AbbVie Earnings Beats, But Offers Weak Outlook

AbbVie Inc. said Thursday it had net income of $1.35 billion, or 83 cents a share, in the first quarter, up from $1.02 billion, or 63 cents a share, in the year-earlier period. Adjusted per share earnings came to $1.15, ahead of the FactSet consensus of $1.13. Revenue rose to $5.96 billion from $5.04 billion, matching the FactSet consensus. The company revised its full-year EPS outlook to reflect the impact of the Stemcentrx acquisition, which is expected to shave 20 cents off the number. The biopharma company is now expecting EPS of $4.62 to $4.82 for the year, well below the $4.97 FactSet consensus. Shares were trading down 1.2% premarket, but are up 2.5% in the year so far, while the S&P 500 has lost 5%.