AbbVie (NYSE:ABBV) released a relatively strong set of second quarter results on Friday, yet shares lost some ground during the session.
The results were driven by sales of Humira, but this success only increases the company's reliance on its top-selling drug which is set to lose patent protection in 2016. As such a successful integration of Shire and a successful product launch of HCV are required to drive further appeal.
Second Quarter Highlights
AbbVie posted second quarter sales of $4.93 billion, a 5.0% increase from the year before. Sales benefited by 0.2% thanks to modest favorable fluctuations in foreign exchange rates. Sales came in much higher than the anticipated sales of $4.7 billion by the investment community.
The company could not repeat this growth rate in terms of earnings, with GAAP earnings of $1.10 billion being up by 2.8% compared to the year before. As such GAAP earnings were up