AbbVie (NYSE:ABBV) stock is slipping on Friday following the release of the biopharmaceutical company’s earnings report for the first quarter of 2022.
The ABBV earnings report starts off positive enough with adjusted earnings per share of $3.16. That’s a 9.3% increase year-over-year for the company. It’s also better than the $3.14 per share that Wall Street was expecting.
However, things quickly turn grim for ABBV stock with its revenue of $13.54 billion. While that’s a 4.1% increase from Q1 2021, it misses analysts’ revenue estimate of $13.61 billion for the period.
Another negative for ABBV stock comes from its outlook for the full year of 2022. The company cut its previous EPS guidance from $14 to $14.20 to a new outlook between $13.92 and $14.12. That’s not a good look for AbbVie with the midpoint below Wall Street’s estimate of $14.11 per share for the year.
AbbVie chairman and CEO Richard Gonzalez is putting a positive spin on the earnings despite the mixed results.
“This year is off to a strong start. Our first quarter results highlight the diversity of our portfolio and include compelling performance from key growth drivers Skyrizi, Rinvoq, Aesthetics and Neuroscience. Our momentum combined with ramping contributions from new products and new indications will drive accelerating revenue and EPS growth through the rest of the year.”
ABBV stock is already seeing heavy trading today with roughly 8 million shares on the move. For the record, the company’s daily average volume comes in just below that at 7.8 million shares.
ABBV stock is down 7.5% as of Friday morning but is up 6.8% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.