Benzinga | Oct 29, 2021 12:44PM EDT

Why AbbVie Shares Are Rising Today

AbbVie Inc (NYSE:ABBV) is trading higher Friday after the company announced better-than-expected third-quarter financial results and raised guidance above estimates.

AbbVie reported quarterly adjusted earnings of $3.33 per share, which beat the estimate of $3.22 per share. The company reported quarterly revenue of $14.34 billion, which beat the estimate of $14.32 billion.

AbbVie raised full-year 2021 adjusted earnings guidance from a range of $12.52 to $12.62 per share to a range of $12.63 to $12.67 per share versus the estimate of $12.59 per share.

AbbVie also raised its quarterly dividend from $1.30 per share to $1.41 per share.

"Based upon our strong momentum, we are increasing our full-year 2021 EPS guidance. We remain highly confident in AbbVie's long-term outlook and are once again raising our dividend, which has grown over 250 percent since inception," "said Richard Gonzalez, chairman and CEO of AbbVie.

AbbVie is a drug company with strong exposure to immunology and oncology.

ABBV Price Action: AbbVie has traded as high as $121.53 and as low as $79.11 over a 52-week period.

The stock was up 4.09% at $114.17 at time of publication.

Photo: courtesy of AbbVie.