AbbVie Inc(NYSE:ABBV) stock surged 8.9% today (As of 10:53AM EST on Jan 26th, 2018; Source: Google finance) post the fourth quarter of 2017 performance and FY17 results. The stock generated over 21.9% in this year to date performance.
For Fourth-Quarter of 2017, the worldwide net revenues rose 13.9% yoy to $7.739 billion in the fourth quarter of 2017 on a GAAP basis. The adjusted net revenues enhanced 12.66%, excluding a 1.5 percent favorable impact from foreign exchange. Global HUMIRA sales enhanced 14% on a reported basis, while U.S., HUMIRA sales surged 15.1% during the quarter. Internationally, HUMIRA sales enhanced 6.5%. The gross margin ratio reached 70.5 percent on a GAAP basis. global IMBRUVICA net revenues reached $708 million , with U.S. sales of $585 million and international profit sharing of $123 million for the quarter, which is 38.7 percent growth.
AbbVie announced positive top-line results from the Phase 3 SELECT-MONOTHERAPY clinical trial evaluating upadacitinib (ABT-494) as a monotherapy treatment in patients with moderate to severe rheumatoid arthritis who did not adequately respond to treatment with methotrexate. Results showed that after 14 weeks of treatment, both once-daily doses of upadacitinib (15 mg and 30 mg) met the study’s primary endpoints of ACR20 and low disease activity versus continuing prior stable methotrexate therapy. Both doses also achieved all ranked and all key secondary endpoints. The safety profile of upadacitinib was consistent with previously reported Phase 3 SELECT clinical trials and Phase 2 studies, and no new safety signals were detected. AbbVie expects data from two additional registrational studies in the first half of 2018, supporting regulatory submissions in the second half of 2018.
For Full-Year of 2018 the group enhanced their adjusted EPS guidance from $6.37 to $6.57 to $7.33 to $7.43 which includes impact of U.S. tax reform. The midpoint of this guidance shows year-over-year rise of 32 percent, which is more than half of which is driven by growth in the underlying business.
The group is also enhancing their U.S. Investments for the next five years, aiming over $2.5 billion in capital projects in the U.S. while evaluating further expansion of its U.S. facilities.