AbbVie's Reports Positive 3Q13 Financial Results
AbbVie (NYSE: ABBV) reported their 3Q13 financial results ending September 30th this morning.
The pharmaceutical company delivered $4.658B in revenue, an increase of 3.3 percent. Overall, revenue was up 10.9 percent excluding exchange and TriCor/ Trilpix due to loss exclusivity. AbbVie reported third quarter GAAP EPS of $0.60 and adjusted EPS of $0.82, above guidance range. The company raised 2013 adjusted EPS guidance to $3.11-$3.13 and GAAP EPS guidance of $2.54-$2.56.
Abbvie's commented that HUMIRA saw a 19.1 percent sales growth on a reported and operational basis driving much of the increase in revenue. Other products including Creon, Duodopa, Synthroid and Zemplar also saw solid sale growth. The company noted that they will continue to enhance an early-stage pipeline with two new collaborations in inflammatory diseases and cystic fibrosis.
A few notable key events in the third quarter include progress toward the largest Phase 3 interferon-free hepatitis C program completion, with the presentation of the Phase 2 hepatitis C clinical development program in Washington D.C. next week, the initiation of the single-agent study of the Bcl-2 inhibitor, and the second Phase 3 pivotal trial to evaluate elagolix for endometriosis treatment.
Further, AbbVie agreed to work with Ablynx to develop and commercial ALX-0061 to treat inflammatory diseases such as rheumatoid arthritis and systemic lupus erythematosus. Another global alliance includes Galapagos to “discover, develop and commercialize novel potentiator and combination therapies for cystic fibrosis (CF) that address the main mutations in CF patients, including F508del and G551D, with the aim to initiate Phase 1 studies at the end of 2014.”
On September 19th, AbbVie's board of directors declared a quarterly cash dividend of $0.40 per share payable November 15th to stockholders of record on October 15th. The company was named to the S&P 500 Dividend Aristocrats Index. The chairman and CEO Richard A. Gonzalez commented, “Our third-quarter performance demonstrates the strength and durability of our product portfolio and the continued execution of our key strategic priorities as an independent biopharmaceutical company.”
The investor conference call be webcast through AbbVie's Investor Relations Web site at www.abbvieinvestor.com at 8:00 a.m. CT.
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