AbbVie Lifts Full Year EPS Outlook - Update

(RTTNews) - Research-based biopharmaceutical company AbbVie, Inc. (ABBV), who last week offered to buy Irish rival Shire Plc. (SHP.L, SHPG), Monday raised the midpoint of its full-year 2014 earnings-per-share guidance by six cents, citing strong underlying business performance.

The company now expects a full-year adjusted earnings-per-share range of $3.06 to $3.16, or $2.69 to $2.79 on a GAAP basis.

The forecast issued in April projected GAAP earnings of $2.63 to $2.73 per share, and adjusted earnings per share of $3.00 to $3.10.

On average, 12 analysts polled by Thomson Reuters expect the company to report profit per share of $3.14 for the fiscal year. Analysts' estimates typically exclude special items.

The revised outlook continues to exclude any potential revenue from the expected U.S. launch of the hepatitis C therapy, which has been granted accelerated review by the U.S. Food and Drug Administration.

According to the drugmaker, the revision reflects ''strong underlying business performance year to date and the expected continued positive trends over the remainder of the year.''

AbbVie said it has seen strong results from its promising pipeline, which includes Phase 3 starts in two promising oncology programs, including ABT-199 and ABT-888 in various types of cancer, positive Phase 3 data for daclizumab in multiple sclerosis and priority review of HCV program by the FDA and accelerated assessment by the European Medicines Agency.

The pipeline also includes positive data from mid-stage and early-stage assets including its next-generation HCV program and ABT-414 for glioblastoma.

These programs are expected to be significant growth drivers for the company beginning in 2015 and beyond. The company's 2014 adjusted earnings-per-share guidance excludes $0.37 per share of intangible asset amortization expense and other specified items primarily associated with some separation-related costs and ongoing restructuring activities.

ABBV closed down 1.6 percent on Friday at $53.30 and gained 1.7 percent in pre-market activity.