AbbVie Stock Beats Expectations Despite Revenue Decline

AbbVie reported second-quarter earnings and revenue that were lower than the previous year but exceeded expectations. The company's earnings per share came in at $2.91, down 13% from the same period last year, while revenue fell 5% to $13.86 billion. Analysts had predicted earnings of $2.83 per share on revenue of $13.54 billion. AbbVie's stock rose 5.4% following the announcement. The company is facing challenges from biosimilar competitors to its drug Humira but is seeing growth in sales of its newer immunology drugs Rinvoq and Skyrizi, as well as its schizophrenia treatment Vraylar.