AbbVie turns first-year profit
Completing its first year as an independent company, Chicago-based AbbVie reported worldwide net sales of $5.1 billion in the fourth quarter of 2013, along with net earnings of $1.1 billion, driven mostly by continuing growth of its arthritis drug Humira.
Fourth-quarter sales were down 1.8 percent over the previous year, mostly due to the company losing exclusivity in its lipid franchise, AbbVie said. Humira sales, however, rose 13.4 percent in globally and 18.1 percent in the U.S.
Net earnings were 70 cents per share, down from 98 cents in 2012.
AbbVie, which has a research and development operation in Worcester, split from Abbott Laboratories in January 2013.
For the full year, the company saw sales reach $18.8 billion, up slightly from $18.4 billion in 2012. Sales of Humira accounted for more than $10.6 billion of sales for the year.
Net earnings, however, were down to $4.1 billion, or $2.56 per share, compared with $5.3 billion, or $3.35 per share a year before.
AbbVie also announced the completion of its Phase 3 hepatitis C virus studies, including results from four trials. The company said it hopes to receive U.S. approval of its hepatitis C therapies this year.
Revenue for 2014 is expected to be about $19 billion, excluding potential revenue from the hepatitis C therapies. Earnings per share are expected to fall between $2.63 and $2.73 per share.
WBJ Web Partners
Most Recent
Most Recent
0 Comments