AbbVie forecast beats analysts expectations
ASSOCIATED PRESS January 30, 2013 9:34AM
Updated: January 30, 2013 6:59PM
Abbvie Inc., the pharmaceutical spinoff of Abbott Laboratories, issued its first annual guidance Wednesday, straddling Wall Street estimates.
On Jan. 1 Abbott Laboratories completed the spinoff of its drug unit Abbvie, which will market the company’s branded prescription drugs, including the blockbuster anti-inflammatory drug Humira. Abbott Laboratories will continue marketing the company’s remaining products: nutritional formula, generic drugs and medical devices.
North Chicago-based Abbvie said it expects full-year 2013 adjusted earnings between $3.03 and $3.13 per share. Analysts polled by FactSet expect earnings per share of $3.08.
Sales of Humira grew 23.1 percent to $2.68 billion in the fourth quarter, the company said. Humira is used to treat a number of inflammatory diseases, including rheumatoid arthritis, psoriasis and Crohn’s Disease.
The company also posted $364 million in revenue from testosterone gel Androgel, an increase of 40 percent.
Abbvie CEO Richard Gonzalez said the company is focused on expanding growth of Humira and continuing testing of an experimental treatment for Hepatitis C.