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AbbVie Reports First-Quarter 2013 Financial Results
Date:4/26/2013

NORTH CHICAGO, Ill., April 26, 2013 /PRNewswire/ -- AbbVie (NYSE: ABBV) today announced financial results for the first quarter ended March 31, 2013.

"In our first quarter as an independent company, AbbVie delivered earnings per share above our original guidance," said Richard A. Gonzalez, chairman and chief executive officer, AbbVie.  "The business generated strong sales growth despite loss of exclusivity in our lipid franchise, which speaks to the foundation of AbbVie's product portfolio.  Additionally, we advanced our promising pipeline during the first quarter, with continued progress across our mid- and late-stage development programs."

First-Quarter Results

  • Worldwide sales were $4.329 billion in the first quarter, up 3.7 percent.  On an operational basis, sales increased 5.1 percent, excluding a 1.4 percent unfavorable impact from foreign exchange rate fluctuations.  Sales increased in the quarter despite the decline in TriCor/Trilipix sales due to the loss of exclusivity.  Excluding TriCor/Trilipix sales and foreign exchange, sales increased 8.6 percent in the first quarter.  
  • Sales growth was driven by the continued strength of HUMIRA, both in the United States and internationally.  Global HUMIRA sales increased 16.0 percent, or 17.3 percent on an operational basis, excluding the impact of foreign exchange rate fluctuations.  U.S. HUMIRA sales grew 23.7 percent due to growth in dermatology and gastroenterology, as well as the global launch of the ulcerative colitis indication. 
  • First-quarter adjusted gross margin ratio was 76.2 percent, as expected, excluding intangible asset amortization and other specified items.  This reflects both the loss of exclusivity within our lipid franchise, as well as the effect of unfavorable foreign exchange rate fluctuations on the ratio.  The gross margin ratio under U.S. generally accepted accounting principles (GAAP) w
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