Humira Helps AbbVie -- Earnings Review

   By Austen Hufford 
 

AbbVie Inc. (ABBV) reported results for its first quarter Thursday. Here's what you need to know:

REVENUE: The company reported that total revenue rose 21% to $7.93 billion. Analysts polled by Thomson Reuters had expected $7.59 billion.

EARNINGS: The company brought in a profit of $2.78 billion, or $1.74 a share, compared to $1.71 billion, or $1.06 a share, in the same period a year before. On an adjusted basis, the company had EPS of $1.87, above the $1.79 expected by analysts.

SHARES: In premarket trading, shares rose 2.3%.

CEO QUOTE: "AbbVie is off to an excellent start in 2018, delivering first quarter revenue and EPS growth well ahead of expectations," Chief Executive Richard Gonzalez said.

TENDER OFFER: The company said it plans to start a tender offer to purchase up to $7.5 billion of its shares through a modified "Dutch auction." The offer is part of its $10 billion stock repurchase program.

OUTLOOK: The company raised its adjusted EPS guidance for 2018 $7.66 to $7.76, from $7.33 to $7.43 previously.

HUMIRA: Total Humira sales increased 14%, or 11% excluding currency impact. In the U.S., Humira sales grew 11% while internationally sales grew 9.3%, excluding foreign exchange impact.

Write to Austen Hufford at [e-mail]

(END) Dow Jones Newswires

April 26, 2018 09:00 ET (13:00 GMT)

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