AbbVie Inc. (NYSE:ABBV) Q1 2019 Earnings Conference Call - Final Transcript

Apr 25, 2019 • 09:00 am ET


AbbVie Inc. (NYSE:ABBV) Q1 2019 Earnings Conference Call - Final Transcript


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Good morning and thank you for standing by. Welcome to the AbbVie First Quarter 2019 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.

Elizabeth 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, Vice Chairman and President; Bill Chase, Executive Vice President of Finance and Administration; and Rob Michael, Senior Vice President and Chief Financial Officer.

Before we get started, I would like to remind you that some statements we make today are or may be considered forward-looking statements for the 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 2018 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 first quarter performance and highlights, as well as our full year guidance, which we are raising this quarter. Mike will then provide an update on recent advancements across our R&D programs and Rob will discuss the quarter in more detail. Following our remarks, we will take your questions.

I'm pleased to report that we're off to an excellent start in 2019, reinforcing our confidence in the long-term fundamentals of our business. We are seeing strong momentum across all aspects of our operations, with excellent growth from our hematological oncology portfolio, continued robust growth from HUMIRA in the US, international biosimilar impacts is trending within our expectations for 2019. And importantly, our late-stage pipeline continues to deliver, with the recent approval of SKYRIZI in major markets globally.

We delivered first quarter adjusted earnings per share of $2.14, representing growth of more than 14% versus the prior year, and once again exceeding our guidance. Total revenues of more than $7.8 billion were also ahead of expectations for the quarter, with several key products contributing to that growth. We saw excellent performance from our hematological oncology business, with global operational sales growth of more than 43%.

US HUMIRA grew more than 7% versus a last year, driven by continued