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AbbVie raises 2018 forecast, quarterly profit beats on strong Humira sales

Shares of the company rose 3.4 percent to $112 before the bell and were set to open at a record high after the U.S. drugmaker raised its 2018 earnings forecast on lower tax rates and expectations of higher operating performance.

"We expected an upward 2018 guidance revision, but not of this magnitude," Jefferies analyst Jeffrey Holford said in a client note.

AbbVie said it expects the adjusted effective tax rate will increase to 13 percent over the next five years due to higher domestic income and investment.

AbbVie's efforts to boost its cancer drug pipeline by expanding the use of Imbruvica, which accounted for about 9 percent of its revenue in 2017, could be a focus in 2018, analysts said.

AbbVie also said it planned to invest about $2.5 billion over the next five years in capital projects and would consider expanding facilities in the United States.


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AbbVie raises 2018 forecast, quarterly profit beats on strong Humira sales


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