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Investors Cheer AbbVie's Q2 Numbers, Forecast

AbbVie Inc. ABBV 1.9% released its second quarter financial results number driven by continued growth of Humira. The company's EPS and revenue topped the Street analysts' expectations.

AbbVie said it earned $0.98 on a GAAP basis and that its adjusted EPS was $1.26 representing 16.7 percent year-over-year growth. This was $0.06 a share more than the analysts' estimation of $1.20 a share.

The drug maker generated net Revenues of $6.45 Billion or $6.43 Billion on adjusted basis indicating an 18.0 Percent Increase Operationally. Analysts' predicted the company to deliver $6.2 billion revenue.

The company added its revenue uptick reflected HUMIRA global reported sales growth of 17.7 percent on an operational basis. While IMBRUVICA contributed $439 Million, VIEKIRA's global contribution was $419 Million in the second quarter.

AbbVie's chairman and CEO, Richard Gonzalez, commented, "A key element to our long-term sustainable performance is our advancing pipeline and this quarter we saw several regulatory approvals, including VENCLEXTA and ZINBRYTA. We also made progress on a number of clinical development programs and completed the acquisition of Stemcentrx, which adds a promising late-stage asset for solid tumors and brings a target discovery platform to AbbVie's oncology portfolio, further enhancing the robustness of our pipeline."

Going forward, the company boosted its adjusted EPS forecast to $4.73-$4.83 from $4.62-$4.82 while projected GAAP EPS of $3.82-$3.92 for the full year. Street is looking for an EPS of $4.75.

In pre-market trading on Friday, the stock traded up 2.75 percent at $66.50.

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