Pharmaceutical company AbbVie (NYSE: ABBV) will be announcing earnings results this Wednesday before market hours. Here’s what to expect.
AbbVie beat analysts’ revenue expectations last quarter, reporting revenues of $16.62 billion, up 10% year on year. It was a strong quarter for the company, with a solid beat of analysts’ revenue estimates and a decent 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 for active Edge members.
This quarter, the market is expecting AbbVie’s revenue to grow 10.5% year on year, improving from the 8.4% increase it recorded in the same quarter last year.
Heading into earnings, analysts covering the company have grown increasingly bullish with revenue estimates seeing in majority upward revisions over the last 30 days. AbbVie has a history of exceeding Wall Street’s expectations.
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, there has been positive investor sentiment in the segment, with share prices up 11% on average over the last month. AbbVie is down 7% during the same time .
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