AbbVie profit slips, gives cautious 2014 forecast

Fri Jan 31, 2014 8:13am EST

(Reuters) - 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)

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