Shares of AbbVie (NYSE: ABBV) were down 5.4% as of 2:00 p.m. ET Friday, even after the pharmaceuticals giant announced slightly better-than-expected quarterly results and raised its full-year outlook.
For its third-quarter 2023, AbbVie's revenue declined 6% year over year (down 5.8% at constant currency) to $13.93 billion, translating to a 19.4% drop in adjusted (non-GAAP) earnings to $2.95 per share. Analysts, on average, were anticipating adjusted earnings of $2.87 per share on revenue of $13.71 billion.
AbbVie Chairman and CEO Richard Gonzalez called it "another quarter of outstanding results driven by accelerating performance across our non-Humira growth platform, which is demonstrating double-digit growth."
Source Fool.com