AbbVie Inc. on Friday lowered its earnings outlook for 2020 as it
reported higher profit and sales for the first quarter as customers
stocked up amid the Covid-19 pandemic.
The biopharmaceutical company said it now expects per-share earnings
of between $7.60 and $7.70, down from its prior guidance of $7.66 to
$7.76.
The company backed its adjusted earnings guidance of between $9.61 and $9.71 a share.
Analysts polled by FactSet were expecting full-year adjusted earnings of $9.60 a share on sales of $35.34 billion.
The company said it will issue combined guidance following the close of its planned acquisition of Allergan PLC.
Shares rose 1.3% in premarket trading.
AbbVie also said it is collaborating with health authorities and
institutions to determine the efficacy and safety of Kaletra/Aluvia, the
company’s antiretroviral therapy for HIV treatment, against Covid-19.
https://www.marketscreener.com/ABBVIE-INC-12136589/news/AbbVie-Lowers-2020-Earnings-Outlook-30511368/
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