Advertisement
U.S. markets open in 8 hours 11 minutes
  • S&P Futures

    5,208.25
    -6.50 (-0.12%)
     
  • Dow Futures

    39,210.00
    -13.00 (-0.03%)
     
  • Nasdaq Futures

    18,178.75
    -52.75 (-0.29%)
     
  • Russell 2000 Futures

    2,047.30
    -2.50 (-0.12%)
     
  • Crude Oil

    82.56
    -0.16 (-0.19%)
     
  • Gold

    2,162.20
    -2.10 (-0.10%)
     
  • Silver

    25.30
    +0.03 (+0.12%)
     
  • EUR/USD

    1.0871
    -0.0006 (-0.05%)
     
  • 10-Yr Bond

    4.3400
    0.0000 (0.00%)
     
  • Vix

    14.33
    -0.08 (-0.56%)
     
  • GBP/USD

    1.2716
    -0.0012 (-0.10%)
     
  • USD/JPY

    150.1780
    +1.0800 (+0.72%)
     
  • Bitcoin USD

    65,117.64
    -3,250.53 (-4.75%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,722.55
    -4.87 (-0.06%)
     
  • Nikkei 225

    39,865.92
    +125.52 (+0.32%)
     

AbbVie's revenue miss raises concerns over Humira sales

A trader works by the post that trades AbbVie on the floor of the New York Stock Exchange March 5, 2015. REUTERS/Brendan McDermid

(Reuters) - AbbVie Inc (ABBV.N) reported quarterly revenue that missed analysts' estimates for the first time in six quarters, sparking concerns over slowing sales growth for its flagship arthritis drug, Humira.

The company's shares fell as much as 4.5 percent on Friday.

AbbVie reported total Humira sales of $3.54 billion for the quarter ended June 30, a 7.6 percent fall from a year earlier.

Humira sales have grown on an average 19.2 percent over the past four quarters up to March, according to Thomson Reuters calculations, helped by approvals to treat more indications and expansion into newer markets.

The drug accounted for 55 percent of the company's revenue in the latest quarter.

AbbVie blamed a change in shipment timing and a strong dollar for a 14.3 percent drop in international sales in the three months to June.

Analysts, however, flagged concerns over the impact of rival Remicade's copycat version on Humira.

"We have seen no impact of Remicade's biosimilar on Humira sales," AbbVie Chief Executive Richard Gonzalez said on a post-earnings call.

He said he expected Humira sales to grow in the mid-teens for the year.

Korean drugmaker Celltrion sells a biosimilar of Remicade in a few countries outside the United States.

Citigroup analyst Andrew Baum said investors were "underestimating the impact of likely Humira revenue erosion."

Sales of Viekira Pak, seen as AbbVie's next blockbuster, also came in below analysts' expectations.

The company reported sales of $277 million for the hepatitis C treatment in the United States.

Deutsche Bank analyst Robyn Karnauskas said the consensus expectation was $278 million.

Viekira Pak, approved in December, is facing competition from Gilead Sciences Inc's (GILD.O) Sovaldi and Harvoni.

AbbVie's revenue rose 11 percent to $5.48 billion for the second quarter, but missed the average analyst estimate of $5.62 billion, according to Thomson Reuters I/B/E/S.

Separately, the U.S. Food and Drug Administration approved the company's treatment that targets the rarest genotype, or genetic makeup, of hepatitis C virus.

Excluding special items, AbbVie earned $1.08 per share, above analysts' average estimate of $1.06 per share.

Up to Thursday's close of $70.52, the company's shares had gained about 8 percent this year.

(Reporting by Vidya L Nathan in Bengaluru; Editing by Savio D'Souza and Sriraj Kalluvila)

Advertisement