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AbbVie's revenue miss clouds strong Humira US sales

AbbVie Inc shares were lower on Friday after the pharma reported quarterly adjusted revenue that missed analysts' estimates as weaker-than-expected sales of its hepatitis C treatment and cancer therapy overshadowed strong US demand for its flagship drug, Humira
AbbVie's revenue miss clouds strong Humira US sales
Is AbbVie's test tube half full or half empty?

Abbvie Inc (NYSE:ABBV) shares were lower on Friday after the pharma reported quarterly adjusted revenue that missed analysts' estimates as weaker-than-expected sales of its hepatitis C treatment and cancer therapy overshadowed strong US demand for its flagship drug, Humira.

The company's shares were down 2.4% at $59.80 on Friday, erasing more than $2.5bn of its market value.

AbbVie has sharpened its focus on oncology to reduce its reliance on Humira. The company bought Pharmacyclics and its half-ownership of the leukemia drug, Imbruvica, for $21bn in 2015.

Sales of the drug, which is also sold by Johnson & Johnson (NYSE:JNJ), fell short of fourth-quarter expectations, partly due to an inventory issue.

However, AbbVie said it expects 2017 Imbruvica sales of $2.4bn, up from $1.83bn last year.

Sales of Abbvie's hepatitis C treatment, Vikiera Pak, also missed estimates, hurt by competition from Gilead Sciences Inc (NASDAQ:GILD) and Merck & Co Inc (NYSE:MRK).

The company forecast full-year Vikiera sales of $1bn, below the $1.52bn the drug yielded last year.

The sales expectations come when investors are already jittery about looming biosimilar competition for Humira, the world's top-selling drug as well as uncertainties around the sector if US President Donald Trump carries out his threat to stamp on high-rise drug prices.



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