Abbvie Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reaffirms Earnings Guidance for the Year 2016; Provides Earnings Guidance for the First Quarter of 2016
January 29, 2016 at 07:47 am
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AbbVie Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net sales of $6,400 million compared to $5,452 million a year ago. Operating earnings was $2,113 million compared to operating loss of $415 million a year ago. Income before income taxes were $1,924 million compared to loss of $1,037 million a year ago. Net earnings was $1,517 million or $1.13 per diluted share compared to net loss of $810 million or $0.51 per diluted share a year ago. Pre-tax adjusted earnings were $2,376 million. Adjusted earnings after tax were $1,861 million or $1.13 per diluted share.
For the year, the company reported net sales of $22,859 million compared to $19,960 million a year ago. Operating earnings were $7,537 million compared to $3,411 million a year ago. Earnings before income taxes were $6,645 million compared to $2,369 million a year ago. Net earnings were $5,144 million or $3.13 per diluted share compared to $1,774 million or $1.10 per diluted share a year ago. Pre-tax adjusted earnings were $9,040 million. Adjusted earnings after tax were $7,060 million or $4.29 per diluted share.
The company is confirming its diluted earnings-per-share guidance of $4.90 to $5.10 on an adjusted basis for the full-year 2016, representing strong double-digit growth versus 2015 and positioning AbbVie to be among the industry leaders for growth again in 2016. The company's 2016 adjusted diluted earnings-per-share guidance excludes $0.45 per share of intangible asset amortization expense and other specified items. Including these items, AbbVie's diluted earnings-per-share guidance is $4.45 to $4.65 on a GAAP basis.
For the first quarter, the company provided expects adjusted earnings per share in the quarter of $1.13 to $1.15. This guidance reflects growth of approximately 21% at the midpoint. First quarter adjusted EPS guidance excludes roughly $0.11 of noncash amortization and specified items and forecasting revenue growth in the first quarter just above 20%, excluding roughly 4% negative exchange.
AbbVie Inc. specializes in therapeutic drug research and development. Its products are intended for treating rheumatoid arthritis, psoriasis, Crohn's disease, thyroid disease, Parkinson's disease, HIV, complications of mucoviscidosis, low testosterone levels, and complications associated with chronic renal disease.
Net sales are distributed geographically as follows: the United States (77.1%), Germany (2.3%), Canada (2%), Japan (1.9%), China (1.7%), France (1.4%), Spain ( 0.9%), Italy (0.9%), Australia (0.9%), Brazil (0.8%), United Kingdom (0.8%) and others (9.3%).
Abbvie Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reaffirms Earnings Guidance for the Year 2016; Provides Earnings Guidance for the First Quarter of 2016