Abbvie, Inc. (ABBV) Tops Q1 EPS by 3c; Affirms Outlook

Abbvie, Inc. (NYSE: ABBV) reported Q1 EPS of $0.71, $0.03 better than the analyst estimate of $0.68. Revenue for the quarter came in at $4.56 billion versus the consensus estimate of $4.33 billion.

• First-quarter sales growth was driven primarily by the continued strength of HUMIRA. Global HUMIRA sales increased 17.5 percent, or 18.4 percent on an operational basis, excluding the impact of foreign exchange rate fluctuations. Total company sales growth was also driven by double-digit growth from key products including Synthroid, Creon and Duodopa.
• The adjusted gross margin ratio in the first quarter was 78.4 percent, up 220 basis points versus the prior year, excluding intangible asset amortization and other specified items. The gross margin ratio under U.S. generally accepted accounting principles (GAAP) was 75.9 percent.
• Adjusted selling, general and administrative (SG&A) expense was 27.6 percent of sales in the first quarter, up 4.6 percent versus the prior year, reflecting continued investment in our growth brands and the expected HCV launch. On a GAAP basis, SG&A was 29.4 percent of sales.
• Adjusted research and development (R&D) was 16.9 percent of sales in the quarter, up 22.0 percent versus the prior year, reflecting funding actions in support of our emerging mid- and late-stage pipeline assets and the continued pursuit of additional HUMIRA indications. On a GAAP basis, R&D was 16.9 percent of sales, up 21.8 percent.
• Net interest expense was $65 million, and the adjusted tax rate was 22.3 percent in the quarter. On a GAAP basis, the first-quarter tax rate was 23.8 percent.

Abbvie, Inc. reaffirmed FY2014 guidance.

For earnings history and earnings-related data on Abbvie, Inc. (ABBV) click here.

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