AbbVie Inc. (NYSE: ABBV) reported its fourth-quarter financial results Friday before the markets open. This drug manufacturing giant posted earnings per share (EPS) of $0.89 and $5.37 billion in revenue. Thomson Reuters consensus estimates called for $0.86 in EPS and $5.36 billion in revenue. In the fourth quarter of the previous year, AbbVie reported $0.82 in EPS and revenue of $5.11 billion.
The company gave EPS guidance for the 2015 full year in a range of $4.25 to $4.45, compared to a consensus estimate of $4.37.
Fourth-quarter sales growth was driven primarily by the continued strength of Humira. Global Humira sales increased 10.6%, or 14.4% on an operational basis, excluding the impact of foreign exchange rate fluctuations. Total company sales growth was also driven by operational growth from Synagis, Creon and Duodopa.
The adjusted gross margin ratio in the fourth quarter was 81.2%, up 410 basis points from the same period in the previous year.
Richard A. Gonzalez, chairman and CEO of AbbVie said:
AbbVie delivered exceptional performance in 2014 with sales and earnings well above our original projections for the year. We returned to growth in 2014, a year ahead of schedule, and we expect to continue building on that momentum in 2015 with another year of strong performance. For 2015, we’re focused on commercial and operational execution and the advancement of our promising pipeline as we build the company for long-term sustainable growth.
Shares of AbbVie closed Thursday up 2% at $63.12. In premarket trading, shares were down less than 1% at $63.00 following the release of the earnings report. The stock has a consensus analyst price target of $70.43 and a 52-week trading range of $45.50 to $70.76.
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