AbbVie Inc. (NYSE:ABBV) Q3 2018 Earnings Conference Call - Preliminary Transcript

Nov 02, 2018 • 09:00 am ET


AbbVie Inc. (NYSE:ABBV) Q3 2018 Earnings Conference Call - Preliminary Transcript


Loading Event

Loading Transcript


Good morning and thank you for standing by. Welcome to the AbbVie Third Quarter 2018 Earnings Conference Call. All participants will be able to listen only until the question-and-answer portion of this call. [Operator Instructions]. I would now like to introduce Ms. Liz Shea, Vice President of Investor Relations.

Liz Shea

Good morning, and thanks for joining us. Also on the call with me today are Rick Gonzalez, Chairman of the Board and Chief Executive Officer; Michael Severino, Executive Vice President of Research and Development and Chief Scientific Officer; Bill Chase, Executive Vice President and Finance Administration and Rob Michael, Senior Vice President and Chief Financial Officer.

Before we get started, I would like to remind you that statements we make today are or may be considered forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements.

Additional information about the factors that may affect AbbVie's operations is included in our 2017 Annual Report on Form 10-K, and in our other SEC filings. AbbVie undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

On today's conference call as in the past, non-GAAP financial measures will be used to help investors understand AbbVie's ongoing business performance. These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. Following our prepared remarks, we'll take your questions.

So with that, I'll now turn the call over to Rick.

Richard A. Gonzalez

Thank you, Liz. Good morning everyone and thank you for joining us today. I'll discuss our third quarter performance, our full year 2018 guidance and I'll provide some comments about our expectations for 2019. Mike will then provide an update on recent advancements across the R&D pipeline, and Bill will discuss the quarter in more detail. Following our remarks as usual, we will take your questions.

We delivered another quarter of outstanding performance with results once again ahead of our expectations. We've driven strong commercial, operational and R&D execution, resulting in industry-leading top and bottom line growth. Adjusted earnings per share were $2.14, representing growth of more than 50% versus last year.

Total adjusted operational sales growth of 18.5% was driven by a number of products in our portfolio, including HUMIRA with Global Operational sales growth of nearly 10% and IMBRUVICA which grew more than 40% versus the prior year. HCV was a substantial contributor in the quarter with more than $860 million in sales. And we also saw a strong performance from several other products, including VENCLEXTA, Creon, Duodopa and Lupron.

Based on the continued strength of our business in the quarter and our progress, year-to-date, we are raising our 2018 earnings guidance for the fourth time this year. We now expect full year 2018 adjusted