- AbbVie (ABBV) +3.5% in early trading despite reporting a 27% Y/Y drop in Q4 earnings, as the company releases positive results on its final-phase clinical trials for a promising new drug to treat certain patients with hepatitis C.
- ABBV says it is on track to begin major regulatory submissions of the drug early in Q2.
- ABBV’s blockbuster drug Humira eclipsed $10B in sales in 2013, making it the highest-grossing drug in the world; sales of the drug rose 13.4% during Q4 to $3.04B.
- Overall net sales fell 1.8% to $5.11B, despite the Humira figures; sales of its Niaspan, TriCor and Trilipix cholesterol drugs fell by nearly 90% because of the introduction of generics..
- Sees FY 2014 EPS of $3.00-$3.10 vs $3.16 analyst consensus estimate and revenue of $19B vs. $19.12B consensus; results exclude any potential revenue from the expected 2014 launch of the hepatitis C drug.
- Shares of Enanta Pharmaceuticals (ENTA +14%), a close ABBV partner, are up sharply.
AbbVie profit falls but calls hepatitis C drug results promising
Jan 31 2014, 09:46 ET