AbbVie Inc (NYSE:ABBV) was doing its investors big favors Friday, with the release of surprisingly good financial figures for the fourth-quarter.
The North Chicago-based reported worldwide net revenues of $8.704 billion, an increase of 4.8% on a reported basis, or 5.3% operationally. Excluding the unfavorable impact of international HUMIRA net revenues due to biosimilar competition, fourth-quarter net revenues grew 11% operationally.
On a GAAP basis, the gross margin ratio in the fourth quarter was 77%. The adjusted gross margin ratio was 81.6%.
Diluted EPS in the fourth quarter was $1.88 on a GAAP basis. Adjusted diluted EPS, excluding specified items, was $2.21.
CEO Richard Gonzalez declared, "Our strong performance this quarter completes another excellent year for AbbVie.
"The launches of Skyrizi and Rinvoq are going extremely well, and we are entering 2020 with substantial momentum. We also look forward to completing the planned Allergan acquisition in the first quarter."
During the last fiscal year, AbbVie and Allergan (NYSE: AGN) announced that Allergan has entered into definitive agreements to divest brazikumab and Zenpep in conjunction with the ongoing regulatory approval process for AbbVie's acquisition of Allergan. AstraZeneca will acquire brazikumab, an investigational IL-23 inhibitor in Phase 2b/3 development for Crohn's Disease and in Phase 2 development for ulcerative colitis, including global development and commercial rights.
AbbVie announced regulatory approvals for RINVOQ (upadacitinib) for the treatment of adult patients with moderate to severe rheumatoid arthritis (RA).
The approvals from the EC and the Japanese Ministry of Health, Labour and Welfare are based on results from the SELECT Phase 3 program, one of the largest registrational Phase 3 programs in RA, with approximately 4,400 patients evaluated across five studies.
Shares in ABBV ballooned $4.77, or 5.5%, to $91.95 early Friday afternoon.
