AbbVie Stock Crumbles On Mixed Earnings, Slashes 2022 Earnings Outlook
AbbVie stock crumbled early Friday after the biopharma giant cut its earnings outlook and came up short on sales for its first quarter.
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The company reported adjusted profit of $3.16 per share on $13.54 billion in sales. On average, analysts polled by FactSet expected AbbVie (ABBV) to earn $3.14 a share on $13.66 billion in sales.
In the year-earlier period, AbbVie earnings were $2.89 per share on $13.01 billion in sales.
For the year, AbbVie cut its earnings outlook to $13.92-$14.12 per share, which includes an 8-cent hit due to research and development, as well as a milestone payment from the first quarter. AbbVie stock analysts had predicted adjusted profit of $14.16 a share on $60.23 billion in sales.
In premarket trading on today’s stock market, AbbVie stock toppled 4.4% near 149.50.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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