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AbbVie 2Q profit climbs 2.8 percent

Published: Friday, July 25, 2014 5:22 p.m. CST

NORTH CHICAGO – Drugmaker AbbVie Inc.’s second-quarter profit increased nearly 3 percent and beat analysts’ expectations, as sales soared for the world’s top-selling drug, Humira.

The North Chicago company said Friday that earnings increased to $1.1 billion, or 68 cents per share, from $1.07 billion, or 66 cents per share, in the same quarter last year.

Earnings, adjusted for non-recurring costs and amortization costs, came to 82 cents per share. Analysts expected, on average, earnings of 76 cents per share, according to FactSet.

Revenue climbed 5 percent to $4.93 billion, which also trumped average analyst expectations of $4.7 billion.

Sales of the anti-inflammatory drug Humira jumped 26 percent to $3.29 billion in the quarter.

The data firm IMS Health ranks Humira, which brought in more than $10 billion in revenue last year, as the world’s best-selling drug.

AbbVie announced last week that it had reached a deal worth about $55 billion to combine with fellow drugmaker Shire Plc. and become the latest U.S. company to seek an overseas haven from tax rates back home. The drugmakers plan to create a new company that is incorporated on the British island of Jersey, where Shire is incorporated. But the new company will be controlled by AbbVie shareholders.

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