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AbbVie stock higher on strong Q4 earnings, 2024 guidance

Julie Hyman and Jared Blikre

Pharmaceutical firm AbbVie (ABBV) stock ticks up on strong fourth-quarter earnings results, beating Wall Street estimates and issuing just as strong 2024 guidance.

Yahoo Finance takes a closer look at AbbVie's figures and if its botox products can catch on as much as recent GLP-1 weight loss drugs.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Video transcript

JARED BLIKRE: We got to talk about AbbVie. Shares of AbbVie higher today after topping fourth quarter earnings expectations and issuing stronger than expected profit guidance for the fiscal year 2024. I do have this up on the Wi-Fi interactive, just wanted to quote-- just want to chart this real quickly.

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Here is a five-year chart. Let me put some lines on here. And you can see it's right at the upper end of a trading range we've had over the last two years. So this particular earnings was not enough to be a catalyst to catapult it out of here. So we're going to need another one or we might do some mean reversion here.

JULIE HYMAN: Yeah and it looks like the long-term sales forecast for particular drugs boosting, that's something that the company was-- that I should say investors were happy about. Something else caught my eye--

JARED BLIKRE: Yes.

JULIE HYMAN: --related to the commentary around this. And this is something that AbbVie is looking at in the future. AbbVie makes Botox. They sell Botox. And they're talking about the so-called Ozempic face.

People who take these new weight-loss drugs, there's this effect that has been chronicled on social media that with the loss of fat and tone, people--

JARED BLIKRE: Yes.

JULIE HYMAN: --kind of droop. And so they're saying that the demand for Botox related to that is going to be a long-term tailwind.

JARED BLIKRE: Yeah, not only that, then you can go overboard on that and also fillers. And then you're going to need another treatment for that. We see how this plays out in medicine all the time.