AbbVie, which completes first full year after separation from Abbott Laboratories during 2013, has received setback and posted lower net sales and net profit during the fourth quarter and full year ended December 2013 due to unfavorable impact from exchange rates. Its Worldwide sales during the fourth quarter ended December 2014 declined by 1.8 per cent to $5,111 million from $5,206 million in the corresponding period of last year. Excluding sales from its lipid franchise due to the loss of exclusivity, sales increased by 7.9 per cent on an operational basis in the quarter.
Research and development expenditure was 15.6 per cent of sales reflecting funding actions in support of its emerging mid-and late-stage pipeline assets. AbbVie announced completion of its phase 3 hepatitis C virus (HCV) studies; including top-line results from four remaining registrational HCV trials.
Its operating earnings went down by 15.7 per cent to $1,535 million during the quarter from $1,821 million and its net profit declined by 26.8 per cent to $1,128 million from $1,540 million.
Richard A Gonzales, chairman and CEO, said, “We are pleased with AbbVie's performance in our first full year as an independent biopharmaceutical company. We achieved all of the objectives we set forth for 2013, exceeded our original earnings guidance, and established a solid foundation for the future. We intend to build on this momentum in 2014 as we invest in our key products, advance our pipeline, and prepare for significant product launches that will drive growth in 2015.”
The company expects fully year 2014 revenue of approximately $19 billion and EPS in the range of $3 to $3.10 on an adjusted basis.
For the full year ended December 2013, AbbVie's net sales increased by 2.2 per cent to $18,790 million from $18,380 million in the previous year. Its net profit declined by 21.7 per cent to $4,128 million from $5,275 million. Its R&D expenditure increased to $2,855 million from $2,778 million. The worldwide sales of Humira reached at $10,659 million and the same in US touched to $5,236 million. International sales of Humira reached at $5,23 million. The sales of AndroGel amounted to $1,035 million and that of Kaletra reached at $962 million.