Accelerated growth for AbbVie’s Humira lifts 3rd-quarter results above expectation

Shares of US drugmaker AbbVie (NYSE: ABBV) were up 2.4% at $49.09 in afternoon trading on the New York Stock Exchange on Friday (October 25), having already risen 44% this year, after the company posted third-quarter 2013 financial results that beat analysts’ projections.

Worldwide sales were $4.66 billion in the third quarter, up 3.3% and beating Wall Street expectations of $4.52 billion. On an operational basis, sales increased 3.6%, excluding a 0.3% unfavorable impact from foreign exchange rate fluctuations. Sales increased in the quarter despite the decline in TriCor/Trilipix (fenofibrate) sales due to the loss of exclusivity. Excluding TriCor/Trilipix sales and foreign exchange, sales increased 10.9 in the quarter. Rheumatoid arthritis drug Humira (adalimumab), which accounts of more than half of AbbVie’s turnover, saw accelerated year-on-year growth of 19.1% to $2.77 billion in the reporting quarter

Net income fell 39.4% to $964 million, or $0.60 cents, from $1.59 billion, or $1.01, a year earlier. Earnings excluding one-time items of $0.82 a share beat the $0.78 average of 10 analysts’ estimates compiled by Bloomberg. Full-year earnings excluding certain items are expected to be $3.11 to $3.13 a share, up from $3.07 the company stated.