Drugmaker AbbVie posted higher-than-expected quarterly profit and revenue, driven by demand for flagship drug Humira, and raised its earnings forecast for the year.

Humira – the world’s biggest-selling drug – generated about $14 billion in sales last year and accounted for about 64 per cent of AbbVie’s net revenue in the quarter.

The drug, used to treat forms of arthritis and Crohn’s disease among other conditions, generated sales of $4.15 billion in the quarter, topping the consensus estimate of $3.93 billion.

Patent to lapse

Humira’s main patent lapses in December, opening the drug up to potential competition from cheaper biosimilars being developed by companies including Amgen, Coherus Biosciences and Germany’s Boehringer Ingelheim.

Amgen, as the first to seek US approval, could end up first to market, after an advisory panel to the US Food and Drug Administration backed its copycat version earlier this month.

AbbVie raised its adjusted full-year profit forecast to $4.73-$4.83 a share from its previous projection of $4.62-$4.82.

For the second quarter, ended on June 30th, net revenue rose 17.8 per cent to $6.45 billion. On an adjusted basis, revenue was $6.43 billion, ahead of the average analyst estimate of $6.2 billion.

The company, which employs more than 400 people across five Irish sites, reported an increase in net profit to $1.61 billion, or 98 US cents a share, from $1.37 billion, or 83 cents a share, a year earlier.

Excluding special items, AbbVie earned $1.26 a share, beating the average analyst estimate by six cents. – (Reuters)