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AbbVie Q4 Results Miss View; Stock Down

AbbVie (ABBV) reported that its net loss for the fourth quarter was $1.83 billion or $1.23 per share, compared to net income of $52 million or $0.03 per share in the prior year.

The latest-quarter result included the recent partial impairment charge related to intangible assets acquired as part of the 2016 acquisition of Stemcentrx Inc.

Adjusted earnings per share, excluding specified items, was $1.90, up 28.4 percent. Analysts polled by Thomson Reuters expected the company to report earnings of $1.94 per share for the quarter. Analysts' estimates typically exclude special items.

In Friday pre-market trade, ABBV is trading at $83.50, down $2.38 or 2.77 percent.

Worldwide GAAP net revenues were $8.305 billion in the fourth quarter, up 7.3 percent year-over-year. Worldwide adjusted net revenues of $8.305 billion increased 8.3 percent on an operational basis, excluding a 1.0 percent unfavorable impact from foreign exchange. Analysts expected revenue of $8.38 billion for the quarter.

AbbVie expects GAAP earnings per share for the full-year 2019 to be in the range $7.39 to $7.49. The company's 2019 GAAP guidance does not reflect non-cash charges for contingent consideration adjustments related to the expected approval of risankizumab in the first half of the year.

AbbVie expects to deliver adjusted earnings per share for the full-year 2019 of $8.65 to $8.75, representing growth of 10.0 percent at the mid-point. The company's 2019 adjusted earnings per share guidance excludes $1.26 per share of intangible asset amortization expense, non-cash charges for contingent consideration adjustments, and other specified items. Analysts expect annual earnings of $8.71 per share.

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