April 26, 2018 / 11:49 AM / 5 months ago

AbbVie beats quarterly revenue estimates, raises earnings forecast

April 26 (Reuters) - AbbVie Inc's first-quarter revenue beat analysts' estimates on Thursday on higher sales of its rheumatoid arthritis drug Humira and cancer treatment Imbruvica, while raising full-year earnings forecast.

The company's net revenue rose 21.4 percent to $7.93 billion, ahead of average estimate of $7.59 billion, according to Thomson Reuters I/B/E/S.

Sales of Humira, which account for nearly two-thirds of the company's total revenue, rose to $4.71 billion, beating estimates of $4.64 billion.

Imbruvica raked in $762 million in sales, above expectations of $755.77 million.

The drugmaker raised its 2018 adjusted earnings per share expectation to between $7.66 and $7.76, from between $7.33 and $7.43 previously forecast.

The forecast accounts for an effective tax rate approaching 9 percent this year, AbbVie said.

Net earnings rose to $2.78 billion, or $1.74 per share, in the three months ended March 31, from $1.71 billion, or $1.06 per share, a year earlier.

Excluding items, AbbVie earned $1.87 per share. (Reporting by Tamara Mathias and Mrinalini Krothapalli in Bengaluru; Editing by Shounak Dasgupta)

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