Fri Oct 04 05:10:03 UTC 2024: ## AbbVie Updates Earnings Guidance, Stock Price Drops

**Chicago, IL -** AbbVie (NYSE: ABBV) announced revised earnings guidance for the third quarter and full year 2024 on Thursday. The company expects EPS to be between $2.920 and $2.960 for the quarter, falling slightly short of the consensus estimate of $2.950.

AbbVie also updated its FY 2024 guidance, with EPS projected between $10.710 and $10.910.

Following the news, ABBV shares dropped by $1.44, closing at $195.38.

**Strong Q2 Results**

The revised guidance comes after a strong second quarter, where AbbVie reported EPS of $2.65, exceeding analysts’ estimates by $0.08. Revenue for the quarter reached $14.46 billion, surpassing expectations.

**Analyst Sentiment Remains Positive**

Despite the slight downward revision in guidance, analysts remain largely optimistic about AbbVie’s prospects. Several firms have recently raised their price targets on the stock, with the average target price currently at $191.64.

**Insider Activity**

In recent weeks, Chairman Richard A. Gonzalez has sold a significant number of AbbVie shares, triggering some investor concern.

**Company Overview**

AbbVie is a global pharmaceutical company specializing in the discovery, development, and commercialization of a wide range of medicines. The company’s portfolio includes blockbuster drugs such as Humira, Skyrizi, and Rinvoq, used to treat various autoimmune and inflammatory diseases.

**Disclaimer:** This news article is for informational purposes only and should not be construed as financial advice. Investors should consult with a qualified professional before making any investment decisions.

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