AbbVie shares down despite massive earnings hike

US pharma major AbbVie (NYSE: ABBV) saw its shares decline 4.5% to $146.77 by mid-morning today, after it reported third-quarter 2022 financials that beat analysts’ forecasts on earnings but fell short on revenue expectations.

AbbVie announced earnings per share (EPS) of $3.66, an increase of 29.3%, on revenue of $14.81 billion, up 3.3%. Analysts polled by Investing.com anticipated EPS of $3.58 on revenue of $14.93 billion.

The company confirmed the midpoint of its full-year 2022 adjusted diluted EPS guidance range and narrowing the range from $13.76 - $13.96 to $13.84 - $13.88, which includes an unfavorable impact of $0.25 per share related to acquired IPR&D and milestones expense incurred year-to-date through the third quarter 2022. AbbVie’s 2022 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the third quarter of 2022, as both cannot be reliably forecasted.