AbbVie Inc. has posted strong growth in net profit during the first quarter ended March 2018 and its net profit increased by 62.7 per cent to US$ 2,783 million from $1,711 million in the similar period of last year. Its net revenues increased by 21.4 per cent to $7,934 million from $6,538 million. EPS improved to $1.87 from $1.28 in the last period.

Richard A Gonzalez, chairman and CEO, said, “AbbVie is off to an excellent start in 2018, delivering first quarter revenue and EPS growth well ahead of expectations. Since our inception, we have strived to create a business that has multiple strong growth drivers. This quarter clearly demonstrates that level of diversity, with Humira, Imbruvica and Mavyret all delivering significant contributions to our growth. Based on the robust performance of the business, we are increasing our full-year EPS guidance, with the new midpoint reflecting industry-leading year-over-year growth of 38 per cent.”

Global Humira sales increased by 14.4 per cent  to $4,709 million during the quarter under review. In the US, Humira sales grew by 11.4 per cent to $3,03 million and internationally it grew by 9.3 per cent to $1,706 million. The sales of Imbruvica improved strongly by 38.5 per cent to $762 million. Its R&D expenditure was 15.7 per cent of net revenues and its R&D expenditure worked out to $1,244 million as against $1,142 million.

The company has updated its GAAP diluted EPS for the full-year 2018 to $6.82 to $6.92. It has raised its previously announced adjusted EPS guidance range for the full-year 2018 from $7.33 to $7.43 to $7.66 to $7.76. The midpoint of this guidance reflects year-over-year growth of 38 per cent.

The company has announced its plans to commence a tender offer to purchase for cash up to $7.5 billion in value of shares of its common stock through a modified “Dutch auction” tender offer at a specified price range to be determined. It expects to commence the tender offer as early as May 1, 2018.