AbbVie's 4th-qtr revenues disappoint

US biotech major AbbVie (NYSE: ABBV) disappointed investors with the release of its fourth-quarter 2016 results in terms of sales performance, though earnings per share at $1.20, up 6.2%, were in line with expectations, sending the US biotech major’s shares down 2.7% to $59.62 by late morning on Friday.

Net profit fell to $1.39 billion, or $0.85 per share, down 8.6%. AbbVie reported adjusted revenue of $6.78 billion in the fourth quarter, up 6.9%, but below analysts' average estimate of $6.91 billion, according to Thomson Reuters.

Full-rear diluted EPS of $3.63 on a generally accepted accounting principles (GAAP) basis, adjusted diluted EPS of $4.82, reflecting growth of 12.4%. Full-year net revenues were $25.638 billion on a GAAP basis; adjusted net revenues of $25.560 billion grew 13.3% on an operational basis.