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AbbVie Reports Third-Quarter 2013 Financial Results
Date:10/25/2013

ns.  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 10.9 percent in the quarter.  
  • Sales growth was driven by the continued strength of HUMIRA.  Global HUMIRA sales increased 19.1 percent on both a reported and operational basis.  U.S. HUMIRA sales grew 22.3 percent.  Total company sales growth was also driven by strong growth from other products including Synthroid, Creon, Zemplar and Duodopa.
  • Third-quarter adjusted gross margin ratio was 79.7 percent, excluding intangible asset amortization and other specified items.  Gross margin strength in the quarter was driven by operational efficiencies and product mix, including strong HUMIRA sales and better-than-expected lipid performance despite loss of exclusivity.  The gross margin ratio under U.S. generally accepted accounting principles (GAAP) was 76.6 percent.  
  • Adjusted selling, general and administrative (SG&A) expense was 26.1 percent of sales in the third quarter, reflecting continued investment in our growth brands.  On a GAAP basis, SG&A was 27.1 percent of sales.
  • Adjusted research and development (R&D) was 15.2 percent of sales in the 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 15.3 percent of sales.
  • Net interest expense was $69 million, and the adjusted tax rate was 22.3 percent in the quarter.  On a GAAP basis, the third-quarter tax rate was 25.0 percent.
  • Third-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 $0.82, above the company's previous guidance range.  

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