AbbVie Posts Strong Quarter, Raises Guidance

AbbVie Inc ABBV reported mixed results for the third quarter. While EPS topped by a penny, sales revenue fell shy of estimates. The company boosted its adjusted EPS forecast, but this apparently wasn't enough to satisfy investors.

• Adjusted EPS increases 7 percent to $1.21, beats by a penny.
• Delivers net revenues of $6.43 billion, misses by $0.13 billion.
• Adjusted net revenues advanced 8 percent on an operational basis.
• Boosts adjusted EPS forecast to $4.80-$4.82 versus Street expectations of $4.82.
• Announces 12 percent dividend increase for 2017 with dividend payable in February.

Chairman and CEO Richard Gonzalez commented, "We delivered another strong quarter, with EPS growth ahead of our expectations. Year-to-date, we've driven strong commercial, operational and R&D execution, and we have advanced our pipeline and other strategic priorities."

Here is the complete press release: https://news.abbvie.com/news/abbvie-reports-third-quarter-2016-financial-results.htm At last check, the stock fell 4 percent to $59.00 in the pre-market session.