Why AbbVie Stock Flopped on Friday
's (NYSE: ABBV) products are regularly used to help heal the sick, but the company's stock wasn't healthy for portfolios on Friday. The company published its latest quarterly earnings release, and investors expressed their displeasure with it by selling out of the stock. It declined by more than 4% in price that trading session, contrasting unfavorably with the 0.3% gain of the S 500 index.
For its third quarter, AbbVie reaped just under $15.78 billion in revenue, which was 9% higher on a year-over-year basis. This was led by the company's enviable collection of blockbuster drugs; Skyrizi experienced a 47% increase in net revenue to $4.7 billion, for example, while Rinvoq advanced 35% to generate $2.2 billion for the top line.
Image source: Getty Images.
Source Fool.com
AbbVie Inc. Stock
With 41 Buy predictions and not a single Sell prediction AbbVie Inc. is an absolute favorite of our community.
With a target price of 207 € there is a slightly positive potential of 9.87% for AbbVie Inc. compared to the current price of 188.4 €.
