Why AbbVie Stock Was Cruising Higher on Thursday

AbbVie (NYSE: ABBV) stock was the cure for what ails a portfolio on Thursday. The sturdy pharmaceutical company was a favorite of investors, who were trading its shares up by nearly 4% in price in late-session action. This occurred in the wake of the company's latest quarterly earnings release published that morning.

Sales drops and sales leaps

For its second quarter, AbbVie earned just under $14.5 billion in revenue. That figure was more than 4% higher year over year. Although sales of the company's No. 1 drug, the versatile Humira, suffered a nearly 30% drop (to $2.8 billion worldwide), the No. 2 treatment, Skyrizi, leaped 45% higher (to over $2.7 billion). Other drugs in the company's bulging portfolio, including Rinvoq and cancer treatment Venclexta, also did well.

Profitability came in at $4.7 billion, or $2.65 per share, on a non- GAAP (adjusted) basis. In contrast to revenue, this represented a decline, as AbbVie netted almost $5.2 billion in adjusted net income in the year-ago quarter.

In terms of actual performance versus analyst expectations, AbbVie's second quarter was mixed. It beat on the top line, as the consensus pundit estimate was barely over $14 billion. Yet, those prognosticators were collectively modeling $2.70 per share in adjusted net income.

Bottom-line guidance raised -- Hooray!

That's the past, and judging by the quite bullish investor reaction, the future looks more impressive. AbbVie raised its guidance for full-year adjusted profitability -- it now believes this will land at $10.71 to $10.91. Previously, it had forecast $10.61 to $10.81.

AbbVie did not proffer any revenue guidance.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .