AbbVie (ABBV) has reported a 28.97 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $1,598 million, or $0.97 a share in the quarter, compared with $1,239 million, or $0.74 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $1,994 million, or $1.21 a share compared with $1,899 million or $1.13 a share, a year ago.
Revenue during the quarter grew 8.21 percent to $6,432 million from $5,944 million in the previous year period. Gross margin for the quarter contracted 375 basis points over the previous year period to 76.62 percent. Total expenses were 63.29 percent of quarterly revenues, down from 68.29 percent for the same period last year. This has led to an improvement of 499 basis points in operating margin to 36.71 percent.
Operating income for the quarter was $2,361 million, compared with $1,885 million in the previous year period.
"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," said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. "AbbVie represents a unique investment opportunity, offering both compelling growth, along with a strong return of capital to investors, including a rapidly growing dividend, which has grown 60 percent since we became an independent company nearly four years ago."
For financial year 2016, AbbVie forecasts diluted earnings per share to be in the range of $3.74 to $3.76. The company forecasts diluted earnings per share to be in the range of $4.80 to $4.82 on adjusted basis.
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