10:24 AM EDT, 10/30/2024 (MT Newswires) -- AbbVie ( ABBV ) lifted its full-year outlook on Wednesday as the biopharmaceutical company recorded better-than-expected third-quarter results amid robust sales of its Skyrizi and Rinvoq immunology drugs.

Per-share adjusted earnings are now anticipated to be in between $10.90 and $10.94 for 2024, including a $0.64 hit regarding acquired in-process research and development and milestone expenses incurred through the third quarter. The company previously projected adjusted EPS of $10.67 to $10.87, while the consensus among analysts on Capital IQ is for $10.88.

Revenue is now expected to total about $56 billion for the ongoing year, an increase of $500 million, Chief Financial Officer Scott Reents said on an earnings call, according to a Capital IQ transcript. The Street is looking for $55.97 billion.

"Based upon the momentum of AbbVie's ( ABBV ) business and our confidence in the long-term growth outlook, we are once again raising our full-year guidance," Chief Executive Robert Michael said in a statement. The stock was up 1.3% in Wednesday trading.

The firm's adjusted EPS increased to $3 for the September quarter from $2.95 the year before, topping the Street's view for $2.92. The result included an unfavorable impact of $0.04 per share related to the acquired in-process research and development and milestone costs. Revenue rose 3.8% to $14.46 billion, ahead of analysts' $14.28 billion estimate.

Global sales from the immunology portfolio advanced 3.9% to $7.05 billion, as gains of 51% and 45% in Skyrizi and Rinvoq helped counter a 37% drop in Humira. "While Humira's share erosion to biosimilars in the US is largely in line with our expectations, we are now seeing more Humira molecule volume moving to other novel mechanisms than previously anticipated," Chief Commercial Officer Jeffrey Stewart said on the call. "So while this has an unfavorable impact to Humira sales, we are seeing a benefit to Skyrizi and Rinvoq, which is a very favorable dynamic for immunology portfolio now and certainly over the long term."

In the oncology segment, revenue climbed 12% to $1.69 billion, aided by a 15% jump in Venclexta. The neuroscience division logged revenue growth of 16% to $2.36 billion while the aesthetics portfolio edged down 0.1% to $1.24 billion. Eye care sales fell 14% to $525 million.

For the fourth quarter, the company sees adjusted EPS in a range of $2.94 to $2.98 on revenue approaching $14.8 billion, Reents told analysts. The market's current view is for normalized EPS of $2.97 and revenue of $14.68 billion.

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