NORTH CHICAGO, Ill. (AP) – AbbVie’s third-quarter earnings more than doubled, beating analyst expectations as sales of the blockbuster anti-inflammatory Humira inflated the drugmaker’s top line despite a hit from foreign exchange rates.
The North Chicago, Illinois-based company’s stock climbed more than 6 percent in premarket trading Friday.
AbbVie said Humira sales climbed 12 percent to $3.65 billion and would have climbed 19 percent without a hit from currency rates. The drugmaker relies on Humira for most of its revenue.
Humira is approved to treat more than a dozen conditions including rheumatoid arthritis, psoriasis and Crohn’s Disease. But, it will start losing patent protection next year and could eventually face competition from Amgen Inc., which is developing a biosimilar version of the drug.
Overall, AbbVie earned $1.24 billion in the quarter, up from $506 million last year.