AbbVie's Earnings Miss Drives Stock Down Nearly 3%
Pharmaceutical giant AbbVie (NYSE: ABBV) saw its stock fall nearly 3% following a second-quarter earnings report that failed to meet investor expectations. While the company 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 underperformance was compounded by a revised full-year earnings guidance range that now sits beneath consensus expectations due to the impact of its recent acquisition of Apogee Therapeutics. AbbVie's oncology segment also saw nearly 2% in revenue declines, contrasting with strong growth from immunology and neuroscience products like Skyrizi. Despite these challenges, analysts remain optimistic about AbbVie’s long-term prospects, citing a robust portfolio and the company's ability to deliver consistent top-line results. However, investors reacted negatively to both the earnings miss and revised guidance, leading to Friday's sharp stock decline.
Tickers: $ABBV