AbbVie Inc. (ABBV) reported a 68% jump in earnings for the third quarter helped by sales growth from Humira, Imbruvica, and HCV. The top and bottom lines came in above analysts’ expectations. The company also raised its adjusted EPS guidance for the full year 2018. Following this, the stock inched up over 2% in the premarket session.
Net income climbed 68% to $2.75 billion and earnings jumped 79% to $1.81 per share. Adjusted earnings soared 51.8% to $2.14 per share.
Net revenue grew 17.8% year-over-year to $8.24 billion. Worldwide adjusted net revenue increased 18.5% on an operational basis, excluding 0.7% unfavorable impact from foreign exchange.
Humira sales rose 9% on a reported basis, or 9.8% operationally, excluding 0.8% unfavorable impact from foreign exchange. In the US, Humira sales grew 12.5% while it rose 4.2% internationally.
Looking ahead into the full year 2018, AbbVie lowered its GAAP EPS guidance to the range of $6.43 to $6.45 from the prior estimate range of $6.47 to $6.57. However, adjusted EPS outlook was lifted to the range of $7.90 to $7.92 from the previous forecast of $7.76 to $7.86. The midpoint of this guidance reflects a year-over-year growth of 41.3%.
Also, the company’s board of directors declared an increase in its quarterly cash dividend from $0.96 to $1.07 per share beginning with the dividend payable on February 15, 2019, to shareholders of record as of January 15, 2019. This reflects an increase of about 11.5%, continuing AbbVie’s strong commitment to returning cash to shareholders through a growing dividend.
For the third quarter, cancer drug Imbruvica revenues jumped 41.3% to $972 million while revenue from the Hematologic Oncology Portfolio climbed 48.1% to $1.07 billion. Global HCV (hepatitis C virus) revenues soared more than 100% to $862 million.
Research and development expenses were 15.4% of net revenues. The adjusted R&D expenses were 15.4%, reflecting funding actions supporting all stages of its pipeline.
During the quarter, AbbVie received FDA approval of Humira for the treatment of non-infectious intermediate, posterior, and panuveitis in patients down to 2 years of age and for the treatment of hidradenitis suppurativa in adolescent patients 12 years of age and older.
Shares of AbbVie ended Thursday’s regular session up 3.03% at $80.21 on the NYSE. The stock has fallen over 17% in the year so far and over 13% in the past year.
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