Shares in Abbvie Inc (NYSE:ABBV) zipped higher in pre-market trading on Friday after the US drugmaker topped Wall Street forecasts with its fourth-quarter profit, thanks to the strong sales of its blockbuster drug, Humira.
AbbVie – which was spun out of Abbott Laboratories (NYSE:ABT) in 2013 – also raised its 2018 earnings guidance to reflect the impact of lower taxes as a result of the sweeping reforms recently brought in by President Donald Trump.
READ: Abbvie advances as it raises full year outlook
Adjusted earnings – which exclude the impact of a US$1.14bn tax charge – for the three months ended December 31 came in at US$1.48, narrowly beating analysts' estimates of US$1.45.
Revenues rose to US$7.74bn compared to US$6.80bn in the year-ago period. Wall Street had been looking for US$7.45bn.
Humira the star once again
The Chicago-based firm’s autoimmune drug Humira – the world’s best-selling prescription medicine – raked in US$4.89bn in the quarter, beating consensus estimates of US$4.83bn.
Sales of cancer drug Imbruvica – which AbbVie has been working to extend the use of – came in at US$708mln, also beating market consensus.
AbbVie raised its adjusted earnings guidance for 2018 and now expects to earn between US$7.33 and US$7.43 – up from US$6.37 and US$6.57 forecast previously.
“Our guidance for 2018 underscores our confidence in our ability to continue to deliver industry-leading performance,” said chairman and chief executive Richard Gonzalez.
“This is an exciting time for AbbVie – we are poised to launch a number of differentiated products over the next 12 to 18 months that will fuel significant growth in the coming years. We remain committed to delivering on our long-term strategic vision for AbbVie.”
Shares jumped 5.1% in pre-market trade to US$113.99.