AbbVie raises financial guidance for 2014 full year

AbbVie has announced that it has increased its financial guidance for the 2014 full-year period, based on a number of positive business trends from which it is benefiting.

The company's full-year 2014 earnings per share guidance has been increased by six cents and is now expected to fall within a range of $3.06 to $3.16 (1.80 to 1.86 pounds) on an adjusted basis, or $2.69 to $2.79 on a GAAP basis.

During the year to date, AbbVie has seen strong results from its developmental drug pipeline, including positive clinical trial data for new multiple sclerosis, hepatitis C and glioblastoma therapies.

Additionally, it has commenced phase III trials for two new cancer drugs and received accelerated assessment status for its hepatitis C programme in Europe and the US. These programmes are expected to be major growth drivers in 2015 and beyond.

A statement from AbbVie said: "The company is raising its outlook, reflecting strong underlying business performance year to date and the expected continued positive trends over the remainder of the year, including the second quarter."

The firm is also currently engaged in efforts to strike a deal to acquire fellow pharmaceutical business Shire, although its approaches have not yet been accepted.