AbbVie, a global, research-based biopharmaceutical company formed in 2013 following separation from Abbott, has posted net earnings of US$ 968 million during the first quarter ended March 2013 as compared to $883 million in the corresponding period of last year. Its net sales increased by 3.7 per cent to $4,329 million from $4,173 million. The earnings per share worked out $0.60 as compared to $0.56 in the last period.
On January 1, 2013, Abbott Laboratories distributed 1,577 million shares of AbbVie common stock to Abbott's shareholders in connection with the separation of AbbVie from Abbott. The computation of diluted earnings per share for the quarter ended March 2012 was calculated using the shares distributed on January 1, 2013.
Richard A Gonzalez, chairman and CEO, said, “In our first quarter as an independent company, AbbVie delivered earnings per share above our original guidance. The business generated strong sales growth despite loss of exclusivity in our lipid franchise, which speaks to the foundation of AbbVie's product portfolio. Additionally, we advanced our promising pipeline during the first quarter, with continued progress across our mid-and late-stage development programmes.”
Its sales increased despite the decline in TriCor/Trilipix sales due to the loss of exclusivity. Excluding TriCor/Trilipix sales and foreign exchange, sales increased by 8.6 per cent in the first quarter. Global Humira sales increased by 16 per cent.(For the full year 2012, the sales of Humira climbed to Number 1 position in the World with sales of US$ 9,265 million.) Humira sales in the US grew by 23.7 per cent due to growth in dermatology and gastroenterology, as well as the global launch of the ulcerative colitis indication. Adjusted R&D expenditure was 14.6 per cent of sales in the first quarter, reflecting funding actions in support of our emerging mid- and late-stage pipeline assets and the continued pursuit of additional Humira indications.
The company confirmed its diluted earnings per share guidance for the full year 2013 of $2.66 to $2.76 on a GAAP basis. In 2013, AbbVie employs approximately 21, 000 people worldwide and markets medicines in more than 170 countries.
AbbVie's board authorised a share repurchase program of up to $1.5 billion of the company's outstanding common stock. The share repurchase authorization permits shares to be repurchased in open market or private transactions, has no time limit and may be discontinued at any time.