HUMIRA revenues in international markets were negatively
impacted by biosimilar competition during the quarter and absent this impact,
net revenues rose 11% operationally.
On a GAAP basis, the company reported net earnings of $2.8
billion, or $1.88 per share, compared to a net loss of $1.8 billion, or $1.23 per
share, last year. Adjusted EPS totaled $2.21, beating forecasts of $2.19.
Global HUMIRA revenues remained unchanged from the prior-year period. HUMIRA revenues increased 9.8% in the US but declined 27.3% internationally due to biosimilar competition. IMBRUVICA revenues improved almost 29% while revenues from the hematologic oncology portfolio grew 37%.
For the full year of 2020, the company expects GAAP EPS to
be $7.66-7.76, representing growth of 46% at the midpoint. Adjusted EPS is
estimated to be $9.61-9.71, reflecting growth of 8.1% at the midpoint. Revenue
is expected to grow at least 8% operationally.
AbbVie and Allergan have agreed to divest brazikumab and Zenpep as part of the regulatory approval process related to their proposed acquisition agreement. Brazikumab will be acquired by AstraZeneca while Nestle will take over Zenpep. The divestitures are subject to various approvals and closing conditions. Abbvie expects to complete the acquisition of Allergan in the first quarter of 2020.
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