By Micah Maidenberg 
 

AbbVie Inc. (ABBV) said it earned a higher-than-expected adjusted profit in the first quarter and increased its earnings forecast for the year.

The North Chicago, Ill.-based drug company reported $2.14 per share for the quarter after adjustments, beating the $2.06 a share analysts expected, according to FactSet.

The company said it is raising its previously announced adjusted profit outlook for the year to $8.73 to $8.83 a share, from $8.65 to $8.75 a share.

Overall, AbbVie said profit fell to $2.46 billion, or $1.65 a share, from $2.78 billion, or $1.74 a share, in the first quarter of last year.

Revenue ticked down 1.3% to $7.83 billion, but that was more than what analysts predicted.

Domestic sales of Humira, which is used to treat arthritis and other illness, rose 7% to $3.22 billion, AbbVie said.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

April 25, 2019 08:28 ET (12:28 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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