AbbVie 2nd-qtr 2014 earnings beat forecasts

25 July 2014

US drugmaker AbbVie (NYSE: ABBV), which has just clinched a $55 billion deal to acquire Ireland-based Shire (The Pharma Letters passim), reported second-quarter 2014 financial results, with earnings beating consensus estimates.

Net earnings for the quarter rose 2.8% to $1.10 billion or $0.68 per share billion or $0.66 per share in the previous-year quarter. Excluding intangible asset amortization and other specified items, adjusted earnings for the latest quarter were $1.33 billion or $0.82 per share, compared to $1.32 billion or $0.82 per share in the year-ago period. On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.76 per share for the quarter.

Worldwide net sales for the quarter rose 5% to $4.93 billion, just shy of analysts' revenue consensus for the quarter of $4.70 billion. On an operational basis, sales increased 4.8% percent, excluding a 0.2% favorable impact from foreign exchange rate fluctuations

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK