Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, June 23, 2014

AbbVie raises 2014 forecast as it pursues Shire, (NYSE: ABBV)

U.S. drugmaker AbbVie Inc, which is trying to purchase London-listed peer Shire, on Monday raised its 2014 adjusted earnings forecast, citing strong "business performance" that it expects to continue for the rest of the year.The company now expects 2014 adjusted earnings of $3.06 to $3.16 per share, up from its prior view of $3.00 to $3.10. That excludes any revenue from its expected launch of a new hepatitis C treatment later this year.Abbvie's raised outlook came on the same day that Shire issued its own stand-alone growth plan after having rejected Abbvie's $46 billion takeover.Abbvie also said on Monday it was seeing strong results from its pipeline which it said includes promising cancer drugs, positive late-stage clinical data for a multiple sclerosis treatment, promised quick reviews of its new hepatitis C treatments by regulators in the United States and Europe and other positive clinical data.

AbbVie Inc. (AbbVie) is a research-based pharmaceuticals company. Shares of ABBV remained unchanged at $53.30. In the past year, the shares have traded as low as $41.07 and as high as $55.62. On average, 5803500 shares of ABBV exchange hands on a given day and today's volume is recorded at 3960.