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.