Health and Healthcare
AbbVie Slides on Mixed Q4 Earnings
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When AbbVie Inc. (NYSE: ABBV) reported its fourth-quarter financial results before the markets opened on Friday, it posted $1.20 in earnings per share (EPS) and $6.8 billion in revenue. Consensus estimates from Thomson Reuters had called for $1.19 in EPS and revenue of $6.92 billion. In the same period of last year, the company reported EPS of $1.13 and $6.36 billion.
Global Humira sales increased 15.5% on a reported basis, or 16.2% operationally, excluding a 0.7% unfavorable impact from foreign exchange. In the United States, Humira sales grew 23.5%, while internationally sales grew 4.1%.
Imbruvica net revenue totaled $511 million, with U.S. sales making up $434 million and international profit-sharing filling in the remaining $77 million for the quarter.
In terms of the outlook for the coming year, the company expects to see EPS in the range of $5.44 to $5.54, representing 13.9% growth at the midpoint. The consensus estimates are $5.47 in EPS and $28.16 billion in revenue for the 2017 full year.
Richard A. Gonzalez, board chair and chief executive of AbbVie, commented:
The fourth quarter was a continuation of the strong performance and business momentum AbbVie has delivered since we became an independent company in 2013. Our 2016 revenue and EPS growth rank us among the leaders in our industry. We continue to make significant progress on our objectives across each aspect of our company strategy, with strong commercial execution, financial discipline and a focus on our advancing pipeline to drive long-term sustainable growth. Our guidance for 2017 reflects continued strong performance and confidence in our business fundamentals.
Shares of AbbVie closed Thursday at $61.27, with a consensus analyst price target of $69.94 and a 52-week trading range of $51.60 to $68.12. Following the release of the earnings report, the stock was initially down 1.6% at $60.30 in early trading indications Friday.
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