AbbVie reports double-digit growth in second quarter of 2016

AbbVie has announced its financial results for the second quarter of 2016, during which it experienced a year-on-year increase in net revenues of 17.9 percent.

This double-digit growth brought its revenue total for the quarter up to $6.45 billion (4.97 billion pounds), with strong global sales for its key product Humira making a key contribution across all three major categories – rheumatology, dermatology and gastroenterology.

The performance of AbbVie's Imbruvica, Viekira, Duodopa, Creon and Lupron brands also had a positive effect on the company's bottom line, while the regulatory approvals received for Venclexta and Zinbryta were hailed as positive steps.

Additionally, AbbVie completed the acquisition of Stemcentrx in June – a move that will expand its oncology capabilities – and confirmed a number of new collaborative agreements with partners such as Bristol-Myers Squibb.

Based on these positive trends, the firm has elected to raise its earnings targets for the full year.

Richard Gonzalez, chairman and chief executive officer of AbbVie, said: "AbbVie continues to deliver on our long-term strategy, as demonstrated by our sixth consecutive quarter of double-digit sales and earnings growth."

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