AbbVie forecast beats analysts expectations
News-Sun staff report January 30, 2013 12:14PM
Abbott Laboratories located in the 1400 block of Sheridan Road North Chicago. | Thomas Delany Jr.~Sun-Times Media
Updated: March 2, 2013 11:34AM
NORTH CHICAGO —AbbVie confirmed Wednesday it delivered strong sales growth with its marketed pharmaceutical products in 2012 and the fledgling company issued its inaugural full-year outlook.
The proprietary pharmaceutical segment of Abbott, representing the majority of AbbVie’s revenue, grew more than 8 percent globally on an operational basis, excluding a nearly 3 percent negative impact from foreign exchange.
AbbVie said it expects 2013 earnings per share of 3.03 to 3.13, excluding special items, beating analyst forecasts of $3.08.
The North Chicago-based pharmaceutical company spun off from Abbott Laboratories on New Year’s Day said performance was driven by solid double-digit growth from both Humira and AndroGel, and continued growth from the company’s portfolio, including Creon and Synthroid.
“AbbVie’s portfolio of marketed products delivered solid growth in 2012, positioning us well for healthy performance in our first year as an independent company,” said Richard Gonzalez, chairman and chief executive officer. “In 2013, we expect to deliver on AbbVie’s key priorities of driving continued strong growth of Humira, maximizing our specialty product portfolio, advancing our promising pipeline including our late-stage Hepatitis C program and delivering returns to shareholders through our strong dividend.”
AbbVie expects long-term growth will be fueled by a pipeline of therapies in development to address medical conditions with high unmet need. In 2013, the company expects to initiate several Phase III programs including atrasentan for diabetic kidney disease and ABT-199 in chronic lymphocytic leukemia. It also intends to present data from a number of key development programs, including Hepatitis C, oncology, renal disease, immunology and Alzheimer’s disease.