AbbVie 2014 Annual Report Download - page 45
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13NOV201221352027
RESULTS OF OPERATIONS
Net Sales
The comparisons presented at constant currency rates reflect comparative local currency sales at the
prior year’s foreign exchange rates. This measure provides information on the change in net sales assuming
that foreign currency exchange rates had not changed between the prior and the current period. AbbVie
believes that the non-GAAP measure of change in net sales at constant currency rates, when used in
conjunction with the GAAP measure of change in net sales at actual currency rates, may provide a more
complete understanding of the company’s operations and can facilitate analysis of the company’s results of
operations, particularly in evaluating performance from one period to another.
Percent change
At actual At constant
currency currency
rates rates
for the years ended (in millions) 2014 2013 2012 2014 2013 2014 2013
United States $10,845 $10,181 $10,435 7% (2)% 7% (2)%
International 9,115 8,609 7,945 6% 8% 9% 10%
Net sales $19,960 $18,790 $18,380 6% 2% 8% 3%
Sales growth in 2014 and 2013 was driven by the continued strength of HUMIRA, both in the United
States and internationally, as well as sales growth in key products including Synthroid, Creon and Duodopa.
Sales increased in 2014 and 2013 despite the loss of exclusivity for AbbVie’s consolidated lipid franchise, as
well as the unfavorable impact of foreign exchange rates. Generic competition began in November 2012 for
TriCor, in July 2013 for Trilipix and in September 2013 for Niaspan.
2014 Form 10-K 39