Daily Journal masthead

AbbVie tops 2Q net income expectations, misses revenue forecasts

bug
Share/Save/Bookmark

NEW YORK — Drugmaker AbbVie Inc. reported better-than-expected second-quarter profit, but its sales disappointed Wall Street.

The North Chicago, Illinois-based company, which makes the blockbuster anti-inflammatory drug Humira, saw profit rise 24.4 percent to $1.37 billion, or 83 cents per share. Earnings, adjusted for non-recurring costs and amortization costs, came to $1.08 per share.

The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.

Revenue rose 11.1 percent to $5.48 billion, mainly on a boost in sales of Humira. But, the results fell shy of Wall Street expectations, with five analysts surveyed by Zacks expecting $5.6 billion.

Humira sales rose 7.6 percent to $3.54 billion. The company relies on the drug for the majority of its revenue. It is approved to treat more than a dozen conditions including rheumatoid arthritis, psoriasis and Crohn's Disease. But, it will start losing patent protection next year and could eventually face competition from Amgen Inc., which is developing a biosimilar version of the drug.

AbbVie's second-biggest seller, the hepatitis C drug Viekira Pak, was approved in December and brought in $385 million during the second quarter.

PHOTO: FILE - This Jan. 24, 2015, file photo, shows the exterior of Abbvie, in Lake Bluff, Ill. AbbVie Inc. reports quarterly financial results on Friday, July 24, 2015. (AP Photo/Nam Y. Huh)
FILE - This Jan. 24, 2015, file photo, shows the exterior of Abbvie, in Lake Bluff, Ill. AbbVie Inc. reports quarterly financial results on Friday, July 24, 2015. (AP Photo/Nam Y. Huh)

Viekira faces a crowded market with already established hepatitis C treatments including Gilead Sciences' Sovaldi and Harvoni. All three treatments are considered major improvements from earlier drug options.

Looking ahead, AbbVie expects full-year earnings in the range of $4.10 to $4.30 per share.

AbbVie's stock shed $2.02, or 2.9 percent, hitting $68.50 in premarket trading.

AbbVie shares have risen almost 8 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 2 percent. The stock has increased 29 percent in the last 12 months.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ABBV at http://www.zacks.com/ap/ABBV

_____

Keywords: AbbVie, Earnings Report

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow Daily Journal:

All content copyright ©2015 Daily Journal, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.