AbbVie Reports 4Q Profit, Bump in Net Revenue

AbbVie Inc. (ABBV) reported a profit, compared with a loss a year earlier, as its research and development costs fell by billions.
The company’s profit was $2.8 billion, compared with a loss of $1.83 billion a year earlier. Earnings were $1.88 a share, compared with a loss of $1.23 a share.
Adjusted earnings were $2.21 a share, up from $1.90 a share. According to FactSet, analysts were expecting $2.19 a share.
Net revenue was $8.7 billion, up 4.8%. Analysts were expecting $8.69 billion.
The company’s research and development costs sank to $1.54 billion. In the fourth quarter of 2018, they were $6.5 billion. AbbVie also reported $890 million in other operating income.
At the same time, the company reported $416 million in net other expense, compared with net other income of $393 million a year earlier. AbbVie also had $273 million in income tax expense compared with an income tax benefit of $547 million a year earlier.

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