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AbbVie (ABBV) stock plunged early Thursday after the pharmaceutical company reported adjusted earnings of $2.46 per share and $12.23 billion in first-quarter sales.

The Street projected AbbVie earnings of $2.51 a share and $12.17 billion in sales, according to FactSet.

Humira, which faces biosimilar competition in the U.S. for the first time, brought in $3.54 billion in global sales, down more than 25%. Humira, which treats immunological conditions like rheumatoid arthritis, is traditionally AbbVie’s biggest moneymaker. Analysts expected $3.32 billion in sales, down 30%.

In the year-earlier period, AbbVie earned $3.16 per share and reported $13.54 billion in sales.

For the year, AbbVie raised its earnings outlook and now expects $10.72-$11.12 per share. AbbVie stock analysts had projected adjusted profit of $11.01 a share on sales of $52.73 billion.

In premarket trading on today’s stock market, AbbVie stock tumbled 6.1% near 152. Shares are forming a saucer-with-handle base and a buy point at 168.21, according to

AbbVie shares also have a strong IBD Digital Composite Rating of 95, putting them in the top 5% of all stocks in terms of fundamental and technical measures.

More to follow.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.