Shares of AbbVie Inc. were down 1.3% in premarket trading on Friday though the company met earnings and revenue expectations for the second quarter of the year. AbbVie had earnings of $924 million, or 51 cents per share, in the second quarter of this year, compared with $766 million, or 42 cents per share, in the same quarter a year ago. Adjusted earnings per share were $3.37, against a FactSet consensus of $3.32. The company reported that revenue increased to $14.58 billion in the second quarter of 2022, compared with $13.96 billion in the same three months of last year. The FactSet consensus was $14.6 billion. AbbVie’s rheumatoid arthritis drug remains its top-selling therapy; the treatment generated $5.3 billion in revenue for the quarter, up from $5.1 billion in the same quarter a year ago. Botox Cosmetic sales jumped to $1.3 billion in the quarter, up from $584 million in the same quarter a year ago. The company reaffirmed its guidance for 2022. AbbVie’s stock is up 10.6% this year, while the broader S&P 500 has declined 14.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.