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AbbVie Shares Hurt On Reduced Earnings Outlook

Shares of biopharmaceutical company AbbVie Inc. (ABBV) are down more than 8% after the company reduced its annual earnings outlook. Its first-quarter sales also missed analysts' view.

The company cut its annual EPS outlook to $13.92 - $14.12 from $14.00 - $14.20 citing a $0.08 per share impact related to the acquired IPR&D and milestones expense incurred during the first quarter. Analysts on average expect earnings of $14.11 per share for the period.

Net revenues were $13.538 billion in the first quarter, an increase of 4.1 percent year-on-year, but missed the consensus estimate at $13.61 billion.

The company reported net earnings of $4.49 billion or $2.51 per share compared with $3.553 billion or $1.99 per share in the same quarter a year ago.

Excluding special items, earnings were $3.16. The consensus estimate stood at $3.14 per share.

ABBV is at $143.10 currently. It has traded in the range of $105.56-$175.91 in the past 52 weeks.

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