AbbVie Inc has registered a small growth of 4.3 per cent in net profit during the first quarter ended March 2015 to $1,022 million as against $980 million in the similar period of last year. Its net sales increased by 10.5 per cent to $5,040 million from $4,563 million. EPS improved slightly to $0.63 from $0.61 in the last period. First quarter sales growth was driven by Humira which registered sales of $3,111 million, a growth of 18 per cent over last period.
The sales growth was also driven by the launch of Viekira, as well as strong operational growth from other key products including Synagis, Synthroid, Creaon and Duodopa. R&D expenditure increased by 5.1 per cent to $811 million from $772 million. This was 16.1 per cent of sales.
Richard A Gonzales, chairman and CEO, said, AbbVie had an exceptional first quarter, delivering on our projection of top-tier EPS growth, as well as robust sales growth and significant margin expansion. We also announced the acquisition of Pharmacyclics, which will establish AbbVie as a leader in the haematologic oncology market and provide an important growth platform for the future. And, we continued to gain momentum with the launch of our HCV therapy, Viekira, and further advancement of our late stage pipeline. Certainly, 2015 is a pivotal year for AbbVie and we are off to an impressive start.”
The company acquired Pharmacyclics for $21 billion during first quarter. The acquisition accelerates AbbVie's clinical and commercial presence in oncology, strengthens its already robust pipeline, and establishes a leadership position in haematological oncology. The company submitted a new Drug Application to the Japanese Ministry of Health, Labour and Welfare seeking approval for the investigational, all-oral, RBV and interferon-free, 12-week, two direct-acting antiviral treatment of OBV/PTV/r, dosed once daily.
The company has raised its adjusted diluted earnings per share guidance for the full-year 2015 to $4.10 to $4.30 from $4.05 to $4.25.