AbbVie rockets on upbeat forecast, despite 4th-qtr profit plunge
US drugmaker AbbVie (NYSE: ABBV) was another victim of tax charges that hit its fourth-quarter 2017 results today, but still the firm’s shares jumped a significant 8.98% to $118.02 by mid-morning on strong sales of its lead product and an upbeat outlook for the current year.
Net revenue in the fourth-quarter rose nearly 14% to $7.74 billion, resulting in $1.48 earnings per share, and beating analysts’ average expectations of $1.44 EPS on revenue of $7.53 billion, according to Thomson Reuters.
As a result of a $1.14 billion income tax charges in the quarter, with net income attributable to AbbVie falling to $52 million compared with $1.29 billion in the like year-earlier quarter.
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