India, April 25 -- AbbVie (ABBV) Friday reported lower earnings for the first quarter primarily due to higher expenses. The pharma giant posted 8.4% growth in revenues. It also raised its annual profit outlook.
Net earnings were $1.286 billion or $0.72 per share for the first quarter, lower than $1.369 billion or $0.77 per share in the same quarter a year ago, primarily due to higher expenses. The company had other expenses of $1.441 billion in the latest quarter, up from $586 million in the prior year.
Excluding one-time items, earnings were $2.46 per share, up from $2.31 per share last year. On average, 18 analysts expected earnings of $2.40 per share for the quarter. Analysts' estimates typically exclude special items.
AbbVie said its...