AbbVie Shares Up 2.6% As Company Beats Profit, Sales Estimates
AbbVie Inc. shares climbed 2.6% in premarket trade Friday, after the biopharmaceutical company topped profit and sales estimates. The company said it had a net loss of $810 million, or 51 cents a share, in the fourth quarter, after a profit of $1.128 billion, or 70 cents a share, in the year-earlier period. Excluding special items mostly related to the termination of its offer to buy Shire Pharmaceuticals, the company had adjusted EPS of 89 cents, ahead of the FactSet consensus of 86 cents. Sales rose to $5.42 billion from $5.11 billion, also ahead of the FactSet consensus of $5.35 billion. The company said it is still expecting full-year adjusted EPS of $4.25 to $4.45, compared with the current FactSet consensus of $3.30. Shares have gained 3.2% in the last three months, while the S&P 500 has gained 1.3%.
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