$ABBV raises guidance after 1Q sales beat

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Abbvie raises guidance after 1Q sales beat

Abbvie raises earnings outlook after Humira delivers another better-than-expected quarter


NORTH CHICAGO, Ill. (AP) — Drugmaker Abbvie is raising its full-year earnings guidance after reporting better-than-expected first quarter adjusted results on continued growth of its blockbuster anti-inflammatory drug Humira.

Sales of Humira increased 18 percent to $3.1 billlion. Humira is the world’s top selling prescription drug, approved to treat more than a dozen conditions including psoriasis and rheumatoid arthritis.

The North Chicago-based company’s results were weighed down by a $1.9 billion in one-time costs, including a breakup fee from its abandoned merger with Shire PLC. That left it with earnings of $1.02 billion, or 63 cents per share, for the first quarter.

Adjusted earnings were 94 cents per share on revenue of 5.04 billion, beating analyst estimates of 85 cents per share on revenue of $5.01 billion.

The company expects full-year earnings of $4.10-$4.30, up from $4.05-$4.25.

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