AbbVie sees profits downturn but meets analysts’ expectations

US drugmaker AbbVie’s (NYSE ABBV) shares gained 3% to $49.77 in morning trading on January 31, when the company reported fourth-quarter 2013 profit that met analysts’ estimates on increased revenue from the company’s top drug.

Worldwide sales were $5.111 billion in the fourth quarter, down 1.8 %. On an operational basis, sales decreased 1.1%, excluding a 0.7 % unfavorable impact from foreign exchange rate fluctuations. Excluding sales from our lipid franchise due to the loss of exclusivity, sales increased 7.9 percent on an operational basis  led by the rheumatoid arthritis drug Humira (adalimumab), global sales of which increased 13.4% to $3.04 billion for the quarter, with US revenues up 18.1% to $1.67 billion.

Net earnings for the quarter were $1.23 billion, down 26.8%. Diluted earnings per share were $0.70 on a GAAP basis, compared with $0.98 a year earlier. Adjusted diluted earnings per share, excluding intangible asset amortization expense and other specified items, were $0.82, matching the average of nine estimates compiled by Bloomberg.