AbbVie (ABBV) Friday reported lower earnings for the first quarter primarily due to higher expenses. The pharma giant posted 8.4% growth in revenues. It also raised its annual profit outlook.
Net earnings were $1.286 billion or $0.72 per share for the first quarter, lower than $1.369 billion or $0.77 per share in the same quarter a year ago, primarily due to higher expenses. The company had other expenses of $1.441 billion in the latest quarter, up from $586 million in the prior year.
Excluding one-time items, earnings were $2.46 per share, up from $2.31 per share last year. On average, 18 analysts expected earnings of $2.40 per share for the quarter. Analysts' estimates typically exclude special items.
AbbVie said its results include an unfavorable impact of $0.13 per share related to acquired IPR&D and milestones expense.
Operating earnings rose to $3.733 billion from $2.798 billion a year ago.
Revenue for the quarter grew 8.4% to $13.343 billion from $12.310 billion in the previous year. The consensus estimate was for $12.92 billion.
For the full year, the company has raised its EPS outlook to $12.09 - $12.29 from $11.99 - $12.19. The Street is looking for earnings of $12.18 per share for the year.
"This guidance is based on the existing trade environment and does not reflect any trade policy shifts, including pharmaceutical sector tariffs, that could impact AbbVie's business," the company said in a statement.
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