January 31, 2014 / 1:16 PM / 4 years ago

AbbVie profit slips, gives cautious 2014 forecast

(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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below