AbbVie Inc (ABBV.N) on Friday reported lower fourth-quarter earnings, hurt by generic competition for its medicines, and issued a 2014 profit forecast below Wall Street expectations.
The U.S. drugmaker, spun off early last year from Abbott Laboratories Inc (ABT.N), said it earned $1.13 billion, or 70 cents per share, in the quarter. That compared with $1.54 billion, or 98 cents per share, in the year-earlier period.
Excluding special items, the company earned 82 cents per share, matching the average analyst estimate, according to Thomson Reuters I/B/E/S.
Global revenue totaled $5.1 billion and was also in line with Wall Street expectations.
AbbVie said it expects full-year earnings of $3.00 to $3.10 per share, excluding special items. That is below the average estimate of $3.16, according to a Thomson Reuters poll.
Shares rose 2.5 percent to $49.52 in premarket trading.
(Reporting by Ransdell Pierson; Editing by Jeffrey Benkoe)