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How AbbVie Fared in 3Q17

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How AbbVie Fared in 3Q17 PART 1 OF 3

How Did AbbVie Perform in 3Q17?

AbbVie’s revenue trends

In 3Q17, AbbVie (ABBV) generated revenues of around $7.0 million, which reflected ~10% growth on a year-over-year (or YoY) basis and 1% growth on a quarter-over-quarter basis. In 3Q17, on an operational basis, AbbVie reported 8.8% growth in adjusted net revenues. In 3Q17, Humira and Imbruvica primarily drove the revenue growth for AbbVie. In 3Q17, Humira and Imbruvica witnessed 16% and 37% growth, respectively, on a YoY basis.

In 3Q17, AbbVie reported operating earnings of around $2.7 billion compared to $2.36 billion in 3Q16. In 3Q17, the company reported net earnings of around $1.63 billion compared to $1.60 billion in 3Q16. In 3Q17, AbbVie reported diluted earnings per share (or EPS) of $1.01 compared to $0.97 in 3Q16. During the quarter, AbbVie reported a GAAP (generally accepted accounting principles) gross margin ratio of ~76.9% and an adjusted gross margin ratio of ~80.8%. In 3Q17, AbbVie reported GAAP operating margin of 38.7% and adjusted operating margin of 43.1%.

How Did AbbVie Perform in 3Q17?

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3Q17 expenses

In 3Q17, AbbVie reported expenses on the cost of product sold of around $1.6 billion compared to $1.5 billion in 3Q16. In 3Q17, AbbVie reported R&D (research and development) and SG&A (selling, general, and administrative) expenses of around $1.2 billion and $1.5 billion, respectively, compared to $1.1 billion and $1.4 billion in 3Q16.

In 3Q17, AbbVie reported total operating costs and expenses of around $4.3 billion compared to $4.1 billion in 3Q16. Johnson & Johnson (JNJ), Amgen (AMGN), and Bristol-Myers Squibb (BMY), AbbVie’s peers in the immunology drugs market, generated revenues of around $19.7 billion, $5.8 billion, and $5.3 billion, respectively. The revenue growth of AbbVie could boost the share prices of the Vanguard Health Care ETF (VHT). AbbVie makes up about ~4.0% of VHT’s total portfolio holding.

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