AbbVie Inc. ABBV reported impressive results in the fourth quarter of 2017. The company surpassed earnings and revenue estimates during the period. Importantly, it raised its earnings expectations for 2018. 

AbbVie’s shares have soared 90.1% in a year’s time, significantly outperforming the industry’s 26.5% rally.

The biopharmaceutical company reported fourth-quarter 2017 earnings of $1.48 per share, beating the Zacks Consensus Estimate by 2.8%. The bottom line grew 23.3% year over year. Earnings also surpassed the previous expectations of $1.42 and $1.44.

The company posted revenues of $7.7 billion in the reported quarter, marginally beating the Zacks Consensus Estimate of $7.6 billion. The top line also increased 13.9% year over year. Excluding a 1.5% favorable impact from foreign exchange rate fluctuations, operational revenues jumped 12.6%. Revenues reported higher growth compared with the previously expected 10% rise on an operational basis.

Quarter in Detail

Key drug Humira recorded sales growth of 12.3% on an operational basis with revenues coming in at $4.9 billion. Sales in the United States increased 15.1% to $3.3 billion. Humira sales in the ex-U.S. market were up 6.5% on operational basis and 11.7% on reported basis to $1.57 billion. Growth across all three major market categories drove this upside despite increasing competition from new classes of drugs as well as an indirect biosimilar competition in the international markets.

Fourth-quarter net revenues from Imbruvica stood at $708 million, up 38.7% year over year. U.S. sales of Imbruvica were $585 million, up 35.3% compared with the year-ago figure. AbbVie recorded $123 million (up 38.7%) of international profit sharing with Johnson & Johnson JNJ.

Other products having delivered an impressive performance include Duodopa showing revenue growth of 21.3% on operational and 27.6% on reported basis. Another product called Creon witnessed an ascent of 10.6% in revenues on both operational and reported basis.

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