AbbVie Inc (NYSE:ABBV) delivered mixed results for the fourth quarter. Though its adjusted earnings matched estimates, its revenue remained a concern for investors. Following this, the stock is trading down in the pre-market trading on Friday.
AbbVie’s global sales advanced 6.7 percent on a reported basis and 6.9 percent on an operational basis. This is mainly driven by 12.5 percent growth in the United States as global sales slumped 1.3 percent on an operational basis.
The company’s lead product, Humira, delivered sales growth of 16.2 percent on an operational basis. Significantly, the drug’s sales in the United States jumped 23.5 percent whereas International division witnessed 4.1 percent uptick on an operational basis. The drug’s contribution to the top line is 63.27 percent in the fourth quarter.
Another product that contributed significant is Imbruvica. While sales in the America advanced 46.9 percent, its global sales jumped 61.3 percent on an operational basis. Its revenue represented 7.5 percent to the overall top line.
On the downside, Viekira recorded 72.3 percent drop in sales in the United States and 27.5 percent at international markets. As a result, the drug witnessed 43.5 percent drop on an operational basis.
While gross margin was 77.1 percent, adjusted gross margin was 81.0 percent in the December quarter. Similarly, its selling, general and administrative costs accounted for 24.3 percent on a reported basis and 23.9 percent on an adjusted basis.
AbbVie chairman and CEO, Gonzalez, commented about the results: “The fourth quarter was a continuation of the strong performance and business momentum AbbVie has delivered since we became an independent company in 2013. Our 2016 revenue and EPS growth rank us among the leaders in our industry.”
He added, “We continue to make significant progress on our objectives across each aspect of our company strategy, with strong commercial execution, financial discipline and a focus on our advancing pipeline to drive long-term sustainable growth. Our guidance for 2017 reflects continued strong performance and confidence in our business fundamentals.”
At time of writing this, the stock shed 1.26 percent.