Pharmaceutical company AbbVie, Inc. (NYSE: ABBV) reported a decrease in first-quarter 2023 adjusted earnings and revenues. The company also provided guidance for fiscal 2023.
Total revenues decreased 9.7% year-over-year to $12.23 billion, reflecting weakness in the main operating segments.
At $2.46 per share, adjusted net income was lower than the $3.16 per share reported in the prior-year period. First-quarter unadjusted profit dropped to $239 million or $0.13 per share from $4.49 billion or $2.51 per share in the first quarter of 2022.
“This year is off to an excellent start, with first-quarter revenues and EPS ahead of our expectations, driven by strong commercial execution across all areas of our diversified portfolio,” said Richard A. Gonzalez, CEO of AbbVie.