AbbVie sees better-than-expected business performance in Q1 2014

AbbVie has announced its financial results for the first quarter of 2014, during which it delivered better-than-expected results.

The company's revenues came to $4.56 billion (2.7 billion pounds), up by 5.4 percent year on year, with sales growth being driven primarily by a 17.5 percent improvement for Humira and double-digit increases from other key products.

During the three months, the firm presented clinical data on a number of its hepatitis therapies, while beginning new trials of Humira for psoriasis and for a new lung cancer drug. It also announced plans to establish a new base of operations in Singapore.

AbbVie continues to expect its revenue total for the full 12 months to come to approximately $19 billion.

Richard Gonzalez, chairman and chief executive officer at AbbVie, said: "As we look ahead to the remainder of 2014, we continue to expect a significant amount of progress from our pipeline."

During 2013, which was AbbVie's first year as an independent company, the firm generated a yearly sales total of $18.79 billion.