1. Most Discussed
  2. Gainers & Losers
UNS 0.5¢

AbbVie

  1. TDA

    10,721 Posts.
    47
    SWIPE

    AbbVie Reports Better-Than-Expected 4Q on Humira Sales
    9 HOURS AGO | ASSOCIATED PRESS

    • Share
    • Comments



    This Friday, July 18, 2014, file photo, shows AbbVie's signature drug Humira, in Houston. Drugmaker Abbvie posted better-than-expected fourth quarter earnings Friday, Jan. 30, 2015, on double-digit growth of its blockbuster anti-inflammatory drug Humira. (AP Photo/David J. Phillip)


    Drugmaker Abbvie posted better-than-expected adjusted results for the fourth quarter on Friday due to double-digit growth of its blockbuster anti-inflammatory drug Humira.

    Sales of Humira increased 10.6 percent to $3.36 billion, offsetting lower sales of the testosterone medication Androgel and other medications. Humira is approved for more than a dozen conditions including rheumatoid arthritis, Crohn's disease, ulcerative colitis and psoriasis.

    The North Chicago-based company's full results were weighed down by a $2.2 billion breakup fee and other expenses from its abandoned merger with Shire PLC. That left it with a loss of $810 million, or 51 cents per share, for the fourth quarter.

    AbbVie had envisioned buying Shire and reincorporating on the British island of Jersey, where Shire is incorporated. But AbbVie's board got cold feet after the U.S. government created new limitations on the tax benefits of incorporating overseas.

    Excluding the impact of breakup fee and related expenses the company would have earned 89 cents per share. That was better than the average estimate of analysts surveyed by Zacks Investment Research of 85 cents per share.

    The drugmaker posted revenue of $5.45 billion in the period, also topping Street forecasts. Analysts expected $5.37 billion, according to Zacks.

    The quarter's results included $48 million from the Viekira Pak, a new hepatitis C medication approved in the U.S. in December. It's among several new pill-only hepatitis C treatments, including offerings from Johnson & Johnson and Gilead Sciences, that are big improvements over earlier treatments

    Last month Express Scripts, the largest pharmacy benefit manager, announced it would make Abbvie's drug the preferred treatment for patients who have the most common form of hepatitis C, genotype 1.

    About 3.2 million Americans are infected with hepatitis C, which generally doesn't cause noticeable symptoms until the liver is damaged.

    For the year, the company reported profit of $1.77 billion, or $1.10 per share. Revenue was reported as $19.96 billion.

    AbbVie expects full-year earnings in the range of $4.25 to $4.45 per share.

    Its shares fell $1.24, or 2 percent, to $61.88 in morning trading Friday.

    AbbVie shares have decreased 3.5 percent since the beginning of the year, while the Standard & Poor's 500 index has declined roughly 2 percent. The stock has climbed 33 percent in the last 12 months.

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top

Thank you for visiting HotCopper

We have detected that you are running ad blocking software.


HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.