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AbbVie falls for missing top and bottom-line estimates

AbbVie Inc. (ABBV) shares fell 7% on Friday after the company reported fourth quarter results below analyst consensus forecasts.

The North Chicago, Illinois-based company posted earnings of $ 1.90 per share for the fourth quarter, with revenues of $ 8.305 billion. Analysts expected earnings of $ 1.93 on revenue of $ 8.37 billion.

"We are in an important new phase for AbbVie, and the continued momentum of our business, coupled with the launch and launch of a number of new products, will allow us to achieve strong earnings growth again in 2019 and position ourselves to grow for longer Viewpoint, "said CEO Richard Gonzalez.

Revenues for the quarter increased 7.3% year-on-year, in part thanks to a 50% increase in the company's global hematology oncology portfolio with net sales of $ 1

.13 billion.

AbbVie released an adjusted earnings forecast of $ 8.65 to $ 8.75 per share for the full year. This represents growth of 10% compared to 2018 in the middle.

"We achieved exceptional performance in 2018, including operating revenue growth of more than 15% and EPS growth of over 40%," said Gonzalez.

The Company also announced that its Board of Directors has approved an increase of $ 5 billion in its existing share repurchase program. The program is unlimited in duration and can be adjusted at any time.

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