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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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