By Sam Boughedda
Investing.com -- AbbVie Inc (NYSE:ABBV) stock is down more than 9% in early Friday trading after the company missed revenue expectations.
The company reported earnings per share of $3.16 on revenue of $13.54 billion. While EPS beat expectations of $3.14, revenue was below the $13.67 billion expected by analysts polled by Investing.com.
Revenue was impacted by a decline in Imbruvica and Humira sales. Imbruvica revenue fell 7.4%, while Humira sales declined 2.7%.
"Our first quarter results highlight the diversity of our portfolio and include compelling performance from key growth drivers Skyrizi, Rinvoq, Aesthetics and Neuroscience," said Richard Gonzalez, chairman and chief executive officer of AbbVie.
"Our momentum combined with ramping contributions from new products and new indications will drive accelerating revenue and EPS growth through the rest of the year," added Gonzalez.
AbbVie updated its adjusted EPS guidance range for 2022, lowering it from $14.00 - $14.20 to $13.92 - $14.12, which includes the unfavorable impact of $0.08 per share related to acquired IPR&D and milestones expense incurred in the first quarter. This excludes any effect beyond the first quarter of 2022, as both cannot be reliably forecast.