AbbVie Q1 Profit Rises, Results Top Estimates; Backs 2014 Outlook - Quick Facts

(RTTNews) - Research-based biopharmaceutical company AbbVie Inc. (ABBV) reported that its first-quarter of 2014 net earnings rose to $980 million or $0.61 per share, from $968 million or $0.60 per share in the same quarter last year.

Earnings per share, excluding specified items, improved to $0.71 from $0.68 in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.68 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew to $4.56 billion from $4.33 billion in the prior year quarter. Nine analysts had consensus revenue estimate of $4.33 billion for the quarter.

The firm confirmed its earnings-per-share guidance for the full-year 2014 of $3.00 to $3.10 on an adjusted basis, or $2.63 to $2.73 on a GAAP basis. 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 certain separation-related costs and ongoing restructuring activities.

The company continues to expect 2014 revenue of approximately $19 billion, excluding any potential revenue from the expected 2014 U.S. launch of its HCV therapy.

Street currently is looking for fiscal year 2014 earnings of $3.11 per share on annual revenues of $19.16 billion.