SoulMete - Informative Stories from Heart. Read the informative collection of real stories about Lifestyle, Business, Technology, Fashion, and Health.

AbbVie Stock Crumbles On Mixed Earnings, Slashes 2022 Earnings Outlook

[ad_1]

AbbVie stock crumbled early Friday after the biopharma giant cut its earnings outlook and came up short on sales for its first quarter.




X



The company reported adjusted profit of $3.16 per share on $13.54 billion in sales. On average, analysts polled by FactSet expected AbbVie (ABBV) to earn $3.14 a share on $13.66 billion in sales.

In the year-earlier period, AbbVie earnings were $2.89 per share on $13.01 billion in sales.

For the year, AbbVie cut its earnings outlook to $13.92-$14.12 per share, which includes an 8-cent hit due to research and development, as well as a milestone payment from the first quarter. AbbVie stock analysts had predicted adjusted profit of $14.16 a share on $60.23 billion in sales.

In premarket trading on today’s stock market, AbbVie stock toppled 4.4% near 149.50.

More to follow.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

YOU MAY ALSO LIKE:

Eli Lilly Extends Its Breakout On First-Quarter Beat, Bullish News In Obesity

Sanofi Scores A Big Beat As Dupixent Snags The Spotlight, Again

IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today

Options Trading: How To Start Using Options, How To Manage Risk

How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks



[ad_2]
Source link