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In
June, AbbVie announced a $63 billion deal for Botox-maker
Allergan Plc <AGN.N>, in a bid to diversify its drug pipeline
amid growing threats to Humira's longevity.
The world's top-selling drug, which treats rheumatoid arthritis
and psoriasis, has come under pressure from cheaper rivals in
Europe and faces patent expiration in the United States, its
biggest market, in 2023.
Humira sales totaled about $20 billion last year and the drug
has accounted for the bulk of AbbVie's revenue for years.
In the quarter ended Sept. 30, Humira sales dipped 3.7% to $4.94
billion, hurt by biosimilar competition outside the United
States, but beat estimates of $4.89 billion, according to five
analysts polled by Refinitiv IBES.
Cancer drug Imbruvica brought in sales of $1.26 billion, ahead
of estimates of $1.19 billion.
AbbVie raised the lower end of its 2019 adjusted earnings per
share forecast by 8 cents to $8.90, while maintaining the top
end at $8.92.
Net earnings fell to $1.88 billion, or $1.26 per share, from
$2.75 billion, or $1.81 per share, a year earlier, as research
and development costs soared and the company took a charge
related to assets acquired as part of an acquisition in 2016.
Excluding items, AbbVie earned $2.33 per share.
Total revenue rose nearly 3% to $8.48 billion, beating estimates
of $8.38 billion.
AbbVie said it continues to expect its deal for Allergan to
close early next year and that both companies were cooperating
with regulators after receiving a request for more information
from the U.S. Federal Trade Commission in September.
(Reporting by Tamara Mathias in Bengaluru; Editing by Anil
D'Silva)
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