Equireason
Oct 31, 8:00 PM
$ABBV
Claim going around: "they raised guidance."
- Correct vs October 5: adjusted EPS outlook is
$13.95–13.99 now vs
$13.76–13.96 (Oct 30 call)
- Not correct vs where the year began: February's range was
$14.37–14.57, so the midpoint is ~3.5% lower
- The 2026 path: cut in early April, raised late April, cut in July, trimmed again in July, cut Oct 5, raised Oct 30
- Skyrizi:
$5.5B in Q2, ~24% above a year earlier (10-Q)
For: the core immunology products keep growing and the range is now 4 cents wide.
Against: acquired IPR&D and milestone charges (
$0.58/share year-to-date as of July) were part of the cuts and can come back with each new deal.
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