AbbVie Sales Blow Past Expectations

Recommended by Dr. Michael White, Updated on October 25th, 2018

AbbVie, which this month walked away from a $55 billion deal to buy Dublin drugmaker Shire, on Friday reported quarterly revenue and earnings well above Wall Street expectations, fueled by soaring sales of its Humira arthritis drug.

The Chicago drugmaker, which significantly boosted its full-year earnings forecast, said it earned $506 million, or 31 cents per share, in the third quarter. That compared with $964 million, or 60 cents per share, in the year-earlier period.

Company sales rose 7.8 percent to $5.02 billion, topping the average analyst estimate of $4.83 billion, according to Thomson Reuters I/B/E/S.

Excluding special items, AbbVie earned 89 cents per share. Analysts, on average, expected 77 cents per share, according to Thomson Reuters I/B/E/S.

Sales of Humira, the world's top-selling drug, jumped almost 18 percent to $3.26 billion. They accounted for 65 percent of total AbbVie sales, underscoring the company's dependence on the medicine and its need for other products to broaden its drug portfolio.

A few other products showed strong growth, including thyroid hormone replacement drug Synthroid, whose sales rose 24 percent to $200 million.

But many others suffered sales declines, including its cholesterol treatments and its AndroGel testosterone gel, whose sales have been hurt by growing concerns that such medicines may increase the risk of prostate cancer.

AbbVie raised its full-year profit forecast to between $3.25 and $3.27 per share, from its prior view of $3.06 to $3.16.

Abbott had hoped to buy Shire and locate the combined company in Britain to take advantage of its lower tax rate relative to the United States.

In its earnings report, AbbVie made no mention of intentions to pursue other mergers but said it had abandoned the deal after changes to tax law announced last month by the U.S. Treasury "introduced an unacceptable level of risk" to the economics of the deal.

More:

AbbVie Sales Blow Past Expectations

Related Post

Contact Us Now


Your Name (*)
Your Email (*)
Your Phone (*)
Select A Program
Select Your US State (*)
Select your age (30+ only)
Confirm over 30 years old (*) Yes
Confirm United States Resident? (*) Yes
(*) - Required
After completing the contact form above, press the submit button. We will send you a confirmation email. Please check your email. For security purposes, please give us a call at 1-800-469-3343 if you don't receive an email.


How useful was this post?

Click on a smiley face to rate it!

Average rating / 5. Vote count:

Word Count: 299

Comments are closed.


specialist levels testosterone increasing

testosterone cypionate cycle dosage
testosterone cypionate half life
what causes low testosterone levels in men