AbbVie 4th-quarter earnings slide, hit by generics competition

Reuters

Jan 31 (Reuters) - AbbVie Inc on Friday reported lower fourth-quarter earnings, hurt by generic competition for its medicines, but results matched Wall Street expectations.

The U.S. drugmaker, spun off early last year from Abbott Laboratories Inc, said it earned $1.13 billion, or 70 cents per share, in the quarter. That compared with $1.54 billion, or 98 cents per share, in the year-earlier period.

Excluding special items, the company earned 82 cents per share, matching the average analyst estimate, according to Thomson Reuters I/B/E/S.

Global revenue totaled $5.1 billion and was also in line with Wall Street expectations.

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