North Chicago-based AbbVie Inc. topped Wall Street expectations in its second full quarter as a standalone company due to higher sales of its best-selling drug Humira.
In January, Abbott Laboratories completed the spinoff of AbbVie, which markets the company's branded prescription drugs, including the blockbuster anti-inflammatory drug Humira.
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Second-quarter revenue rose 4.4 percent to $4.69 billion, driven mainly by Humira sales. Sales of the injectable medication increased 12.1 percent to $2.6 billion. Humira is prescribed to treat a number of inflammatory diseases, including rheumatoid arthritis, psoriasis and Crohn's Disease.
The company reported net income of $1.07 billion, or 66 cents per share, compared with $1.27 billion, or 80 cents per share, a year earlier. The decline is attributable in part to income tax expense of $300 million, more than double from 2012.
Excluding one-time charges the company would have earned $1.7 billion, or 82 cents per share. That topped the average estimate of Wall Street analysts, who predicted 79 cents per share on revenue of $4.53 billion, according to FactSet.
Sales of the company's cholesterol pills TriCor and Trilipex continued to fall due to the expirations of their patents. Combined sales of the drugs, which are designed to raise "good" HDL cholesterol while reducing triglycerides and "bad" LDL cholesterol, fell 66 percent to $107 million.
The company raised its full-year adjusted earnings guidance to between $3.07 and $3.13 per share, from $3.03 to $3.13 per share. Analysts polled by FactSet expect earnings of $3.12 per share.
Company shares rose 62 cents to $44.86 in morning trading. Shares are up 31 percent in the year to date.