April 23--The launch of a new drug to treat the hepatitis C virus and continued strong demand for Humira drove AbbVie's first-quarter results.
Here's a snapshot of the quarter and a bit of what's to come.
By the numbers: AbbVie's net income grew 4.2 percent to $1.02 billion, or 63 cents a share, from $980 million, or 61 cents a share, a year ago. Several special items reduced net income, including costs related to the termination of the Shire acquisition. Excluding those items, AbbVie said earnings per share were 94 cents, which beat its previously announced guidance of 82 cents to 84 cents.
Sales rose 10.5 percent to $5.04 billion, from $4.56 billion, a year earlier. Excluding the negative effect of foreign currencies, sales increased 17.8 percent.
Highlights: Global Humira sales increased 18 percent to $3.1 billion. The launch of Viekira to treat hepatitis C produced revenue of $231 million.
The company announced the $21 billion acquisition of Pharmacyclics on March 4. The deal, which is expected to close in the second quarter, will diversify AbbVie's revenue base but cause dilution of 20 cents a share.
Quote you on that: "Certainly, 2015 is a pivotal year for AbbVie and we are off to an impressive start," said Richard Gonzalez, chairman and CEO.
What's next: The company raised its 2015 earnings-per-share guidance to $4.10 to $4.30, from $4.05 to $4.25. The new forecast excludes 53 cents per share for expenses related to the deal, integration and other items.
Market reaction: AbbVie shares fell 27 cents to close $64.25 on Thursday.
asachdev@tripbub.com
