AbbVie Stock Drops Nearly 3% After Disappointing Earnings Report
Pharmaceutical company AbbVie (NYSE: ABBV) saw its stock fall nearly 3% following a second-quarter earnings report that failed to meet investor expectations. While the firm reported revenue of $17 billion, up over 10% year-over-year and above analyst forecasts, adjusted profitability came in below estimates at $3.65 per share versus an expected $3.71. The immunology segment led growth with a 15% increase to $8.79 billion driven by the blockbuster drug Skyrizi, while neuroscience revenue rose 20%. However, oncology sales declined nearly 2%, and AbbVie cut its full-year profitability guidance due to an acquisition of Apogee Therapeutics. Despite strong performance in key areas and a long history as a dividend king with 53 consecutive years of increases, the earnings miss and revised outlook triggered investor concern. Analysts remain cautiously optimistic about AbbVie's portfolio strength but acknowledge that market reactions can be swift to guidance changes.
Tickers: $ABBV