AbbVie Inc (NYSE:ABBV) released financial report for the second quarter closed June 30, 2017. Richard A. Gonzalez, the CEO and Chairman, reported that they are delighted with the sustained strength of their business. The second quarter financial performance reflects strong operational and commercial execution.
The CEO added that they remain extremely encouraged about the recent development they have made with their late-stage pipeline, including impressive results from a registrational study of their selective JAK1 inhibitor, named upadacitinib. They look forward to witnessing data from different additional pivotal trials in the second half of this year.
AbbVie reported that worldwide net revenues in 2Q 2017 came at $6.944 billion, up 7.6% YoY, on a GAAP basis. Adjusted net revenues, on operational basis, surged 8.9%, excluding a 0.9% unfavorable impact from foreign exchange. In Q2 2017, Global HUMIRA sales jumped 13.7% on a reported basis, or 14.9% operationally, discounting a 1.2% unfavorable impact from foreign exchange.
AbbVie reported that in the United States, HUMIRA sales surged 18% in the quarter. Globally, HUMIRA sales jumped 9.1%, excluding a 3.6% unfavorable impact from foreign exchange. Net revenues of Global IMBRUVICA in Q2 2017 came at $626 million, with sales in United States coming at s$528 million and global profit sharing of $98 million for the second quarter, showing growth of 42.6%.
The gross margin ratio came at 78% while the adjusted gross margin ratio stood at 82.3%. S,G&A expense constituted 21.7% of net revenues. R&D expense constituted 17.6% of net revenues while on adjusted basis, it was 17.5%, highlighting funding actions supporting all phases of company’s pipeline.
AbbVie reported that it expects GAAP diluted EPS for FY2017 to come in between $4.55 and $4.65. The company projects to deliver adjusted diluted earnings for FY2017 of $5.44 to $5.54 per share, indicating growth of 13.9% at the mid-point.