The Second CEO in AbbVie’s History Debuts With a Bang

Robert Michael, just the second chief executive officer in AbbVie Inc.’s corporate history, got his tenure started on the right foot: a beat and a raise.

The North Chicago, Illinois-based drugmaker said it will earn more than originally forecast during Michael’s first year at the helm as newer medicines help ease its dependence on Humira, the blockbuster autoimmune drug that defined it for more than a decade.

Investors cheered the news. Shares rose as much as 5.6% in New York to a record in the company’s nearly 12-year history. They had increased about 14% this year through Wednesday’s ...