AbbVie Stock Sinks 5% After Slight Third-quarter Earnings Beat, Revenue Miss
AbbVie Inc. shares declined 5.3% in premarket trade Friday after the company had a slight earnings beat but missed revenue expectations. Earnings for the latest quarter rose to $1.60 billion, or 97 cents per share, from $1.24 billion, or 74 cents per share in the year-earlier period. Adjusted earnings-per-share were $1.21, just above the FactSet consensus of $1.20. Revenue rose to $6.43 billion from $5.94 billion, compared to the FactSet consensus of $6.56 billion. Blockbuster Humira had third-quarter revenue of $4.06 billion, below the FactSet consensus of $4.17 billion. AbbVie also raised its adjusted earnings guidance for 2016 to $4.80 to $4.82 from $4.73 to $4.83 and announced a 2017 dividend increase of 12%. AbbVie shares rose 3.8% year-to-date, compared with a 4.4% rise in the S&P 500 .
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