AbbVie Q2 misses estimates; stock down over 4%
US drugmaker AbbVie (NYSE: ABBV) on Friday posted second quarter results that fell short of estimates on slower than expected sales growth for its top-selling drug Humira.
The company posted profit of $1.37 billion, up over 13% from a year ago. Earnings per share rose to 83 cents from 68 cents year on year. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.
Excluding special items, earnings per share were up at $1.08 against 82 cents a year earlier. Revenue grew 11% to $5.48 billion. The US-based firm said sales were impacted by 8.3% from unfavorable foreign currency exchange rates. This was also shy of Wall Street expectations, with five analysts surveyed by Zacks expecting $5.6 billion.
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