AbbVie tops 2Q net income expectations, misses revenue forecasts

MarketsAssociated Press

AbbVie Inc. (ABBV) on Friday reported second-quarter profit of $1.37 billion.

The North Chicago, Illinois-based company said it had profit of 83 cents per share. Earnings, adjusted for non-recurring costs and amortization costs, came to $1.08 per share.

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The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.

The drugmaker posted revenue of $5.48 billion in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $5.6 billion.

AbbVie expects full-year earnings in the range of $4.10 to $4.30 per share.

AbbVie shares have risen almost 8 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 2 percent. The stock has increased 29 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ABBV at http://www.zacks.com/ap/ABBV

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Keywords: AbbVie, Earnings Report