AbbVie Reports Drop in Sales
Generic competition and foreign exchange rate has resulted in AbbVie reporting a drop in fourth-quarter sales, however their anti-inflammatory blockbuster Humira continues to soar.
The company announced a net income of $1.13 billion, down 27%, while fourth quarter revenues dropped slightly to $5.11 billion.
The majority of AbbVie’s revenue was gained from Humira (adalimumab), which has been approved for indications covering rheumatoid arthritis, Crohn’s disease and psoriasis. Humira contributed $3.04 billion in sales for the fourth quarter, an increase of 13.4%. For the full year, sales of Humira reached $10.66 billion, an increase of 15%.
Revenues from Kaletra (lopinavir/ritonavir) declined by 8.6% to $228 million, while sales of the prostate cancer drug Lupron (leuprolide) fell 1.0% to $209 million. Synthroid (levothyroxine) rose by 12.8% to $189 million, and AndroGel testosterone replacement therapy dropped 20.9% to $289 million.
As for AbbVie’s lipids franchise, TriCor (fenofibrate) and TriLipix (fenofibric acid) saw sales fall by 85.4% to $29 million, hit by the loss of patent protection. Niaspan (niacin) dropped 88.9%, bringing in just $31 million in sales, while Synagis, the AstraZeneca respiratory treatment sold by AbbVie outside the USA, fell 6.4% to $314 million.
Richard Gonzalez, AbbVie’s chief executive, commented that AbbVie’s management is pleased with the results for the company’s first year separate from Abbott. Gonzalez added that AbbVie “achieved all of the objectives we set forth for 2013, exceeded our original earnings guidance, and established a solid foundation for the future.”
Mr Gonzalez noted that AbbVie “intend to build on this momentum in 2014 as we invest in our key products, advance our pipeline, and prepare for significant product launches that will drive growth in 2015 and beyond.”