AbbVie sales rise; R&D spending up

Illinois-based AbbVie reported that worldwide net sales rose 5.4 percent, to $4.6 billion in the first quarter of 2014, over 2013. The pharmaceutical firm also reported net earnings of $980 million or 61 cents per share.

First-quarter operational sales were up 6.7 percent over the same period a year ago, despite a 1.3 percent unfavorable foreign exchange rate and the company’s loss of its exclusivity in its lipid franchise , AbbVie said. Sales for the quarter were driven mostly by continued sales growth for its Humira arthritis drug. AbbVie said Humira sales rose 17.5 percent during the quarter.

AbbVie, which has a research and development operation in Worcester, said adjusted R&D spending was 16.9 percent of sales in the quarter, up 22 percent versus the prior year. That reflected funding actions in support of its emerging mid- and late-stage products and the continued pursuit of additional Humira uses.

AbbVie also announced the submission of a U.S. regulatory application for its interferon-free combination drug for patients with the hepatitis C virus, following trial completions at the end of 2013. The company said it expects the drug to hit the U.S. market this year and also expects European regulatory approval in 2015.

AbbVie said it expects about $19 billion in revenue for the year, excluding potential revenue from the hepatitis C therapies. The company also forecast earnings per share to fall between $2.63 and $2.73.