Soaring U.S. sales of the blockbuster anti-inflammatory drug Humira helped AbbVie post a profit of $1.52 billion for the fourth quarter and match Wall Street's earnings expectations.
The drugmaker said Friday that U.S. sales of Humira jumped 21% in the quarter, driven by growth in all of its major treatment categories: rheumatology, dermatology and gastroenterology. Worldwide, Humira brought in $3.72 billion in sales during the quarter and more than $14 billion during the year.
Cost-cutting also helped AbbVie in the quarter. The North Chicago, Ill., company's selling, general and administrative expenses dropped 48% to $1.74 billion.
AbbVie also pulled in $554 million from its hepatitis C treatment Viekira, which launched late in 2014.
Overall, AbbVie recorded adjusted earnings of $1.13 per share in the final quarter of 2015, while revenue climbed more than 17% to $6.4 billion.
Analysts forecast, on average, $6.45 billion in revenue, according to Zacks Investment Research
AbbVie booked an $810 million loss in the final quarter of 2014, as a $2.2 billion breakup fee and other expenses from its abandoned merger with Shire weighed on results.
For 2016, the drugmaker expects adjusted earnings of between $4.90 to $5.10 per share.
Analysts forecast, on average, earnings of $5.01 per share, according to FactSet.
Shares of AbbVie dropped 2.2%, or $1.24, to $53.62 in morning trading Friday. The stock has fallen almost 6% since the beginning of the year, while the Standard & Poor's 500 index has declined slightly more than 7%.
