ABBV AbbVie Inc

By Dave Sebastian

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.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

May 01, 2020 08:28 ET (12:28 GMT)

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