FINWIRES — Financial News

AbbVie Raises 2026 Outlook Following First-Quarter Beat on Immunology Growth

AbbVie (ABBV) raised its full-year outlook on Wednesday as the biopharmaceutical company recorded better-than-expected first-quarter results, driven by robust revenue growth from its Skyrizi and Rinvoq immunology drugs.Per-share adjusted earnings are expected at $14.08 to $14.28 for 2026, up from prior guidance of $13.96 to $14.16. The guidance includes $0.41 in expenses related to acquired in-process research and development and milestone expenses in the first quarter. The current consensus on FactSet is for non-GAAP EPS of $14.12.AbbVie now expects revenue of about $67.3 billion for the current year, an increase of $300 million, Chief Financial Officer Scott Reents said during an earnings call, according to a FactSet transcript. The Street is looking for $67.07 billion.The company's shares rose 0.9% in Wednesday trading. The stock has dropped 13% this year.For the March quarter, the company reported adjusted EPS of $2.65, up from $2.46 a year earlier and ahead of the Wall Street estimate of $2.59. Revenue climbed 12% to $15 billion, surpassing the estimate on FactSet for $14.72 billion."We are off to an excellent start in 2026, with first-quarter results exceeding our expectations," CEO Robert Michael said in a statement. "AbbVie's key growth drivers continue to deliver strong performance and support our enhanced full-year outlook."Global sales from the immunology portfolio rose 16% to $7.29 billion. Gains of 31% for Skyrizi and 23% for Rinvoq helped counter a 39% drop for Humira. In the neuroscience segment, revenue jumped 26% to $2.89 billion, while oncology portfolio sales eased 0.2% to $1.63 billion.Revenue in the aesthetics portfolio increased 7.6% to $1.19 billion.AbbVie projects adjusted EPS of $3.74 to $3.78 in the current quarter on revenue of $16.7 billion, including a foreign-exchange gain of 0.6%, Reents said on the call. Analysts project non-GAAP EPS of $3.75 on sales of $16.8 billion.Price: $199.39, Change: $+1.70, Percent Change: +0.86%

$ABBV

US Total Crude Oil Stocks Fall in Week Ended April 24

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 13.4 million barrels in the week ended April 24 following a decrease of 2.2 million barrels in the previous week.Excluding inventories in the SPR, commercial crude oil stocks decreased by 6.2 million-barrels after a 1.9-million-barrel increase in the previous week, more than the 190,000 barrel decrease expected in a survey compiled by Bloomberg.Stocks in the SPR also fell by 7.1 million in the week after falling by 4.1 million in the previous week.Overall crude oil stocks were down 1.5% from the previous week but were still up 2.2% from a year earlier. Crude oil inventories are about 1% higher than the five-year average for this time of the year.Gasoline stocks decreased by 6.1 million barrels, more than the 2.8 million barrel decrease expected. Gasoline stocks were 2.7% lower from the previous week, and 1.4% down from a year earlier.Distillate stocks fell by 4.5 million barrels in the current week, compared with an expected decrease of 2.2 million barrels. Distillate stocks were 4.2% less than in the previous week and 3.9% lower than in the same week a year ago.Refineries operated at 89.6% of their capacity, slightly higher than the 89.1% rate in the previous week.

US Markets1d ago

AbbVie Raises 2026 Outlook Following First-Quarter Beat on Immunology Growth

$ABBV

Equities1d ago

Bank of Canada Is in No Hurry to React to Higher Oil Prices, Says Desjardins

The Bank of Canada's Governing Council left rates unchanged at 2.25% on Wednesday and signaled that elevated oil prices won't do much to boost gross domestic product or underlying inflationary pressures, said Desjardins.For its projections, the BoC assumed that Brent oil prices will fall to around US$75/barrel by mid-2027, roughly in line with the bank's forecasts.That said, policymakers expect investment and employment to be less responsive to higher crude prices than in the past, leaving real gross domestic product up just 1.2% in 2026, while previously it saw at 1.1%. So while the composition of growth will look different -- many households and businesses will be squeezed by higher energy costs even as some firms and governments benefit -- the economy is still expected to absorb slack only slowly this year, stated Desjardins.The good news is that officials share the bank's view that spillovers to core inflation will be limited. The BoC expects core inflation to end 2026 at 2.0%, which is actually a touch lower than the 2.1% penciled in back in January's Monetary Policy Report (MPR).The commentary accompanying the rate decision also highlighted the favorable starting point for underlying inflation, with the BoC's preferred core measures just slightly above 2% in March and the proportion of components rising above 3% also having declined in recent months. So while officials acknowledged the cost pressures associated with high oil prices, they implied that their operational target, underlying inflation, wouldn't be impacted, added the bank.Wednesday's MPR also included projections for an alternative scenario in which oil prices remain around US$100 per barrel. Even in that scenario, the economy is expected to struggle over the next few years, as many households and businesses would face higher costs and the benefits of elevated crude prices would translate into increased activity in oil-producing regions with a lag.That said, the forecasts include a further rise in headline inflation, which is substantially more persistent and broad-based than in the base case projections. Governor Tiff Macklem appears to suggest that such a situation could warrant consecutive increases in the policy rate, according to Desjardins.Overall, the BoC appears comfortable leaving rates unchanged for the rest of the year, unless oil prices remain high, added the bank. Assuming oil prices decline to levels consistent with their assumptions, the central bank's communications suggest that any changes in the target rate will be small.Desjardins takes that to mean that once the economy recovers to full health, central bankers will raise the policy rate gradually to 2.75%, the mid-point of their estimated neutral rate range. The bank's expectation is that those rate increases aren't in the cards until 2027.

$$CXY

Financial News · Live Terminal

AbbVie Raises 2026 Outlook Following First-Quarter Beat on Immunology Growth

US Total Crude Oil Stocks Fall in Week Ended April 24

AbbVie Raises 2026 Outlook Following First-Quarter Beat on Immunology Growth

US Total Crude Oil Stocks Fall in Week Ended April 24

Piper Sandler Adjusts Price Target on Kimberly-Clark to $115 From $114, Maintains Overweight Rating

HSBC Adjusts Price Target on Kimberly-Clark to $110 From $114, Maintains Hold Rating

Evercore ISI Adjusts Price Target on Franklin Resources to $28 From $27, Maintains Underperform Rating

JPMorgan Adjusts Price Target on Franklin Resources to $31 From $28, Maintains Neutral Rating

Bank of Canada Is in No Hurry to React to Higher Oil Prices, Says Desjardins

Research Alert: Avt Beats Q3; Expansion Challenges Structural Concerns

Research Alert: Bip Q1: Data Segment Growth Of 46% Powers 10% Ffo Growth

Brief: Bank of Canada's Governor Says May Need to Raise Rates If Energy Prices Rise Further, or Stay High Longer, to Keep Inflation Within Target

Northcoast Research Adjusts Pentair Price Target to $106 From $120, Maintains Buy Rating

City Holding Insider Sold Shares Worth $733,640, According to a Recent SEC Filing

Update: Weekly US Crude Inventories Drop by 6.2 Million Barrels, EIA Says

Update: US Weekly Ethanol Production Dropped, EIA Says

Mizuho Securities Adjusts Price Target on CMS Energy to $78 From $76, Maintains Neutral Rating

Mizuho Securities Adjusts Pentair Price Target to $100 From $122, Maintains Outperform Rating

Risks To Canada's Rates Outlook Remain Contingent On Course of Middle East Conflict, says TD Economics

Research Alert: Vrsk Q1: Solid Execution Drives Double Beat And Margin Expansion

Research Alert: Icon Plc: Accounting Investigation Complete; 2025 Results On The Way

Research Alert: Carpenter Technology Posts Strong Beat In Q3 Fy 26; Margin Expansion Continues