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AbbVie reports 26% rise in Q3 revenues

pharmafile | October 30, 2015 | News story | Sales and Marketing AbbVie, Humira 

AbbVie has announced stronger-than-anticipated Q3 financial results, its revenues increasing 26.2% on the same period last year to $5.944 billion, and saw its shares up 10% in Friday morning trading.

The company’s blockbuster rheumatoid arthritis treatment Humira was in no small part responsible for the success, its global sales growing 12.1% to $3.65 billion despite adverse foreign currency conditions and weaker international sales of the drug, which fell 16%.

Although the US patent for Humira, the world’s bestselling drug, expires next year, AbbVie is hoping to hold off competition for a little longer in its most important market, due to the challenge of getting biosimilars accepted by US regulators.

AbbVie’s worldwide sales for the quarter rose 18.4% to $5.944 billion, and increased 26.2 on an operational basis, excluding a 7.8 percent unfavourable impact from foreign exchange rate fluctuations, beating out analyst predictions of $5.89 billion.  

Third-quarter global Imbruvica sales were $304 million with U.S. sales of $267 million and international profit sharing of $37 million for the quarter. Sales growth was also driven by $469 from Viekira sales, despite a recent FDA warning over its link to liver damage in certain patients. Duodopa, Creon and Lupron also all achieved strong operational growth.

“We are pleased with our outperformance in the third quarter and our progress year-to-date. We’ve driven strong commercial, operational and R&D execution, resulting in industry-leading top- and bottom-line performance,” says Richard Gonzalez, chairman and chief executive officer, AbbVie. “We are well positioned to deliver robust EPS growth in 2015 and beyond, and we continue to make significant progress advancing our pipeline and other strategic actions that will help AbbVie achieve top-tier growth over the long term.”

Based on the performance, the US-based company also refined its 2015 outlook to $4.26 to $4.28 per share from the $4.10 to $4.30 forecast in late July, and forecast full-year 2016 adjusted earnings of $4.90 to $5.10 per share.

AbbVie also projected double-digit annual earnings growth through 2020 and revenues of $37 billion in the first year of the next decade- $5 billion more than current market expectations.

Joel Levy

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