As a result of the U.S. tax law passed in December, AbbVie plans to make investments of roughly $2.5 billion over the next five years in capital projects in the United States, as well as a one-time contribution of $350 million to select charitable organizations in 2018 and enhancements to nonexecutive employee compensation and other benefits.
The company reported its fourth-quarter segments as follows:
- Humira revenues increased 14.0% to $4.89 billion.
- Imbruvica revenues increased 38.7% to $708 million.
- HCV revenues increased 63.4% to $510 million.
- Lupron revenues increased 2.2% to $224 million.
- Creon revenues increased 10.6% to $235 million.
- Synagis revenues increased 4.4% to $282 million.
- Synthroid had revenues of $205 million.
- AndroGel revenues decreased 19.6% to $140 million.
- Kaletra revenues decreased 14.3% to $113 million.
- Sevoflurane revenues decreased 1.5% to $99 million.
- Duodopa revenues increased 27.6% to $100 million.
Looking ahead to 2018, AbbVie is raising its previously announced EPS guidance range for the full year to $7.33 to $7.43 from $6.37 to $6.57 to reflect the impact of U.S. tax reform and stronger operating performance. Consensus estimates call for $6.59 in EPS and $31.04 billion in revenue for the 2018 full year.
Richard A. Gonzalez, AbbVie’s board chair and chief executive, commented:
2017 reflects another year of top-tier performance, demonstrating the strong momentum in our business. Our guidance for 2018 underscores our confidence in our ability to continue to deliver industry-leading performance. This is an exciting time for AbbVie — we are poised to launch a number of differentiated products over the next 12 to 18 months that will fuel significant growth in the coming years. We remain committed to delivering on our long-term strategic vision for AbbVie.
Shares of AbbVie closed Thursday at $108.30, with a consensus analyst price target of $103.00 and a 52-week trading range of $59.27 to $108.37. Following the announcement, the stock was up 2.5% at $111.00 in early trading indications Friday.
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