treatment for plaque psoriasis -- the most common form of the chronic skin condition. Sales of the medication surged by 50.8% to $3.21 billion, beating expectations of $3 billion, helping offset a 37.2% fall in revenues from Humira.

Shares in AbbVie were higher in US premarket trading on Wednesday.

Source: Investing.com