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

as 73.4 percent.
  • Adjusted SG&A was 27.9 percent of sales in the first quarter, reflecting continued investment in our growth brands and the incremental costs of becoming an independent company.  On a GAAP basis, SG&A was 28.6 percent of sales.
  • Adjusted R&D was 14.6 percent of sales in the first quarter, 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 14.6 percent of sales.
  • Net interest expense was $66 million in the first quarter, and adjusted other income was $18 million.  On a GAAP basis, other income was $15 million.
  • The adjusted tax rate was 22.2 percent in the quarter.  On a GAAP basis, the first-quarter tax rate was 21.9 percent.
  • First-quarter diluted earnings per share were $0.60 on a GAAP basis.  Adjusted diluted earnings per share, excluding intangible asset amortization expense and other specified items, were $0.68, above the company's previous guidance range.  
  • Key Events from the First Quarter

  • Earlier this week, AbbVie presented new data from its rapidly-advancing hepatitis C program at the annual meeting of the European Association for the Study of the Liver (EASL).  New data from the Phase 2b AVIATOR study show SVR rates of greater than 90 percent in naive and prior null responder patients treated with AbbVie's 3-DAA+RBV regimen, across HCV subtype, IL28B genotype, baseline HCV-RNA or severity of fibrosis.  We expect our ongoing Phase 3 studies to begin to read out later this year and into early 2014, supporting mid-2014 registration submissions.
  • Initiated Phase 2b studies of elagolix in uterine fibroids.  Elagolix is currently in Phase 3 development for endometriosis. Both conditions are prevalent with few treatment options.
  • Initiated additional Phase 2b studies of ABT-719, our
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