Shares of the Illinois-based drugmaker AbbVie (NYSE: ABBV) were down by a hefty 5% as of 2:32 p.m. ET Friday afternoon. As a result, the Dividend Aristocrat's market capitalization has slipped by a staggering $13.2 billion today.

Why are investors hitting the exits today? Ahead of the opening bell, AbbVie announced its 2022 second-quarter earnings. With biosimilar competition eroding the sales of its top-selling anti-inflammatory medication, Humira, in Europe, investors were hoping to see its aesthetics and cancer portfolios pick up the slack. Unfortunately, these two key franchises posted unusually weak financial results for the three-month period.

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