AbbVie Reports 2Q Loss, Allergan-Deal Cost Hurt Bottom Line
July 31 2020 - 7:32AM
Dow Jones News
By Allison Prang
AbbVie Inc. turned a second-quarter loss as Allergan
acquisition-related costs hurt results.
AbbVie's loss was $738 million, or 46 cents a share. In the
second quarter of 2019, AbbVie had a profit of $741 million, or 49
cents a share.
Adjusted earnings were $2.34 a share. According to FactSet,
analysts were expecting $2.20 a share.
Net revenue increased 26% to $10.43 billion, including a partial
quarter for Allergan. Analysts guided for $9.94 billion.
Operating costs and expenses about doubled. Acquisition-related
costs hurt earnings per share by $1.08.
The company closed the deal to buy Allergan in May.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
July 31, 2020 08:17 ET (12:17 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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