AbbVie’s stock is down 3% after missing on revenue in the first quarter of 2022

Shares of AbbVie Inc. were down 3.4% in premarket trading on Friday after the company missed on revenue in the first quarter of the year. AbbVie had earnings of $4.5 billion, or $2.51 per share, in the first quarter of 2022, up from $3.5 billion, or $1.99 per share, in the same quarter of 2021. Adjusted earnings per share were $3.16. The FactSet consensus was $3.14. The company said it had revenue of $13.5 billion for the quarter, up from $13.0 billion, against a FactSet consensus of $13.6 billion. Top-performing products included eczema treatment Rinvoq (up 53.6% to $465 million), its aesthetics franchise, which includes Botox Cosmetic and Juvederm (up 20.% to $1.3 billion), and psoriasis treatment Skyrizi (up 63.7% to $940 million). However, sales of Humira, its top-selling drug, fell 2.7% to $4.7 billion, as did sales of lymphoma treatment Imbruvica, which came in at $1.1 billion. AbbVie updated its guidance for adjusted EPS for 2022, saying it now expects $13.92 to $14.12 instead of $14.00 – $14.20. The company’s stock has gained 15.4% this year, while the broader S&P 500 is down 10.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.