AbbVie's Stock Drops After Sales Miss Expectations

AbbVie Inc.'s stock shed 2.2% in premarket trade Friday, after the drugmaker missed second-quarter sales expectations, offsetting a profit beat. The company reported a net profit of $1.37 billion, or 83 cents a share, up from $1.1 billion, or 68 cents a share, in the year-earlier period. Excluding non-recurring items, adjusted earnings per share of $1.08 beat the FactSet consensus of $1.06. Revenue rose 19% to $5.48 billion, but missed the FactSet consensus of $5.6 billion, as sales of its top-selling arthritis treatment Humira increased 7.6% to $3.54 billion, but fell short of expectations of $3.66 billion. The company affirmed its full-year 2015 adjusted EPS outlook of $4.10 to $4.30, which compares with the FactSet consensus of $4.28. The stock has gained 6.7% over the past three months through Thursday, while the S&P 500 has slipped 0.7%.