AbbVie Shares Slump as Hepatitis C Projections Disappoint
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AbbVie Inc. shares dropped after the company said sales of its new hepatitis C drug, projected to be a blockbuster, would be slower than investors and analysts previously projected.
AbbVie fell 4.4 percent to $60.35 at the close in New York, the biggest one-day drop since April. The drugmaker said Friday that sales of its hepatitis C drug Viekira Pak would take until the end of 2015 to be on pace for more than $3 billion in annual sales. That puts revenue from the drug this year below the $3.11 billion that analysts surveyed by Bloomberg had forecast.