AbbVie Inc. said its fourth-quarter results were in line with analysts expectations and released positive results on its final-phase clinical trials for a promising new drug to treat certain patients with Hepatitis C.
The North Chicago pharmaceutical firm, which just completed its first full year as a stand-alone company after separating from Abbott Laboratories, said fourth-quarter net income fell 27 percent to $1.13 billion, or 70 cents a share, down from $1.54 billion, or 90 cents a share, in the year-ago period.
Revenue fell 1.8 percent to $5.11 billion, a decline the company blamed on the introduction of generic competition for its lipid drug franchise and unfavorable foreign exchange rates.
Adjusted for certain factors, AbbVie reported earnings per share of 82 cents, in line with Wall Street expectations.
The company’s blockbuster drug Humira eclipsed $10 billion in sales in 2013, making it the highest-grossing drug in the world, according to industry data. Sales of the drug rose 13.4 percent in the fourth quarter to $3.04 billion.
Sales of its cholesterol drugs, Niaspan, TriCor and Trilipix, by contrast, fell by nearly 90 percent because of the introduction of generics.
Separately on Friday, AbbVie released its highly anticipated data from its Phase 3 clinical trials for an oral treatment to treat patients with Hepatitis C. The study, which included 2,300 patients in 25 countries, found that between 92 percent and 100 percent of patients showed benefits from the treatment.
AbbVie said it hopes to launch the regimen in the U.S. this year.
"The high rates of response and tolerability of our regimen, coupled with the low rates of discontinuation are promising,” said Scott Brun, the company’s vice president of pharmaceutical development.
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